It looks like a taste for high-risk investments is set to become a new default criteria for prospective applicants under the Significant Investor Visa scheme should the draft investment framework released by the Abbot Government yesterday, take effect.

The reforms are aimed at “better directing investment through the visa schemes into more dynamic areas of the economy, including venture capital and small emerging companies,” noted the joint release from the Minister of Trade, Andrew Robb and Assistant Minister for DIBP, Michaelia Cash.

The release states that the proposed complying investment framework for the SIV scheme includes:

• Specifying that at least 20 per cent ($1m) of the applicant’s $5m investment must flow into early stage, growth capital investments, through approved venture capital funds.
• Specifying that at least 30 per cent ($1.5m) of the applicant’s investment must flow into emerging listed companies, through managed funds investing in small Australian stock exchange listed companies
• Reinforcing the existing rules banning direct investment into residential real estate, and introducing new measures to clamp down on indirect investment into residential real estate.  A portion of funds will continue to be permitted to flow into commercial real estate, via managed funds.
• Enhanced measures to improve protection for investors.

Media reports suggest that while venture capital fund managers have supported the idea, others indicate the measures may well kill off the SIV program given the conservative nature of SIV applicants who are largely looking for a safe place to park their funds whilst waiting on their permanent residency visa.

The Chief Justice of the High Court of Australia supported by a unanimous decision has made an unusual order “commanding” the Minister to grant an asylum seeker a protection visa within seven days.

The recent High Court decision which ordered Immigration Minister Peter Dutton to grant a permanent protection visa to a Pakistani asylum-seeker is a timely reminder of the power of the third arm of government – the judiciary. It takes politics out of the matter and addresses the intent of the law, rules on it and enforces it with orders, which sometimes need to be phrased strongly to get its message across.

This time, the wording of the orders, which essentially commanded the minister to act within 7 days, indicated a disdain at the disregard shown by former Minister of Immigration, Scott Morrison, to Australia’s protection obligations enshrined in the s65A of the Migration Act.

After the Tribunal had found the asylum seeker, known as “S297” was a genuine refugee and overturned DIBPs original 2012 refusal decision, former Immigration Minister Scott Morrison decided, with a determination to discourage boat arrivals, that it was “not in the national interest” to protect an unauthorised boat arrival. He then refused to grant a protection visa to “S297”. What is in the “National interest” is of course largely a political question.

DIBP originally denied a protection visa due to regulations capping the number of visas granted. DIBP relied on s85 of the Act, which allowed for the capping of visa numbers.

Migration Alliance is in receipt of the following information:

Please find attached the ACT Occupation List, effective 10 February 2015.  Our website www.canberrayourfuture.com.au has been updated.

Applications submitted by 10/02/15 will be assessed against the October 2014 Occupation List.

The brain drain from the immigration department is well on its way with ‘quite serious numbers…quite serious talent’ leaving the department, since its takeover by Mike Pezzullo, according to a report on the website themandarin.com. What’s left are bosses enforcing a ‘command and control’ style of operation which is enveloping the department in a ‘culture of fear’.

The long-feared purge of Immigration's Senior Executive service by their new boss Mike Pezzullo is expected soon with up to 20 per cent of the department's SES expected to be shown the door, according to media reports. In addition to the purge of the top ranks, about 100 of Immigration's 530 middle managers at Executive Level 2 classification are expected to be clearing out their desks by the end of 2015.

Is Mike Pezzullo, in recasting DIBPs mission, getting rid of anyone likely to stand in his way? If so, at what cost.

“…there are signs confidence in the department is low among immigration bureaucrats, including some of Australia’s most committed and experienced experts,” according to a report by Stephen Easton on the website themandarin.com. “Deputy Secretaries Liz Cosson, Wendy Southern and Mark Cormack have all handed in their resignations…At least two first assistant secretaries, including the chief lawyer, have also jumped ship along with at least two assistant secretaries.”

The report says that that things have gotten so bad that ‘It is not known who is performing the key roles…nor is the effect that such a dramatic loss of corporate knowledge and policy capability will have on the organisation. “

It was no surprise that DIBPs usually reticent media department was unable to provide any answers or somehow take control of the mystery and poor publicity around the issue.