The Australian federal government's proposed tightening of 457 visas could harm Australia's financial services sector, according to a statement from eFinancialCareers.
The financial services sector relies on the flow of professionals across Asia and the innovation of international workers, according to the statement. 457 visas allow foreign skilled workers to temporarily work in Australia through sponsorship.
eFinancialCareers says any further restrictions to the 457 visa would be damaging to the industry. The company says Australia's strict visa guidelines are already preventing financial services professionals from entering Australia.
"There is no doubt the current visa situation as it stands is restricting talent to Australia from Asia, Europe and the US, making Sydney and other capital centres less competitive. Any further restrictions would be a retrograde step, harming individual firms and the international reputation of the industry," said eFinancialCareers managing director Asia Pacific, George McFerran.
"In addition, the move to tighten foreign worker employment opportunities in Australia may accelerate the shift of certain functions overseas."
According to the statement, Australian employers are concerned the proposed new measures will limit their ability to "select top talent from a global pool of candidates."
"It needs to be recognized that financial services is an international career and by further restricting visa classes for skilled migration, we're hampering the flow of talent from Asia Pacific to Australia. This will make Sydney less competitive as a finance destination" said Mr McFerran.
"Australia has the fourth largest fund management industry in the world and international expertise is vital to the growth and success of the industry."
eFinancialCareers also says there is confusion regarding the future of the visa, as the federal government argues for tighter restrictions while the NSW government endorses greater flexibility.
