Industry body welcomes migration review

Private capital industry peak body the Australian Investment Council (AIC) has welcomed the final report of the federal government’s Migration Review, released on 27 April.

The Review of the Migration System Final Report, and reform recommendations, were announced by Minister for Home Affairs Clare O’Neil.

The AIC said it commended the federal government’s commitment to consult with stakeholders about its proposed restructure of the temporary skilled migration program, including three new pathways for temporary skilled migrants to become emigrants, as well as its plan to address inefficiencies and complexity in the migration system.

AIC chief executive 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.”

Prasad said private capital-backed businesses support new growth and ideas but have experienced chronic shortages of talent and skills, particularly since the pandemic.

“Efficiently bringing skills and talent onshore is a significant enabler for private capital-backed Australian businesses – that employ approximately 50,000 people – to grow,” she said.

AIC analysis shows that companies backed by venture capital are investing in human capital across a range of industries of the future, including those prioritised by the National Reconstruction Fund.  There were 1,964 advertised job vacancies in the portfolio companies of eight of Australia’s most active venture capital firms at 31 December, 2022, reflecting consistent demand for highly-skilled workers in Australian businesses in industries such as renewable energy, medical science and fintech.

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.”

Image: Australian Investment Council chief executive Navleen Prasad.