TSMIT Updated: Australia Increased the Temporary Skilled Migration Income Threshold

In line with the government’s continuous effort to enhance job and skill opportunities in Australia, an important update is being made to the Temporary Skilled Migration Income Threshold (TSMIT). The Department of Home Affairs has announced that the TSMIT will rise from $70,000 to $73,150, starting on 1 July 2024.

Upcoming TSMIT Changes and Their Implications

1. New TSMIT: The Temporary Skilled Migration Income Threshold (TSMIT) will be raised from $70,000 to $73,150, starting 1 July 2024.
2. Application Impact: Starting July 1, 2024, all new nomination applications must adhere to the new TSMIT or the annual market salary rate, depending on which is greater.
3. Existing Visa Holders: This change will not impact current visa holders or nominations submitted before 1 July 2024.

Additional Information

The Department has stated that more details about future income thresholds and the indexation methodology, including information on the new Skills in Demand visa, will be released later in 2024. Stay informed and ready for these significant changes to the TSMIT that will take effect in July 2024.