In a significant update for skilled migration to Australia, the Temporary Skilled Migration Income Threshold (TSMIT) will increase from $70,000 to $73,150 starting from 1 July 2024. This adjustment aligns with the Government’s commitment made during the Jobs and Skills Summit in September 2022.
Key Points of the TSMIT Increase
What is TSMIT?
The TSMIT sets the minimum salary that must be paid to skilled migrants to ensure they are earning a fair wage that is in line with the Australian labor market. This threshold is crucial for protecting both migrant workers and the Australian workforce by preventing underpayment and ensuring skilled migrants are not exploited.
New Threshold Effective 1 July 2024
Starting 1 July 2024, any new nomination applications for skilled migration must meet the new TSMIT of $73,150 or the annual market salary rate, whichever is higher. This increase from the previous threshold of $70,000 reflects the Government's ongoing efforts to maintain the integrity and sustainability of Australia’s skilled migration program.
Impact on Existing Visa Holders
It is important to note that this change will not affect existing visa holders or nominations lodged before 1 July 2024. Those who have already secured their visa or have nominations in place prior to this date will continue to be governed by the previous TSMIT of $70,000.
Government's Commitment
The increase in the TSMIT is part of a broader strategy outlined at the Jobs and Skills Summit in September 2022. This strategy aims to ensure that Australia continues to attract the best global talent while safeguarding the interests of its labor market. By raising the income threshold, the Government aims to strike a balance between attracting skilled workers and protecting job opportunities for Australian citizens.
What This Means for Employers and Skilled Migrants
For employers, this change means ensuring that any new skilled migration nominations meet the updated salary requirements. It is crucial to review and adjust salary offerings to comply with the new TSMIT and ensure a smooth nomination process.
For skilled migrants aspiring to work in Australia, understanding the new threshold is essential for setting realistic salary expectations and meeting the eligibility criteria for skilled migration programs.
Call to Action
Are you an employer looking to nominate a skilled worker for migration to Australia? Ensure your applications meet the new TSMIT requirements starting 1 July 2024. At SuccessVisa, we provide comprehensive support and guidance for navigating these changes. Contact us today to ensure your skilled migration applications are compliant and successful.
For skilled workers planning to migrate to Australia, stay informed about the latest updates in migration policies. Visit our website SuccessVisa for expert advice and assistance in your migration journey. Let us help you make your dream of working in Australia a reality.
Conclusion
The increase in the Temporary Skilled Migration Income Threshold to $73,150 is a critical development for both employers and skilled migrants. By staying informed and compliant, you can ensure a successful migration process. For more detailed information and personalized assistance, reach out to us at SuccessVisa.
Stay tuned for more updates and insights on Australia’s skilled migration policies.
Source : Department of Home Affairs, Australia Government