Prime Minister Malcolm Turnbull yesterday announced that the Government will abolish the Subclass 457 Temporary Skilled Work visa and replace it with a new Temporary Skill Shortage (TSS) visa stream that more tightly controls the migration and hiring of skilled foreign workers.

Significant changes will take effect immediately.

The government has produced a fact sheet which can be viewed here: http://www.border.gov.au/WorkinginAustralia/Documents/abolition-replacement-457.pdf

Further details including that of the impact on current 457 visa holders (and those awaiting approval) will be provided shortly.