Oz to review Business Innovation and Investment Program

The Australian Government is looking into ways of improving its 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.

But the country’s Acting Immigration Minister, Alan Tudge, believes the country can do more to maximise economic benefits from the program.

“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.”

The Department of Home Affairs is currently seeking submissions from stakeholders to inform its review on the Business Innovation and Investment 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,” said Tudge.

The consultation process will focus 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.

Article published 19th December 2019