Golden Visa Hault: Australia Migration Overhaul

Amidst Australia’s migration overhaul, the nation has decided to put a pause on the applications of people who are investing more than AUD$ 5 million into the country.  As per the latest Australia visa news, the Golden visa has been halted addressed by the Home Minister Clare O’Neil in his statement. 

Furthermore, the Home Minister has emphasised that the government is focusing on creating a system which concentrates on delivering for the nation. If we take a look at the record of investor visas around the world, it hasn’t received any positive reviews so far. There have been serious allegations worldwide that wealthy individuals are largely benefiting from and abusing investor visas, whereas the aim to benefit the country isn’t fulfilled. 

As per the Australia visa news, the government is planning to replace a significant investor visa (SIV) with a skill-based visa, which would benefit the nation on a larger scale. Furthermore, the Golden Visa didn’t prove beneficial for the nation and has delivered poor economic outcomes. 

Majorly, it has been noted that the funds were used for real estate or financial assets rather than serving and helping to strengthen the economy's productivity. “It has been obvious for years that this visa is not delivering for our country and economy needs from a migration system,” O’Neil said in a statement.

Furthermore, as per the data released by the Australian government, it has been noticed that the majority of the SIV, which was around 85%, was granted to Chinese people. Additionally, the majority of the successful applicants list has the name of the Chinese investors. 

If we look at the data, then it is clear that Australia’s immigration has been up through June 2023 by welcoming more than 500,000 people in the span of 12 months. This Australia visa news will definitely reduce the number of people applying for the Golden Visa. If you want to stay updated on student-related news, stay tuned to amber.