A BETTER DEAL FOR AUSTRALIA

The Department of Home Affairs is now seeking submissions from stakeholders to inform its review of Australia’s Business Innovation and Investment Program.

The program attracts migrants who have a history of success in innovation, investment and business, and are able to make a significant contribution to the Australian economy, including to local start-ups and emerging companies.

Since 2012, the program has resulted in more than $13 billion being invested in Australia’s economy.

Acting Minister for Immigration, Citizenship, Migrant Services and Multicultural Affairs Alan Tudge said the Government was looking to answer one simple question: can we get a better deal for Australia? 

“Immigration to Australia is very attractive and we should be encouraging foreign nationals who want to come to Australia and invest in job-creation,” Mr Tudge said.

“Investment in Australia is a good thing. We need to ensure we are maximising the economic benefits from this program.

“I encourage stakeholders to engage in the consultation process, to ensure we have the right settings in place to maximise the benefits to Australia.”

The consultation process focuses on several key points, including:

• The opportunity to streamline the program, which currently includes three visas and nine visa streams.
• How increasing investment thresholds and different investment types could provide better economic benefits to Australia compared to the current settings used for the Investor visa and Significant Investor visa.
• How to encourage more investment and business innovation activity in regional Australia.

As part of the consultation process, the Department of Home Affairs will be holding a series of roundtables with stakeholders.

Public consultation will be open until 14 February 2020.