Effective July 1, 2024, the Australian government will raise the Temporary Skilled Migration Income Threshold (TSMIT) from $70,000 to $73,150. This 4.5% increase ensures employers meet the higher of the new threshold or the annual market salary rate (AMSR) for new nomination applications. The adjustment aligns with commitments made at the Jobs and Skills Summit, focusing on fair wages for skilled migrants and program integrity. The new TSMIT applies to all new nomination applications submitted from July 1, 2024, but does not affect current visa holders or nominations submitted before this date.