Overview of the TSMIT Increase
Starting July 1, 2024, the Temporary Skilled Migration Income Threshold (TSMIT) will rise from $70,000 to $73,150. This adjustment aligns with the commitment made by the Australian Government during the Jobs and Skills Summit in September 2022, reflecting their ongoing effort to ensure fair compensation for skilled migrants.
Impacted Visa Categories
The increase in the TSMIT will affect several key visa types, specifically:
- Temporary Skill Shortage (subclass 482) Visa
- Employer-Sponsored Regional (subclass 494) Visa
- Employer Nomination Scheme (subclass 186) Visa (via the Direct Entry stream only)
Applicability of the New TSMIT
It is important to note that the updated income threshold will not impact:
- Existing visa holders
- Nominations lodged before July 1, 2024
- Applications submitted prior to this date
The new TSMIT will only apply to new nominations and applications lodged on or after July 1, 2024.
Government’s Commitment to Skilled Migration
The increase in the TSMIT underscores the government’s dedication to attracting skilled talent while ensuring they receive appropriate compensation. This move is part of a broader strategy to strengthen the Australian workforce by bringing in skilled professionals who can contribute significantly to the country’s economic growth.
Preparing for the Change
Employers and potential visa applicants should prepare for this change by reviewing their compensation packages and ensuring compliance with the new threshold. This proactive approach will help avoid any disruptions in the application process once the new TSMIT takes effect.
Conclusion
The adjustment in the Temporary Skilled Migration Income Threshold is a significant step towards maintaining a balanced and fair skilled migration program in Australia. By aligning the income threshold with current economic conditions, the Australian Government continues to support a robust and competitive job market for both local and international skilled workers.
