Assumed behind the federal budget forecasts is a gradual return of international students and permanent migrants through a small, phased pilot programs beginning from late 2020.

Net overseas migration (NOM) is significantly affected by international travel restrictions and weaker labour markets both domestic and globally, assumed to fall to 0.2 percent in 2020-21 and 0.4 per cent in 2021-22.

Migration that fuels population growth is necessary to underpin solid economic growth into Australia’s future. With the recently announced federal budget revealing first negative migration since 1946, Australia is at risk of a population slump not seen since the Great Depression.

The business innovation and investment program (BIIP) targets migrants who have demonstrated a history of success or talent in innovation, investment and business and are able to make a significant contribution to the national innovation system and the Australian economy. The Morrison government is invested in opening doors to migrant investors who can help stimulate business and the economy by continuing the issuance of BIIP visas through COVID-19. It is reported that between 20 March 2020 and 14 September 2020, the Department of Home Affairs granted 485 business innovation and investment visas.