By July 2024, the Australian government plans to discontinue the Business Innovation and Investment subclass 188 visa (BIIP) and will eventually replace it with a new National Innovation visa. Due to reduced allocation for Global Talent visas, competition for these visas will likely intensify. The National Innovation visa program aims to consolidate the goals of both the BIIP and Global Talent visa programs, establishing more targeted criteria to enhance Australia's economic outcomes.

In alignment with Australia's Migration Strategy, the new National Innovation visa will replace the Global Talent visa and BIIP programs. This change was also highlighted in the federal budget for 2024-2025.

The Global Talent visa, which provides a direct permanent residency pathway to exceptionally talented individuals, will transition to the National Innovation visa by the end of 2024.

The Department of Home Affairs assured that existing Global Talent visa applicants will not be adversely affected by the transition and will be assessed based on the criteria at the time of their application.

 The allocation for Global Talent visas has been reduced to 4,000 for 2024-25, down from 5,000, making the application process more competitive. Pending Global Talent visa applications will continue to be processed despite the upcoming transition.Starting July 2024, the BIIP, designed to attract individuals with successful business or investment backgrounds to Australia, will permanently close to new applications and expressions of interest.

 The number of permanent migration spots for the BIIP has been reduced from 1,900 in 2023-24 to 1,000 for 2024-25. Applications exceeding the 1,900 allocation for 2023-24 may be carried over into 2024-25 until the 1,000 spots are filled.

Existing BIIP applications will continue to be processed according to current government priorities, and applicants may request a fee refund starting September 2024 if they choose to withdraw their applications.Provisional BIIP holders can still apply for the permanent BIIP subclass 888 visa after July 2024, provided they meet all eligibility criteria. They may also apply under the provisional extension stream if they need more time to fulfill the permanent visa requirements.

Those initially interested in the BIIP will need to wait for further guidelines and apply under the new National Innovation visa, which will launch by the end of 2024.

The BIIP was revised in July 2021 to streamline the framework and refocus investments on Australian venture capitals and small and medium-sized businesses to support post-pandemic economic recovery. However, a 2023 Migration Review concluded that the BIIP was delivering poor economic outcomes and recommended reconsidering its size and role, highlighting more positive outcomes from the Significant Investor visa stream.

The Global Talent visa, which started as a pilot in 2018 and became permanent in 2019, provided a pathway to permanent residency for exceptionally talented individuals in future-focused sectors underpinned by science or technology. The Migration Review recommended improving the program's selection criteria due to high demand exceeding the available spots each financial year.