Breaking: Australia Boosts Skilled Migration Income Threshold to $73,150!
immigrationhotspot
in Australia Immigration News, Australian Migration Strategy & Policy, Skilled Migration News
In a move aimed at aligning with economic trends, Australia has announced an increase in the Temporary Skilled Migration Income Threshold (TSMIT) effective from 1 July 2024. The TSMIT will rise from $70,000 to $73,150, impacting new nomination applications submitted after this date.
Key Points:
The Temporary Graduate visa streams will undergo rebranding to more accurately reflect the levels of education they pertain to:
- TSMIT Increase: From 1 July 2024, the TSMIT will be set at $73,150, up from $70,000.
- New Nomination Requirements: Nomination applications submitted after 1 July 2024 must meet the new TSMIT of $73,150 or the Annual Market Salary Rate (AMSR), whichever is higher.
- Impact on Existing Visa Holders: Existing visa holders and nominations lodged before 1 July 2024 will not be affected by this change.
Temporary Skilled Migration Income Threshold (TSMIT)
TSMIT (Temporary Skilled Migration Income Threshold) is a minimum salary requirement for employers sponsoring overseas workers. It ensures that sponsored workers receive a fair wage that reflects the market salary for their occupation, preventing underpayment and exploitation.
Annual Market Salary Rate (AMSR):
The Annual market salary rate (AMSR) is determined by looking at:
- what an equivalent Australian worker is paid
- enterprise agreements or industrial awards
- job outlook information
- advertisements for the last 6 months in the same location
- remuneration survey or advice from unions or employer associations.
Conclusion:
The increase in the Temporary Skilled Migration Income Threshold underscores the government’s ongoing efforts to maintain the integrity of the migration system while also supporting the nation’s economic objectives. Prospective applicants and stakeholders are encouraged to stay informed about these changes and ensure compliance with the updated requirements.
Source
Department of Home Affairs, Australia
