Australia’s migration system is set to undergo a major overhaul following a scathing review which claims it is failing to meet current needs.

The 190-page report highlighted a lack of policy for lower-paid workers and increasing labour shortages, particularly in the care sector.

It said the migration system is not effectively targeted to either current or future needs and warned Australia was failing to attract skilled migrants during a time of global competition for labour.

A government report says major reforms are needed to fix Australia’s migration system. (Photo: Natalie Boog) (Nine)

Home Affairs Minister Claire O’Neill will reveal the federal government’s migration reforms at the National Press Club in Canberra later today.

The review said there was widespread evidence that temporary migrants workers are being exploited and aspects of the migration system heightened the risk.

It called for an overhaul of the government’s skilled occupation lists for employer sponsorship, claiming they don’t meet current needs for labour.

There are concerns Australia will not have the available housing to meet a future influx of migrants.

An influx of migrants and higher mortgages is forecast to cause a housing shortage over the next five years. (AAP)

The country is expected to see a shortfall of 175,000 new homes over the next five years due to higher migration and larger mortgages.

About 650,000 migrants will arrive in the next couple of years increasing demands for housing.

Last year the Albanese government announced the skilled migrant worker was being lifted to nearly 200,000 people a year from its current rate of 160,000 due to a national labour shortage.

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