Australia's PM Albanese says migration intake must be 'sustainable'
- S&P, Nasdaq end at records as inflation data supports rate cut view
- Salesforce rolls out first-ever dividend as Q4 results, guidance beat estimates
- Equities gain on in-line US inflation, Treasury yields dip
- Snowflake Q4 results top estimates; CEO retires
- SEC investigating whether OpenAI misled investors in Altman saga- WSJ
FILE PHOTO: Australia’s Prime Minister Anthony Albanese addresses a joint press conference with U.S. President Joe Biden in the Rose Garden at the White House in Washington, U.S., October 25, 2023. REUTERS/Leah Millis/File Photo
SYDNEY (Reuters) - Australia's Prime Minister Anthony Albanese said on Saturday the country's migration intake needed to be wound back to a "sustainable level", as he flagged the release this week of details of migration system changes.
Long reliant on immigration to supply what is now one of the tightest labour markets in the world, Australia has embarked on an overhaul of its migration system to speed up the entry of highly skilled workers and smoothen the path to permanent residency.
"We do need to have our migration level brought to a sustainable level and we will be releasing the details of that this week," Albanese told reporters in Sydney.
"This is a response to the fact that the system is broken."
He said he wanted to see "a system that works for Australia, a system in which we're able to access the skills we need".
In October, the centre-left Labor government pledged to address abuses of its visa system to crack down on human trafficking and other forms of organised crime.
It has previously said the visa process for skilled professionals would be made quicker and easier, while steps would be taken to retain international students.
(Reporting by Sam McKeith in Sydney; Editing by Chris Reese)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Singapore's air force to add more stealth fighters as it phases out older jets
- Exclusive-Deutsche Bank to file liquidation suit against Chinese developer Shimao, sources say
- China's parliament to unveil more stimulus next week, bold reforms unlikely
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!