The Industry Innovation and
Competitiveness Agenda - An action plan for a stronger Australia
has
been released by the Federal Government.
The Agenda outlines proposals for lifting productivity, ensuring
gains to economic and jobs growth, developing a better skilled labour force,
lowering production costs, increased and improved infrastructure and cuts in
red tape.
Proposals relevant to migration include the implementation of
reforms to the 457 visa and enhancements to the investor visa programme.
Agenda Proposal 11: Streamlining the subclass 457 visa program: recommends
implementation of the following recommendations of the Independent Review into
the integrity of the 457 visa system:
- streamline the processing
of sponsorship, nomination and visa applications around risk-factors
to reward low-risk applicants and re-focus compliance and
monitoring activities on high-risk applicants;
- reform sponsorship
requirements to reduce the time and cost to businesses; increase the
sponsorship approval period from 12 to 18 months for start-up
businesses, to give start-ups more time to build their businesses to
ensure sustainability;
- provide greater
flexibility in relation to English language testing and skill requirements for
457 applicants, to ensure that the standards required are appropriate for
the industries and occupations being sought; and
- retain the Temporary Skilled Migration Income Threshold at $53,900, ahead of a future review of its operation.
Agenda Proposal 12: Expanding the investment visa program: expands the
significant investor visa programme and introduces a new Premium Investor Visa
- streamline and
enhance visa processing, further promote the programme globally and
strengthen integrity measures, to increase the attractiveness of investing
and settling in Australia while ensuring Australia’s interests are
protected;
- align the criteria
for eligible (or ‘complying’) investments with the
Government’s national investment priorities. The investment eligibility
criteria will be determined by Austrade in consultation with key
economic and industry portfolios;
- introduce a Premium
Investor visa (PIV), offering a more expeditious, 12 month pathway
to permanent residency than the SIV, for those meeting a $15 million threshold;
and
- task Austrade to
become a nominating entity for SIV (complementing the current State
and Territory governments’ role as nominators) and to be the sole
nominating entity for PIV.
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