Unpacking the Increased TSMIT Announced by the Australian Department of Home Affairs
Following the recent announcement from the Australian Department of Home Affairs, the Temporary Skilled Migration Income Threshold (TSMIT) has been increased from the original $53,900 to the current $70,000 . This significant change is one that both potential migrants and employers sponsoring overseas talent need to understand. In this blog post, we break down this new TSMIT development and what it means for you.
Firstly, let’s clarify what TSMIT is. The Temporary Skilled Migration Income Threshold is the minimum income a foreign worker must earn to be eligible for certain work visas in Australia. The TSMIT ensures that overseas workers can support themselves financially while living in Australia and that they are paid at market salary rates.
The TSMIT Increase: $53,900 to $70,000
The Australian Department of Home Affairs, as part of its continuing efforts to ensure the immigration system remains fair and effective, has decided to raise the TSMIT significantly. The threshold has seen an increase from the previous $53,900 to a new level of $70,000.
Implications for Workers
What does this change mean for potential migrant workers? They now need to secure a job offer that meets or exceeds the new TSMIT of $70,000 to be eligible for certain visas. This revision could impact potential migrants, especially those in industries where wages are typically lower. It’s crucial for these individuals to understand the new TSMIT to evaluate their visa options effectively.
Implications for Employers
For employers sponsoring foreign workers, this increased TSMIT is also of importance. It may affect their ability to attract international talent, particularly if the wages offered are less than the new threshold. Businesses may need to reassess their compensation packages to meet these new requirements and stay competitive in the global market.
The recent increase in the TSMIT by the Australian Department of Home Affairs marks a significant shift in Australia’s immigration landscape. Both prospective migrants and employers need to familiarise themselves with these changes and adjust their strategies accordingly. Keep an eye on our blog for more updates and insights on Australian immigration.
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Please contact Ausdirect Migration immigration specialists if you have any further questions in regards to the new legislative changes of TSMIT.