The Council commends the Australian Government’s commitment to consult with stakeholders about its proposed restructure of the temporary skilled migration program, including the three new pathways for temporary skilled migrants
to emigrate to Australia, as well as its plan to address inefficiencies and complexity in the migration system.
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, while also addressing unmet community needs.
“We are particularly encouraged by the Government’s commitment to provide pathways for skilled people to permanently settle in Australia and to work with state and territory governments to ensure that productive population
increases contribute to social cohesion, not detract from it.”
Ms Prasad said: “The Australian businesses that are the recipients of private capital investment support new growth and ideas, and have experienced chronic talent and skills shortages, particularly since the pandemic. Efficiently bringing skills and talent onshore is a significant enabler for private capital-backed Australian businesses, that employ approximately 500,000 people, to grow.”
New analysis from the Australian Investment Council shows, for example, that companies backed by venture capital are investing in human capital across a range of the industries of the future, including those prioritised by the NationalReconstruction Fund. There were 1,964 advertised job vacancies in the portfolio companies of eight of Australia’s most active VC firms at 31 December 2022, reflecting consistent demand for highly-skilled workers in Australian businesses within industries like renewable energy, medical science and fintech.
Ms Prasad said: “We are pleased that the Migration Review panel has considered stakeholder recommendations, including a number contained in our submission, and look forward to working with the Government as it implements a new Migration Strategy for Australia.
“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.”
-ENDS-
For media inquiries:
Robyn Tolhurst
Australian Investment Council
E: [email protected] | T: +61 436 388 919
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.