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CANBERRA, Oct. 14 -- The Australian government will relax restrictions on its 457 visa program for skilled migrants, in an effort to make the country more competitive.

In a statement on Tuesday, Prime Minister Tony Abbott, along with Trade Minister Andrew Robb, and Immigration and Border Protection Minister, Scott Morrison, announced several measures which will make it easier for Australian businesses to employ skilled migrants.

"The 457 program must be a means of filling genuine skills gaps in the local labor market while not placing unnecessary administrative burdens on business," the statement said.

In a separate development, the government will introduce a new Premium Investor Visa (PIV), which offers a faster 12-month pathway to permanent Australian residency than the existing Significant Investor Visa.