Migration Review To Highlight Reforms To Attract More Skilled Migrants

Following the RBA meeting in April, Governor Lowe said that the current rate of population growth had caught the central bank by surprise and could result in higher inflation, “… the net effect of a sudden surge in population growth could be somewhat inflationary for a period.” He noted that near-term population figures would need to be upgraded. This could be a reason for a further rate hike in the coming months. Today Home Affairs Minister O’Neill will release the review into the immigration system and indicate areas of reform, many of which should be announced in the May 9 budget.

• The areas for change that O’Neill is likely to highlight are the skilled occupation lists, attracting migrants to the regions, permanent residency options for temporary visa holders and to attract highly skilled migrants, particularly in areas of priority for the government such as renewable energy and strategic industries.
• The review has also noted that Australia needs to attract migrants into lower-paid occupations and that there isn’t policy focussed on this area.
• In the October 2022 budget, the government announced an increase in the 2022-23 permanent migration intake to 195k.
  - The Australian

Source: MNI - Market News/ABS