A new National Innovation visa will be introduced in Australia by the end of this year in order to bring a larger number of exceptionally talented foreigners to the country.

The new visa will replace the Business Innovation and Investment visa (BIIP), and the Global Talent visa, VisaGuide.World reports.

Through a statement, the Department of Home Affairs of Australia said that due to the introduction of the new National Visa, the planning level for BIIP visas in 2023-24 has been reduced from 1,900 to 1,000 visas.

At the same time, the planning level for the Global Talent Visa Program has been reduced to 4,000 visas for the 2024-25 Migration Plan.

The BIIP will be closed permanently from July 2024 and new applications for the Business Innovation and Investment (Provisional) (subclass 188) visa will no longer be able to be lodged. The Migration Review concluded that the BIIP is delivering poor economic outcomes for Australia. This has been supported by other studies, including work undertaken by the Treasury, Productivity Commission and the Grattan Institute.

Australia’s government said that through the new National Visa, the Government will provide a permanent visa pathway for the most exceptionally talented migrants, including high-performing entrepreneurs, global researchers and major investors.

Actions for the introduction of the new visa are in line with reforms being developed for the points test dedicated to specific skilled visas.

Australia’s Global Talent visa (subclass 858) aims to bring highly skilled persons to this country. Simultaneously, the Business Innovation and Investment Visa (subclass 188) is dedicated to business owners and investors who have a successful overseas track record or planning to invest in a new or existing business in Australia or invest in this country or government bond.

New Initiatives Through Migration Program for 2024-25

In addition to the introduction of the new National Innovation visa, on May 14, the government of Australia also has introduced several initiatives through the Migration Program for 2024-2025.

The Government noted that planning levels for the 2024-2025 permanent Migration Program will be set at 185,000 places.

The Migration Program 2024-25 consists of the following initiatives:

• Reforming the migration system by implementing actions defined in the Migration Strategy.
• 132,200 places to the Skill stream designed to bring in migrants to fill positions where there are no Australian workers available.
• 52,000 places on the Family stream which allows Australians to reunite with family members from other countries and offers them pathways to citizenship.
• 300 places on the Special Eligibility stream that covers visas for those in special circumstances, taking into account permanent residents returning to Australia after a period.

The Government of Australia is also attempting to increase the ability of student housing, by limiting foreign student enrolments based on factors such as how much student accommodation they provide.