As the title suggest, government will be abolishing 457 Visa.
First of all, I will wait until it happens. I have seen Turnbull announcing a lot of things only to realise that he can't do it due to political pressure or incompetency. But lets assume that it will happen this time, what do you think of this?
http://www.abc.net.au/news/2017-04-18/government-abolishing-…
(Edit: Link to the article added)
It looks like it will get replace with something similar in the future. This has been a while coming and I think that a lot of people will agree that the 457 program has lost its focus over the last decade. Wait and see what they come up with to replace it before lauding this decision.