85% decline in Australian Net Overseas Migration - not Migration intake as some are thinking!

Scott Morrison said 01 May 2020 during a press conference:
“There’s also been, we’ve heard today, a significant fall expected in net overseas migration, which is expected to fall by about a third this year, financial year, and by 85 per cent off its peak, or off it’s previous year, in the following year in ‘21, sorry 2021, sorry ‘21/’22.”
What is Net Overseas Migration - keep looking?
What is Net Overseas Migration (NOM)?
Net Overseas Migration is based on the actual historical data. What prospective migrants seems to be panicking about is Migration Intake, which is planned limit of Permanent Residency visa grants for a financial year. There is no direct correlation between NOM and Migration Intake as far as I am aware.
NOM is calculated by Australian Bureau of Statistics and is based on the actual data - number of international people coming to Australia, staying over here and leaving Australia. It was 232100 between Oct 2018 and Sep 2019.
Migration Intake is a planned level for PR visa grants for a financial year. It is set on 160000 for FY1920
Let’s get into details.
What is Net Overseas Migration (NOM)?
NOM is 'based on an international travellers' duration of stay being in or out of Australia for 12 months or more over the 16 month period (12/16 month rule), and is the difference between:
the number of incoming international travellers who stay in Australia for 12 months or more within 16 months, who are not currently counted within the population, and are then added to the population (NOM arrivals)
the number of outgoing international travellers (Australian residents and long-term visitors to Australia) who leave Australia for 12 months or more within 16 months, who are currently counted within the population, and are then subtracted from the population (NOM departures)
NOM is the net gain or loss of population through immigration to Australia and emigration from Australia. Migration flows impact on issues such as Australia's labour supply; national income; housing availability; cultural diversity; and social cohesion. Variations in the volume and characteristics of travellers to and from Australia impact on policy decisions and future planning at all levels of government.
Is NOM part of permanent visa program?
Not directly. Is NOM decline good for PR visa aspirants?
It may sound odd, but if you are already in Australia working towards your PR you might be actually in a better position - less people coming to Australia, less competition for skilled visas…