Australia's latest panorama in 2023: immigration policy, cost of living, employment trends

Hello everyone, I am the assistant of Australian Encyclopedia. Recently, some friends asked me aboutAustralia UpdateNow I will summarize the relevant issues and hope it will be helpful to those who want to know more.

1. Overview of Australia’s latest developments in 2023

As of the third quarter of 2023, Australia is experiencing a full recovery from the pandemic:

• The total population exceeded 26.5 million, with an annual growth rate of 2.2%
• The unemployment rate remained stable at a historic low of 3.5%
• Inflation rate falls back to 5.6% (down 3% from the 2022 peak)
• The number of international students has returned to the pre-pandemic level of 95%

II. In-depth analysis of the latest immigration policy

2.1 Major Adjustments to Skilled Immigration

The skilled migration quota will increase to 192,000 in the 2023-24 fiscal year, with a focus on the following areas:

2.2 Tightening of business immigration policies

The minimum investment amount for the investment immigration visa (subclass 188) has been increased to AUD 2.5 million, and a new "innovation contribution" assessment dimension has been added

3. Latest trends in the overseas study market

3.1 Tuition fees and scholarships

• Average annual tuition fees for undergraduates at the eight prestigious universities: 38,000-45,000 Australian dollars
• The government launched the "Study Australia" scholarship program to cover 30% tuition fees

3.2 Visa Policy Changes

International Graduate Work Visa (Subclass 485) Extension Policy:

• Masters in designated majors can obtain a 5-year work visa
• Graduates from remote areas will receive an additional 1-2 years of extension

4. Analysis of the current situation of the employment market

4.1 Top 5 Jobs in Shortage

1. Registered nurses (12,000 job vacancies)
2. Software Development Engineer
3. Electrician/Plumber
4. Preschool Teacher
5. Data Analyst

4.2 Comparison of Salary Levels

Sydney IT engineer: annual salary 85,000-120,000 Australian dollars Melbourne accountant: annual salary 65,000-90,000 Australian dollars Brisbane building supervisor: hourly wage 55-75 Australian dollars

5. Latest data on cost of living

According to the latest ABS statistics (August 2023):

• Average monthly living expenses for one person in Sydney: 2800-3500 Australian dollars
• Melbourne family (4 people) annual living cost: 78,000-92,000 Australian dollars
• Rental vacancy rate: Sydney 1.7%, Melbourne 2.1%, Perth 0.8%

VI. Economic Situation and Price Trends

• Central bank cash rate: 4.1% (October 2023)
• Petrol price: $2.15 per litre in Sydney
• Beef price: 16-24 Australian dollars per kilogram
• Average apartment price: Sydney $950,000, Melbourne $780,000 (Domain data)

Questions related to the latest situation in Australia

Q1: Is it more difficult to immigrate to Australia now?

The skilled immigration channel is actually being relaxed, especially for in-demand professions such as medical and IT. However, the threshold for business immigration has been significantly increased, so it is recommended to give priority to the skilled immigration channel.

Q2: Is it still worth studying in Australia?

Although tuition fees have increased, the policy of extending graduate work visas has made studying abroad more cost-effective. It is recommended to choose STEM and other in-demand majors, and the employment rate can reach 92%.

Q3: Which city has the most job opportunities?

Sydney and Melbourne remain employment centers, but second-tier cities such as Perth and Adelaide are becoming emerging employment growth poles, especially in the mining and manufacturing sectors.

Thank you for your reading. I hope this article can help you understandAustralia Update, for real-time data updates, please follow our Weekly Express column.