Australia | Temporary Skilled Migration Income Threshold raised

The Australian government announced that the Temporary Skilled Migration Income Threshold will increase from 70,000 Australian dollars to AU$73,150 (about US$48,600), effective July 1.

Key Points:

• New nomination applications will need to meet the new TSMIT or the annual market salary rate, whichever is higher.
• Existing visa holders and nominations filed before July 1 will not be impacted by the increase.
• The legislation is pending release and more information will be provided once it becomes available.

Additional Information: Both the annual market salary rate for the nominated occupation and the guaranteed annual earnings must be at least as much as the TSMIT. This threshold does not include non-monetary benefits, and employers pay benefits in addition to the TSMIT.

BAL Analysis: The Australian government announced these changes at the Jobs and Skills Summit in September 2022. The increase aims to improve migration settings to support higher productivity and wages. Employers who wish to nominate workers for subclasses 482, 494, 186 and 187 must meet the salary and employment condition requirements.

This alert has been provided by the BAL Global Practice Group.

Copyright © 2024 Berry Appleman & Leiden LLP. All rights reserved. Reprinting or digital redistribution to the public is permitted only with the express written permission of Berry Appleman & Leiden LLP. For inquiries, please contact copyright@bal.com.