The Australia China Business Council is imploring Labor to keep its “golden ticket” significant investor visa program after the home affairs minister, Clare O’Neil, suggested it could be ousted.
The council has weighed into the migration review, reigniting a fiery debate between business and unions about the number of migrants and raising the pay floor for temporary skilled migrants.
The Business Chamber of Australia has warned that a rise in the minimum wage should be rolled out gradually, while the Australian Chamber of Commerce and Industry wants to cap it at $60,000.
In the lead-up to the jobs and skills summit, unions called for a pay floor of $91,000 to cut down on use of temporary labour. In return for more investment in training, they cautiously agreed to an increase in permanent migration.
In September 2022, O’Neil hinted that the Significant Investor Visa could be ousted because it “isn’t adding value to the country.”
The Australia China Business Council (ACBC) in its submission defended the significant investor visa as an important measure to “drive innovation and contribute to Australia’s economic growth by attracting investors who seek permanent residency” which it said contributes “significantly to employment in the economy”.
The ACBC suggests that a $5 million investment could generate $250,000 to $350,000 in taxable income each year, with many investors investing more than $5 million and capital remaining in Australia “as part of generational wealth strategies.”
Investor visas have been a boon for industry, business, and the economy in general. China has led the way in investing in Australian businesses and creating jobs in the country, bringing in big dollars while they’re at it. Keeping investor visas open to Chinese citizens will only continue to be a lucrative enterprise that benefits everyone involved.