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BlogHow the Australian Budget 2018 will Impact the New Migrants & Student Visa Holders in Australia? Find out more.–-Accounting-Occupations-Included.jpg

Over the past few years, Australia and its economy has witnessed a record breaking surge in the immigration and student visa intakes on annual basis. The number of migrants according to a recent survey has increased by quad folds in this decade and this can be attributed to the rising demand of skilled, semi-skilled and laborer jobs in Australia. The rising gap between the skills in demand and the available human resources has been widening with Australian employers now actively seeking the services of overseas skilled workers and related tradesman.

The budget 2018 was presented by the Turnbull government a couple of days ago and the new budget has some serious and critical implications for the new migrant workers (temporary and permanent) and those students who are either still studying om student visa or they have completed their degree and looking to apply for Temporary Residence.

The current Australian budget has forecasted 3% economic growth over the change course Australia of new four years and it looks promising as Turnbull administration is famous for cutting back its estimated projected costs, but this economic growth relies on the population increase that continues to be because of the latest immigration surges.

In light of the economic growth, if the immigration levels fall, on which at this point it will be amateur to comment, the economic growth and advertised budget surplus by the government will be difficult to realize. The government has recently also implied upon increasing its immigration targets during the next quarter. This move of increasing the immigrant population is highly necessary for Australian economy because of relatively important factors including aging population, rising gap in demand and supply of skilled personnel and developing industry.

Another main point that has proven to be worrisome for new immigrants is that the government has increased the waiting period for newly arrived migrants to four years before they can access welfare payments. New migrants in Australia are arguing that while the budget has provided some tax relief to the low and middle income earners, it has taken a sharp blow towards the new economic migrants.

With effect from 1st July of this year, migrants will now have to wait longer to access welfare benefits. These may comprise of paid paternal leaves, new start, family tax benefits etc. The critical point to be noted here is that many of these welfare payments are of critical importance to newly arrived migrants during the period of their settling down.

Last but not least, the Turnbull government has not called for a new rule that has set the requirement for higher income for people seeking to sponsor their parents to join them in Australia. The government has put forward a rather controversial rule in which the income requirement has been increased from $45,185 to $86,606 for single people or a combined $115,475 a year for a couple.

This current rule has sparked an outright decry among the new immigrants who were looking forward to sponsor their family as many of them will be unable to adhere to these revised rulings.

Budget 2018 though at some place has provided relief to low and middle income households but it has not been termed as migrant friendly budget. Though it is still too soon to finalize its implications and rest will be reflective in near future.

This was a detailed analysis of the budget 2018 and its implications. Applicants, current or prospective must seek professional help in due course to get the best possible outcome to further expand their career.

For further assistance or if you want one-on-one consultations our team of MARA registered experts is always there to guide you.

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