Yesterday Prime Minister, Malcolm Turnbull showed his simultaneous dedication to both \u2018putting Australians first\u2019 and US-based, local-tax-loving corporate giants, by posting a video on Facebook to tell the world he was abolishing the 457 visa programme. The initial, woolly announcement caused the sector to lose their collective marbles. "Do you know how hard it is to find specialised IT people in this country?! They don't exist!\u201d said one understandably concerned consultancy chief. PR agencies rushed out reactions from their clients that varied from \u201cthe end is nigh\u201d to \u201cBest. News. Ever.\u201d but in any case Company Name\u2019s Amazing Product would not be affected. Eventually the government later clarified the new visa landscape \u2013 sort of \u2013 to reveal the changes were perhaps not as drastic as first thought. The 457 visa is no more, but it will be replaced by the new Temporary Skill Shortage (TSS) visa which has two-year and four-year streams. Minister for Immigration and Border Protection Peter Dutton even sort-of-slipped that perhaps the whole thing was little more than a 457 \u2018brand\u2019 redesign. Unions agreed and Labor called the changes "cosmetic", "not real" and said they would make "no real difference". However, there are important and significant changes afoot. For CIOs and tech leaders there\u2019s good news and bad news. The Good News Grandad clause: The changes are going to be grandfathered meaning those currently working on a 457 visa can continue to do so. \u201cThey will continue under the conditions of that visa,\u201d Turnbull said of present visa holders yesterday. However, it is not clear what happens when existing 457\u2019s expire. Better pay: Associations like the Information Technology Professionals Association (ITPA) say that \u201clocal IT workers [are] being sold out by rorts in the 457 visa system\u201d which had led to \u201cemployers paying reduced wages\u201d.If their analysis is correct, local workers are likely to no longer have their salaries depressed by competition from lower-paid workers originating from overseas. Drain blocker: Higher pay available locally could help towards stemming the so called \u2018brain drain\u2019 of talented Australian workers to other countries.\u201cICT is Australia\u2019s fastest growing sector \u2013 growing at a rate of 2 per cent compared to 1.4 per cent per annum growth for the workforce as a whole \u2013 yet we are still losing skilled workers to a globally competitive market,\u201d said CEO of the Australian Information Industry Association Rob Fitzpatrick.\u201cWhile industry wasn't consulted prior to this announcement, we encourage the government to work with us on the details for the new policy.\u201d All in a name: The visa changes have seen 200 jobs cut from the eligible skilled occupations including web developer, ICT support and test engineers, ICT support technicians, telecommunications technician. However, many equivalent roles can be found in the revised visa pools including \u2018developer programmer\u2019, software engineer, software tester and \u2018telecommunications technical officer or technologist\u2019. The Bad News Higher fees: Companies bringing in foreign workers on the new visas are expected to be charged increased fees (around double current rates), the money from which will go into a fund to train Australian workers. \u201cThe visa charges in the, for the visas in, you know, to apply for the visas, will be around $1,200 for the two-year, $1,150 for the short-term stream and $2,400 for the longer, medium-term stream,\u201d Turnbull said on ABC Radio on Wednesday morning. The total amount payable could also depend on the size of the company making the application. \u201cThe arrangements of the training fund will be announced in the Budget,\u201d Turnbull added. Some experts have cast doubt on the effectiveness of the training fund. Dr Chris F Wright, an immigration and labour expert from the University of Sydney Business School, said: \u201cThe Turnbull Government\u2019s decision to establish a training fund is welcome but there are significant inadequacies with the education and training system that also must be fixed. This requires extensive changes to labour market and skills policies.\u201d One strike naming and shaming: Part of the 457 visa application process is the employer's requirement to demonstrate that there are no suitably qualified and experienced Australian citizen or permanent resident readily available to fill that position. Companies will now be required to \u201cdemonstrate that their market testing has worked,\u201d Turnbull said this morning. \u201cAnd if they fail to meet their requirements, details of their failure will be published. We are going to be very transparent about this,\u201d Turnbull added. If companies breach their obligations, the Prime Minister said, \u201cthen they won't be able to get further people in under visas\u201d. Attracting talent to Australia even harder: Guess what, Australia\u2019s incredibly overblown house prices, ban on fun, and nanny-state reputation aren\u2019t all that appealing to tech talent overseas. \u201cIt\u2019s a bit hard to build a technology industry when every second 20-year-old wants to leave because you\u2019ve turned the place into a bumpkin country town,\u201d Freelancer CEO Matt Barrie said last year. There were similar difficulties in attracting more established talent too said Atlassian co-founder Mike Cannon-Brookes last year: "We're trying to pull the best talent out of the Valley. A lot of those guys and girls have four other options down the street, so how am I going to convince them to move to Sydney?" The changes mean, according to Dutton, that "there won't be permanent residency outcomes at the end\u201d of the two-year visa \u2013 part of the appeal for many skilled workers to come in the first place.The permanent residence eligibility period for the four-year visa holders has been extended from two to three years. Matched with the 'Australians first' mantra (applauded by the likes of Pauline Hanson) around the announcement and any potential overseas workers will be striking unwelcoming Australia from their list of options.