 "Explained: How Australia's new innovation visa could be a boon for Indians")
The Australian government has unveiled a new innovation visa aimed at attracting exceptionally talented workers, presenting significant opportunities for skilled professionals from India. This move replaces a controversial investor migrant programme that was deemed economically ineffective. Treasurer Jim Chalmers announced these changes as part of the annual Budget, which forms part of a broader overhaul of Australia's migration system designed to draw in skilled workers and top talent while reducing overall immigration.
What is the Innovation Visa?
The new National Innovation Visa will replace the Global Talent Visa programme, set to end in late 2024. The Australian government aims to "target exceptionally talented migrants who will drive growth in sectors of national importance."
Opportunity for Indian professionals
India, known for its youthful and talented population, stands to benefit significantly from Australia's new innovation visa.
Shalini Lambah, Chief Executive of Migrate World, DU Digital Global, stated, "This visa offers exciting opportunities for skilled professionals from India. The tech sector has been a major driver behind the influx of Indian immigrants, and this visa recognises and capitalises on their expertise in industrial and agricultural development. It opens doors for Indian talent to contribute to Australian companies and explore new avenues."
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Australia's gain from Indian talent
Lambah highlighted the potential benefits for Australia. "Australia can capture the economic and social advantages of attracting young, skilled talent from emerging markets like India. However, the current system is complex and not delivering as effectively as it should. A reorientation is needed to address national challenges and improve planning to get the skills they need."
End of the investor visa
In January 2024, Australia scrapped its "golden visa" programme, which allowed wealthy overseas investors to live in the country. The government found that significant investor visas (SIV) were delivering "poor economic outcomes" for the country. Candidates had to invest 5 million Australian dollars to be eligible for this visa.
Chinese investors dominated the list of successful applicants, with 85% of SIVs granted to people from China. Lambah explained, "Australia is now more focused on attracting migrants from the technology sector rather than investors. The termination of the SIV will not significantly impact Indians planning to move to Australia, as most do not qualify for this visa due to financial and regulatory constraints."
She further added, "The Business Innovation & Investment Visa (BIIP) was intended to drive innovation but is delivering poor economic outcomes. Instead of selecting migrants who can drive innovative investments in crucial sectors, over 80% of company directors are investing in small retail or hospitality businesses."
Reducing immigration
A surge in post-pandemic students and other arrivals has worsened the already strained rental market, contributing to higher inflation rates. In response, the government is tightening scrutiny on student visas and will implement a ballot system for the popular work and holiday visa for applicants from China, Vietnam, and India, starting in the fiscal year ending June 2025.
These measures are expected to halve net overseas immigration to 260,000 arrivals in 2024-25, down from 528,000 in 2022-23.