FY 2023-2024 State Territory nomination allocations for Business and Investment visas

As the financial year 2023-2024 unfolds, businesses and investors seeking opportunities in Australia are facing an unprecedented situation regarding the nomination allocations for business and investment visas. In an unexpected turn of events, no allocations for business visas (subclass 188 visa) have been officially made to any State or Territory. This article delves into the implications of this development, offering insights into potential strategies for navigating this dynamic landscape.

What are nomination allocations? 

The allocations for business visas have long been a cornerstone of Australia’s immigration policy, facilitating the entry of entrepreneurs and investors keen on contributing to the nation’s economic growth. These allocations, distributed among different States and Territories, allow them to attract specific business talent in line with their economic goals.

Each year, the Department of Home Affairs will announce the nomination allocations for each State or Territory in line with the Migration Program Planning levels established by that year’s Federal Budget.

This is essentially a cap or a quota for the number of nominations they can give for that given year.

In the current financial year, a notable change has occurred – no allocations for business visas have been assigned to any State or Territory. This departure from the usual practice raises questions about the underlying motivations and potential impacts on Australia’s business landscape.

Why is there no allocations this year? 

By reducing the allocations, the 2023–24 permanent Migration Program aims to shift its emphasis towards resolving immediate workforce shortages. This recalibration aligns with the Government’s aspiration to offer allocation places to business and investor migrants who possess the capabilities to strengthen Australia’s economic landscape.

The Department has announced that they have enough backlogged applications to meet the visa quota given by the Federal Budget for FY 2023/2024. Thus, no new nominations will be given for the current financial year.

Immigration law is fast-evolving in Australia. Rather than speculating whether there will be new allocations for FY 2024/2025, it would be better worth your time to consult a lawyer to see if you have any other options available now. You should book a consultation with a lawyer who specializes in immigration law to find out your best course of action.