Australian Immigration News: May 2021 | Intergate Emigration

Australian Immigration News: May 2021

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In May, the Australian Government announced a special consideration for Sponsored Temporary Parent Visa holders and significant changes in the Business Innovation and Investment Program.

The Government also published the results of the latest General Skilled Migration Invitation round.

You can get all the details below.

Results of April’s General Skilled Migration invitation round

The Australian Government stipulates on their website that Invitations to Apply are to go to the highest-ranked individuals by points score. Yet, the latest General Skilled Migration invitation round once again instead targeted specific skills critical for Australia’s COVID-19 response. Further to this, the focus was mainly on onshore applicants.

The Government extended invitations to:

  • General Practitioners & Resident Medical Officers
  • Registered Nurses
  • Mining Engineers
  • Industrial, Mechanical & Production Engineers
  • Veterinarians
  • Social Workers
  • Other Engineering Professionals
  • Medical Laboratory Scientists
  • Medical Imagining Professionals
  • Other Medical Practitioners
  • Life Scientists
  • Special Physicians
  • Geologists, Geophysicists & Hydrogeologists

Special consideration for the Sponsored Temporary Parent Visa

On Tuesday, 11 May, Treasurer Josh Frydenberg delivered Australia’s 2021-22 Federal Budget speech. In his speech, the Treasurer announced that the Government would extend the validity of the Sponsored Temporary Parent visa (subclass 870) by 18 months for individuals who cannot use their visas due to COVID-19 restrictions.

This special consideration comes into effect in July and is the latest COVID-19 concession granted by the Australian Government.

Significant changes in the Business Innovation and Investment Program from July

The Australian Government is reforming the Business Innovation and Investment Program (BIIP) to create more Australian jobs, promote the growth of key sectors and support Australia’s economic bounce back from the COVID-19 pandemic.

As such, these key changes are coming into effect from 1 July 2021:

  • The investment amount for the Investor stream will increase from AUD1.5 million to $2.5 million
  • The investment amount for the Significant Investor stream will remain at AUD5 million
  • The CIF will be applied to both investment streams – Investor and Significant Investor
  • The venture capital and private equity component of the CIF will be increased from 10% to 20%, with a further 30% dedicated to emerging companies
  • The balancing investment component will be reduced from 60% to 50%
  • Funds will be required to provide annual independent audit reports showing their compliance with the CIF
  • The use of Fund of Funds, debentures and derivatives will be clarified in the Complying Investment Framework (CIF)

In summary, from 1 July 2021 the following CIF ratios will apply to both the Investor and the Significant Investor streams:

  • 20% venture capital and Private Growth Equity funds (VCPE)
  • 30% funds investing in emerging companies
  • 50% in balancing investments

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