Prime Minister Scott Morrison is confident that limiting new migrants to Australia won't come as a blow to the federal budget.
The plan includes lowering Australia's permanent migration cap to 160,000 annually, over the next four years.
Skilled migrant workers will also have to work in regional towns for three years and international students are being offered benefits for choosing to study outside of major cities.
Mr Morrison says the figure has been specifically chosen as it's the lowest annual migration intake that won't be detrimental to the nation's balance sheet.
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