The Abbott government is reviewing and plans to expand the significant investment visa program, which has granted four-year visas to 116 foreigners in just over a year. The review will seek ways of speeding up approvals and will consider expanding the assets the $5 million can be invested in beyond bond and commercial property funds, possibly to venture capital and start-ups, according to Business Review Weekly.

There are expectations that the review of the program could open up a direct pathway for foreign capital investment into start-ups. Analysts say the current program is too narrow as it largely restricts investments to commercial property and bonds.

“One of the biggest shortcomings of the current regime is that the list of eligible asset classes does not include intermediated investments through private equity and venture capital funds,” says Yasser El-Ansary of the Australian Private Equity & Venture Capital Association Limited in an interview with Smart Startups.

BRW reports that Assistant Minister for Immigration and Border Protection Michaelia Cash said the review could result in the introduction of permanent residency visas for investment migrants. The review is unlikely to allow investment in houses and apartments because of the political repercussions from the fear of Australian buyers being squeezed out of the market.

 “We recognise there are significant implementation issues that are currently holding up the progress of this program and we want to get this review under way to send a clear message that Australia is open for business on this visa,” Senator Cash said.

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Captain Desmond Ross (Des), who just happens to be my father in law, was on Lateline last night discussing the Malaysian Airlines MH370 flight disappearance.   Des is the father of Anthony Ross, my husband and Registered Migration Agent 0317382. 

Last night the ABC's Lateline programme aired an interview with Des regarding the sudden disappearance of Malaysian Airlines flight MH370.  As the Asia Pacific VP of the International Aviation Security Management Association and previously Pacific Aviation Security Organisation (PASO) and a senior aviation executive with experience in management at CEO and diplomatic Head of Office level, Aviation Security trainer and manager, Pilot and Air Traffic Controller, Des provided insights as to what might have happened.

To watch the interview on Lateline please click here.

The Coalition government is pressing ahead with its promise to cut union rate tape on 457 visas.The ABC reports that the government has lifted the cap on sponsors that was introduced by the previous labour government.

The sc457 visa is designed to be responsive to employer needs for workers in particular industries and regions. Before the last election, the unions and the previous government claimed that there was widespread abuse of the program and as such foreigners were being favoured over Australians.

Under union pressure labour had introduced a series of measures which made it more difficult for employers to hire foreign workers. Among them was a cap on the number of approved nominations for sponsors.

Under the changes, employers are expected to be allowed to hire ‘any number of workers’ provided the relevant nomination, sponsorship and visa criteria are properly met. Details of the changes are expected to be released later today by the office of Senator Michaelia Cash, Assistant Minister for Immigration and Border Protection and Minister Assisting the Prime Minister for Women.

The Migration Alliance welcomes the changes. The sc457 has to be driven by the findings of the Australian Productivity Commission as well as industry bodies who are in tune with actual needs of employers. The changes will help lower employment costs by removing unnecessary red-tape and as such help expanding businesses meet their needs for skilled workers more quickly. Strong and growing local businesses will help increase employment opportunities in Australia.”

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Richard Coates has sent through another curly one.  I think migration agents might want to know about this:

Hi Liana, you may want to make agents aware of this situation accountants are being subjected to by the assessing body, I have written this to the 'This email address is being protected from spambots. You need JavaScript enabled to view it. '

My client has achieved recognition as an accountant by the assessing body regarding his certificates and experience but CPA  cannot issue him with a successful outcome letter as his IELTS test exceeds 2 years as per your Policy but is within 3 years currently .

I have just received this email from a fellow migration agent who wanted me to advise the profession:

Hi Liana ,

Members may need to be informed that DIBP without notification as far as I am aware The website indicates