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An estimated AU$440 million is expected to be raised over the next four years by increasing visa application charges from 1 July 2015 and citizenship charges expected to see a sharp rise from January 2016.
Aside from this, foreign property investors in Australia are set for greater scrutiny and charges. Foreign investors wanting to buy real estate in Australia will be charged an application fee of between $5,000 and $10,000, depending on the value of the property, raising $650 million for the budget over four years. Mr Hockey said stricter penalties will also apply to foreign investors who break the rules.
Working holiday visa holders are in for a shock as they will be required to pay about a third of their earnings in taxes. From July 2016, those on a working holiday in Australia will no longer enjoy a tax free threshold of up to $18,200, and will instead be forced to pay 32.5 per cent tax from their first dollar earned. That measure will save the budget $540 million over four years.
There also will be efficiencies made in visa, refugee, humanitarian processing and by simplifying skilled migration and temporary visa programs to the tune of $168.1 million over four years.
The humanitarian refugee intake will remain at 13,750 places next financial year before rising to 18,750 in 2018-19.
The permanent migration program stays at 190,000 places including 128,550 for skilled workers and 57,400 for family reunion.