On 14 May 2024, the Australian Government released the Federal Budget for the 2024/25 year, which included a raft of Immigration-related measures. You can read our blog about these announcements and our commentary here.
Relevantly, it announced that a new National Innovation visa would be released in late-2024, to replace the Global Talent (Subclass 858) visa (see here). The implementation of this change should not adversely affect existing Global Talent visa applicants (see here).
As we have highly limited information about this so far, the below is speculation based on what we do know. However, do check back as this will be updated as further information becomes available, and you can also subscribe to our newsletter here.
What is the National Innovation visa?
The National Innovation visa is aimed at targeting “exceptionally talented migrants who will drive growth in sectors of national importance”.
Unfortunately, there is little to no other guidance as to what this will mean, what the formal criteria will be, and even whether it will be a temporary transition to permanent visa (like the Business Innovation and Investment Program (BIIP) visas), or straight to permanent residency (like the Global Talent visa).
What we think the National Innovation visa will look like
Our expectation at this time is that this visa will confer immediate permanent residence and have criteria that predominantly mirrors that of the Global Talent visa.
While the announcement of the National Innovation visa was framed as being a replacement for the Global Talent visa, the budget announcement also confirmed that the BIIP would be closed.
The closure of the BIIP has been a long time coming, with the “Migration Review” indicating that the program delivered poor economic outcomes for Australia. This was reflected in the low 2023/24 migration program allocation for the BIIP to effectively process/approve the existing backlog (and no new allocations being given to the State/Territories to nominate new candidates).
It’s likely that the new National Innovation visa, would represent a combination of these two programs in a single, streamlined pathway to attract a relatively small number of highly talented migrants to Australia such as investors, entrepreneurs, and global researchers.
Effectively, the “borrowed” aspects of the:
- GTI program – would allow the Department to state the target sectors that it wishes to attract, and “simplify” the criteria to be invited (i.e. subjective assessments of achievements rather than rigid criteria); and
- BIIP – would be to continue to attract high net worth individuals (investors) and entrepreneurs (businesses and start-ups) in these target sectors, but without the limitations of the existing program (such as a points test including consideration of age, turnover of business, value of assets, formal qualifications etc.)
What we know so far
- Global researchers and thought leaders;
- Entrepreneurs (established and emerging);
- Innovative Investors (with a focus on quality of investment, rather than fixed thresholds); and
- Athletes and creatives.
Conclusion / How can Hannan Tew Lawyers help me
Hannan Tew Lawyers have assisted a significant amount of individuals in applying for the Global Talent visa under both the “GTI” and “Distinguished Talent” streams, and have been at the forefront of this program since conception.
We have been interviewed by various media outlets including ITnews and SBS regarding our insights and views on the GTI program, and on our insights on immigration more broadly which can be read here. We have also delivered sold out CPD sessions via industry bodies to education other Migration Agents/Lawyers on this program.
Please feel free to contact us by email at [email protected] or phone +61 3 9016 0484 if you have further comments or queries or would like some guidance.
