The chapter overviews the key features of the current Australian immigration strategy: a set of relatively stable and consistent long-term goals and general principles that guide specific immigration policies, as well as the process of immigration governance by the Australian political elites. Special emphasis is placed on the dominant role of the Australian state (“migration state”) elites in managing the tension between the economic, socio-demographic and security principles (imperatives) and on the evolution of the immigration strategy over the last half a century. One distinctive feature of the Australian immigration strategy is its close integration with: economic growth and labour market policies, sustaining national cohesion (integrative multiculturalism), mitigating the effects of ageing of population, maintaining broad access to health services, safeguarding national security, and further strengthening political Integration in the SE Asia region. The chapter highlights some general features of the Australian immigration strategy: its regulation and control by the state, “supra-partisan” (bi-partisan) character, pragmatic focus, flexibility, as well as its strong links with the demographic (population ageing) and national integration policies.