Recently, the Australian Productivity Commission (Productivity Commission) released the economic review report again after five years.
The report provides guidance to the federal government on how to increase productivity, economic growth and social well-being.
Productivity Commission of Australia
All along, the Productivity Commission’s recommendations have been aimed at improving Australia’s productivity, and the recommendations are of great weight, serving as a bellwether for future reforms in Australian politics!
The Productivity Commission has proposed to reform the occupation list and the scoring of skilled immigrants, and the proposal to add extra points for being single has been adopted and implemented.
In this economic review report, the Productivity Commission proposed Australia's immigration policy plan for the next five years:
Abolition of investment immigrant visas;
Cancellation of the Skilled Migration Occupation List;
Improved independent skilled migration visas;
Meeting labor needs in service industries for vulnerable groups through visas;
Improving access to temporary immigration and permanent residency;
Improve job mobility for employer-sponsored visa holders.
Summarize:
The Australian Productivity Commission recommends that the government abolish the investment immigrant visa and allocate the quota to independent skilled immigrants;
At the same time, it is called to cancel the occupation list of skilled immigrants and adjust the salary threshold for employer-sponsored visas. Full report:
https://www.pc.gov.au/inquiries/completed/productivity/report/productivity-recommendations-reform-directives.pdf
The federal Home Affairs Minister said the report was being assessed by the Labor government.
If the proposal is adopted, Australia's immigration system will usher in the biggest change in decades.
Why is it proposed to abolish the investment immigrant visa?
The Grattan Institute, a well-known Australian think tank, once detailed the drawbacks of the project in a report. Xiaoxing summarized the following three points:
does not bring substantial economic activity to Australia;
Most are retired senior applicants;
Personal tax payments are kept to a minimum;
The Grattan Institute predicts that if this project is abolished and its quota allocated to other technology projects, it will add 3 billion Australian dollars in financial dividends to Australia in the next 10 years.
Australia gradually tightens business investment immigration policy
The Australian government created a business innovation and investment visa for global ultra-high net worth groups in 2012, mainly the 188 series.
Since the launch of the project, 85% of the approved investment immigrant visas are from mainland China, and 3.6% are from Hong Kong, so it is also known as the channel to quickly immigrate to Australia.
However, in recent years, the Australian government is gradually tightening relevant policies:
July 2021
The Australian government officially cancels the 132 business genius immigrant visa;
September 2022
The Australian Minister of the Interior stated that after years of review and adjustment, the 188C major investor visa may be abolished;
October 2022
Australia's New South Wales, Queensland, South Australia, Western Australia, and Victoria successively announced that the 188-category temporary quota has been exhausted and the business immigration channel has been closed;
Fiscal Year 2022-23
Australia's total immigration quota has increased to 195,000, but the business immigration quota is only 5,000.
It can be seen that the tightening of business investment immigration policy is the general trend!
In addition to Australia, many countries around the world have announced the cancellation of projects to obtain residence visas through investment, including: Ireland and Portugal have closed down one after another, Greece has raised prices, and Malta has reported closures.
In the future, the era when identity can be obtained only through investment may be gone forever.
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