Australian Investment Council CEO, Navleen Prasad, said: “The Council supports a sustainable migration system that recognises the breadth of skills and talent required to meet the current and future needs of a diverse domestic economy.
“Australia’s long-term economic prosperity has been, in part, the result of combining Australian jobs and capabilities with a migration system that welcomes people who will make a productive contribution to our community.
“We congratulate the Government on a strategy that seeks to modernise our migration system, support a diversified economy and address longstanding issues. The Government is to be commended for the way in which it has engaged with industry and built feedback into the strategy.”
The Migration Strategy is aligned with the Council’s focus on reducing inefficiencies in Australia’s migration system which have long constrained Australia’s ability to attract highly skilled global talent due to lengthy processing times, outdated and unresponsive occupation lists and limited pathways to permanent residency.
Ms Prasad noted the new streamlined application process for the specialist skills visa, which is not tied to occupation lists, and the significant impact it should have on boosting Australia’s ability to attract the best talent for companies and jobs that are aligned to Australia’s future.
“As Australia continues to develop new industries, investing in talent will be critical for growing businesses that need highly skilled workers. That investment will need to take place at a domestic level and, where there are gaps, through business migration underpinned by a system that is not caught flat-footed by occupation lists,” Ms Prasad said.
“A modern approach to skilled migration with the advantage of faster and more responsive visa processing will go a long way to enabling Australian businesses to take advantage of the economic opportunities across the domestic economy in areas such as technology, clean energy, financial services, medical services and agriculture.
“In a globally competitive marketplace, an efficient and effective migration system helps position Australia as a place that welcomes business which is a strong advantage when it comes to attracting investment.
“A future-proofed migration system that supports the growth of Australian industries is an investment in maintaining our country’s status as a competitive, productive economy of global standing. We look forward to working with the Government on its next phase of implementing the strategy.”
The Council’s submission to the Migration Review can be accessed here.
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About the Australian Investment Council
The Australian Investment Council is the peak body for private capital in Australia and has 200+ members who work to build strong businesses that support our communities, create new employment opportunities, and grow our nation’s economy. Members of the Council comprise the leading domestic and international private capital firms operating in Australia, and span private equity, venture capital, private credit, family offices, superannuation and sovereign wealth funds as well as leading financial, legal, and operational advisors. Our investment members directly or indirectly employ approximately 500,000 people across the economy, contribute almost three per cent to GDP, and support entrepreneurship and local capability by investing in Australian industries and businesses. investmentcouncil.com.au