With COVID-19 in the rearview mirror, the effect of border closures during the pandemic on population growth and the labour market has caused significant skill shortages. The Budget has addressed these shortages with a boost to migration and education.
This Federal Budget reveals an increase in the migration intake to 195,000 visas, up from the historic 160,000 annual intake. Funding of $42.2 million over two years will increase visa processing capacity and raise awareness of opportunities for skilled migrants in Australia’s permanent migration program.
A further $1.4 billion boost for the TAFE and university sectors is expected to focus on industries and regions facing the worst skills shortages.
Of course, the boost in skilled migration will be tempered by the need for additional infrastructure to accommodate a growing population. This budget dedicates $9.6 billion for vital infrastructure, with key funding for rail and road.
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