On 14 May 2024, the Australian Government announced that the planning levels for the 2024–25 permanent Migration Program will be set at 185,000 places with an approximate 70:30 split between the Skill and Family streams. The overall number of migrations will be cut by half including those for temporary migration visas and student visas.

Australia has also reduced the planning level for the Business Innovation and Investment Program (BIIP) visa category from 1,900 visas in 2023–24 to 1,000 visas for the 2024–25 permanent Migration Program.

The BIIP will be closed permanently from July 2024 and new applications for the Business Innovation and Investment (Provisional) (subclass 188) visa will no longer be able to be lodged. A new National Innovation visa will also be introduced later this year to replace the Global Talent Visa.