Australia replaces Golden Visa with new Innovation Visa: Details inside

03:41 PM | 17 May, 2024
Australia replaces Golden Visa with new Innovation Visa: Details inside

CANBERRA - The government of Australia has introduced the new Innovation Visa, months after it terminated the Golden Visa program.

The visa was introduced as part of the changes announced in the annual budget by Treasurer Jim Chalmers; the authorities eye a comprehensive overhaul of the country's migration system aimed at attracting skilled workers and top talent while curbing overall immigration.

While announcing the visa, the government has emphasized its goal "to target exceptionally talented migrants who will drive growth in sectors of national importance."

The exact details of the new visa are still unknown though the government is trying to make efforts to curb illegal immigration citing multiple reasons. The Golden Visa program which provided residency through investment would also be discontinued in the ongoing year.

The measures to discourage immigration extend beyond Australia as the United Kingdom and Canada have also introduced such measures.

The government of the United Kingdom has also barred international students from bringing in dependents to the country and has also increased the salary threshold for Skilled Worker visa. 

Meanwhile, the government of Canada has also announced a reduction in the number of international students by 35 percent as compared to 2023.

Apparently, countries across the globe are ending their Golden Visa programs and limiting the number of international students owing to reasons including increased security and housing crises.

Daily Pakistan Global Web Desk


Currency Rates in Pakistan - PKR to US Dollar, Euro, Pound, Dirham, Riyal - 20 June 2024

Pakistani rupee rates against US Dollar and other currencies on June 20, 2024 (Thursday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 277.50 for buying and 280.65 for selling.

Euro's buying rate stands at 296 and selling rate is 299 while British Pound rate is 349.7 for buying, and 353.25 for selling.

UAE Dirham AED was at 74.80 and Saudi Riyal at 72.80.

Forex Rates

Currency Symbol Buying Selling
US Dollar USD 277.50 280.65
Euro EUR 296.00 299.00
UK Pound Sterling GBP 349.70 353.25
U.A.E Dirham AED 74.80 75.60
Saudi Riyal SAR 72.80 73.55
Australian Dollar AUD 182.00 184.00
Bahrain Dinar BHD 741.18 749.18
Canadian Dollar CAD 204.00 206.00
China Yuan CNY 38.43 38.83
Danish Krone DKK 40.18 40.58
Hong Kong Dollar HKD 35.66 36.01
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.90 1.98
Kuwaiti Dinar KWD 909.34 909.34
Malaysian Ringgit MYR 59.30 59.90
New Zealand Dollar NZD 170.79 172.79
Norwegian Krone NOK 25.97 26.27
Omani Riyal OMR 723.88 731.88
Qatari Riyal QAR 76.42 77.12
Singapore Dollar SGD 203.65 205.65
Swedish Korona SEK 26.40 26.70
Swiss Franc CHF 311.90 314.40
Thai Baht THB 7.58 7.73


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