Industry-Innovation-and-Competitiveness-Agenda

Co
In
Industry Innovation and Competitiveness Agenda
TPO00007
• provide greater flexibility in relation to English language testing and skill requirements
for 457 applicants, to ensure that the standards required are appropriate for the
industries and occupations being sought; and
• retain the Temporary Skilled Migration Income Threshold at $53,900, ahead of a
future review of its operation.
We will continue to work with industry to ensure that the process of recruiting overseas
workers is less cumbersome and expensive. At the same time, the Government will
improve employment opportunities and outcomes for Australians.
Changes to give effect to these decisions will be rolled out in phases during 2014-15.
Proposal 12: Expanding the investment visa programme
The Government will also expand and improve the significant investment visa programme.
At present, Significant Investor visas (SIV), which can provide a pathway to permanent
residency, are available for applicants having an eligible investment in Australia of
A$5 million for a minimum of four years. An internal review in 2014 by the Department
of Immigration and Border Protection found that Australia faces stiff competition from
other countries with similar investor visa programmes, which often have less onerous
application criteria and processing requirements. It also explored ways to diversify the
sources of investors under the programme, to more effectively target premium investors
and to streamline the programme’s administration.
The Government will reform the programme to encourage more high net worth individuals
to make Australia home and to leverage and better direct additional foreign investment,
while maintaining safeguards to ensure the migration programme is not misused. The
changes to the programme will:
• streamline and enhance visa processing, further promote the programme globally
and strengthen integrity measures, to increase the attractiveness of investing and
settling in Australia while ensuring Australia’s interests are protected;
• align the criteria for eligible (or ‘complying’) investments with the Government’s
national investment priorities. The investment eligibility criteria will be determined
by Austrade in consultation with key economic and industry portfolios;
56 Industry Innovation and Competitiveness Agenda