People who held, or had applied for, a subclass 457 visa on 18 April 2017 will be able to access certain existing provisions under the TRT stream:
occupation requirements remain the same (ie there are no restrictions as long as the nominee continues to work in the same position for the same employer as approved for their subclass 457 visa)
the age requirement will remain at less than 50 years of age; and
the work experience requirement, and the requirement to have worked at least two out of the three years prior to nomination on a subclass 457, will remain at two years.
They will, however, be required to meet additional subclass 186 and subclass 187 eligibility criteria that will be in place at that time, including English language requirements (6 in each module or equivalent PTE / TOEFL/ CAE) and salary arrangements, with the Temporary Skilled Migration Income Threshold (TSMIT) to be introduced for subclass 186 and 187 visa from March 2018.
Complete FAQs regarding 457 reforms and its impact on existing and potential applications can be found at https://goo.gl/QszdCX