Temporary Skilled Migration Income Threshold (TSMIT) in 2022.
The Temporary Skilled Migration Income Threshold has not been increased from the $53,900 limit since 2013.
In 2019, the Labor party stated that, if elected, they would increase the Temporary Skilled Migration Income Threshold (TSMIT) immediately to $65,000 with annual indexing – up from the current level of $53,900. In that election they were not elected, but now, after winning the 2020 election, they have the ability to follow through on that promise.
The Australian Council of Trade Unions (ACTU) has proposed an increase of $37,000 to a new threshold of $91,000, with further annual changes based on the wage price index.
The Grattan Institute has proposed increasing the threshold for temporary skilled migrants to a minimum annual income of $70,000.
This would increase the required wages of new temporary overseas workers.
However, one effect might be a reduction in the requirement for temporary overseas workers, as they may become too expensive compared to local workers, or those on permanent visas.
The Temporary Skilled Migration Income Threshold is based on a standard Australian working week of 38 hours.
Superannuation payments, bonuses and commission payments must be paid on top of this.