Labor has slammed the Morrison Government for allowing holders of business innovation and investment visas to enter Australia without having to apply for a Covid-19 entry exemption:
Labor has criticised a government decision allowing potentially hundreds of “privileged” foreign citizens paying for business investment visas to enter Australia, arguing they are taking hotel quarantine places away from 28,000 Australians stranded overseas.
The comments from Penny Wong, the opposition foreign affairs spokeswoman, follow the Morrison government’s decision to allow holders of business innovation and investment visas to enter Australia from 31 August without having to apply for a Covid-19 entry exemption.
The change meant that holders of the controversial visas – who are required to have a minimum of $800,000 in liquid assets to their name to invest in Australia – are granted entry conditions on par with Australian citizens and permanent residents.
While wealthy investors entering Australia on business visas still count towards the strict arrival caps limiting most flights into the country to 30 passengers, airlines frustrated at the caps have admitted to cancelling economy class tickets so they can prioritise higher-paying customers and remain profitable under the caps…
The Department of Home Affairs – which processes visa applications – told the inquiry that between 20 March and 14 September it had granted 485 business innovation and investment visas.
“The business innovation and investment program targets migrants who have a demonstrated history of success or talent in innovation, investment and business, and are able to make a significant contribution to the national innovation system and the Australian economy,” the ABF said, explaining the reasons behind the program.
However, Wong said Scott Morrison “must explain to stranded Australian citizens why they are not his priority”…
“Once again with Scott Morrison we see it’s one rule for a privileged few, while stranded Australians are left behind,” Wong said…
During a Senate select committee on Covid-19 hearing last Thursday, the ABF commissioner, Michael Outram, acknowledged it is “possible” that foreign investors holding the visa were contributing to the backlog of Australians stranded overseas who have been bumped off flights home because of the cap on arrivals into Australia…
On Thursday, the Department of Foreign Affairs and Trade told Guardian Australia there were 28,000 Australians overseas who had registered with the government their wish to return home but were unable to do so…
The Productivity Commission (PC) called for the SIV program to be axed altogether, arguing that SIVs provide minimal if any net economic benefits and likely help fuel fraud and money laundering:
Because there are no English-language requirements for the Significant Investor Visa and Premium Investor Visa, and no upper age limits, it is likely that these immigrants will generate less favourable social impacts than other immigrants. Further, compared to other visa streams, investor visas are prone to misuse and fraud. Concerns about visa fraud played a part in the Canadian Government’s decision in 2014 to scrap its investor visa scheme…
There is a risk that SIV and PIV might be used as a pathway for investing ‘dirty money’ in Australia, an issue that has been raised for other similar schemes (Sumption and Hooper 2014)…
Overall, the case for retaining the Significant Investor Visa and Premium Investor Visa streams is weak and the Government should abolish these visas.
It’s easy to see why. These ‘Golden Ticket Visas’ are touted widely to wealthy investors seeking multiple residencies and tax regimes:
A recent report in The AFR also noted that migration agents have concocted “non-genuine” applications for wealthy Chinese investors:
Fund managers and migration agents are concocting “non-genuine” applications for Australian visas targeted at wealthy Chinese investors, in behaviour that has been flagged to the government as it reviews the contentious $12 billion “golden ticket” program.
The Western Australian government’s Small Business Development Corporation (SBDC) said it had “identified and reported a number of integrity risks” associated with the suite of visas available to potential migrants under the Australian government’s business innovation and investment program…
Immigrants from China account for almost 90 per cent of those granted visas under the program…
The agency said “flaws or weakness” in the overall scheme were “at risk of being exploited by agents and applicants” and urged Home Affairs to overhaul the program to ensure Australia attracted the “right type of applicants”.
Through the SIV, the Australian Government has created a program where citizenship is for sale to anyone with enough money to pay. There are few questions asked. There is no rigorous background checks on the applicants or the sources of their money. There is no requirement to speak English. And there is no requirement for the applicants to work or contribute to Australian society.
The fact that these visa holders are also taking the place of Australian citizens desperate to return home is an outright disgrace and shows the corruption flowing through the Morrison Government.
