Australian PM has announced to abolish Sub class 457. According to me there are 2 consequences of this:

1. Many Multinational companies and few small companies will not be in a position to transfer there employees from there Indian offices to Australian offices. At present, this number is quite huge. All these companies have to recruit skilled people from Australian market and these people could be Australian citizens or people who are in Australia on permanent Resident visa. So in this way, it will benefit Australians or PR holders to get job easily than that of earlier.

2. There is another impact of this, as a result of scrapping of Sub class 457, now the main route to enter in to Australia is General Skilled Migration Program that is PR process. As most of the people whose sub class 457 is/will be cancelled, will also be going for PR process independently. As a result of this, the number of visa applicants under GSM would go up. This can lead to process becoming more competitive in future. Secondly there could be processing delays as well.