People who have applied for 175, 176 and 475 visas will have their applications "capped and ceased" effective today.
These applicants will receive a refund of their application fees, but their applications will be taken to have never been made.
A refund is poor consolation to many applicants who have waited patiently for 5 years or more for their applications to be processed. Many of these applicants were eligible for the visa they applied for but are no longer eligible under the new General Skilled Migration program.
Note that applicants who are in Australia will continue to be processed, as will applicants for onshore 885, 886 and 487 visas. Most 175 Skilled Independent applications have already been allocated and granted, and the most significant effect will be on those applicants sponsored by family members. This underscores the current government's policy to limit the number of family sponsored migrants.