The Department has announced that the TSMIT will increase from $70,000 to $73,150 effective from 1 July 2024 to ensure a better targeted skilled migration system.
In July 2023, the Temporary Skilled Migration Income Threshold (TSMIT) was increased from $53,900 to $70,000. It was the first increase to the TSMIT since 2013 and it was set around where the TSMIT would have been if it had been indexed to average weekly ordinary time earnings growth over the last 10 years at that time.
Now in July 2024, the temporary income threshold will be set at $73,150. Therefore, from 1 July 2024, the annual market salary rate for the nominated occupation and the guaranteed annual earnings the nominator will pay to the worker must be at least $73,150.
New nomination applications will be required to meet this threshold or the annual market salary rate, whichever is higher.
• Nominations lodged on or before 30 June 2024 will need to meet the ‘old’ TSMIT of $70,000.
• Nominations lodged on or after 1 July 2024 will need to meet the ‘new’ TSMIT of $73,150. The TSMIT applies to a number of skilled visas, including the Temporary Skill shortage (subclass 482), Skilled Employer Sponsored Regional (Provisional) (subclass 494), Employer Nomination Scheme (subclass 186) and Regional Sponsored Migration Scheme (subclass 187) visas.
