Some investment analysts are saying that the changes to the SIV program which are set to be announced today could have a deterrent effect on the program with investors likely to shop elsewhere for their visa.

Details of the revamped Significant Investor Visa program are set to be released today, according to a report in The Australian. Under the changes, investors will be expected to invest about half of their funds in high-risk investments.

It is expected that at least $2.5 million of the $5million will have to go into investments in start-up and emerging companies, notes the report, as the new program wants to ‘divert the billions of dollars raised from the scheme away from ultra-safe investments such as government bonds and commercial property to more risky areas such as the start-up sector, which is cash-starved.”

“Foreign investors will need to invest at least half a million dollars, or 10 per cent of their total investment, in eligible Australian venture capital or growth private equity funds. Investors also need to set aside at least $1.5m for investing in ASX-listed small companies.”

The report states that there has been push-back from the property sector and some fund managers are expected to lose business as a result of the new change.

Why do employers really recruit workers on the sc457 visas? Is it due to a skills shortage or is it because employers prefer foreign workers, or something else?

Business groups insist they need foreign workers due to a skills shortage while unions claim that the sc457 workers are among the key causes of the high unemployment levels in Australia.

Some statistical perspective might help. There are some 11.7 million currently employed in Australia according to ABS statistics. Workers on the 457 visa scheme account for about 106,750 jobs. This is less than 1 per cent of the workforce.

In addition, the DIBP figures indicate that as Australia’s GDP rises, the numbers of 457 workers rise in concert with it. This makes sense because the 457 scheme allows Australian business to tap into skilled foreign resources as the economy demands.

With unemployment rates sitting above 6 per cent, the number of sc457 workers has fallen in the last year by an estimated 4.5%.

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Date: 20 May 2015

Time: 10:00AM - 2:00PM

As expected, the government has announced that it will raise revenue by increasing visa and citizenship charges in the new financial year on the argument that applicants should meet the full cost of the service.

An estimated AU$440 million is expected to be raised over the next four years by increasing visa application charges from 1 July 2015 and citizenship charges are expected to see a sharp rise from January 2016.

Aside from this, foreign property investors in Australia are set for greater scrutiny and charges. Foreign investors wanting to buy real estate in Australia will be charged an application fee of between $5,000 and $10,000, depending on the value of the property, raising $650 million for the budget over four years. Mr Hockey said stricter penalties will also apply to foreign investors who break the rules.

Working holiday visa holders are in for a shock as they will be required to pay about a third of their earnings in taxes. From July 2016, those on a working holiday in Australia will no longer enjoy a tax free threshold of up to $18,200, and will instead be forced to pay 32.5 per cent tax from their first dollar earned. That measure will save the budget $540 million over four years.

There will also be efficiencies made in visa, refugee, humanitarian processing and by simplifying skilled migration and temporary visa programs to the tune of $168.1 million over four years.

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