Australia plans to establish a visa category offering residency for immigrants who will invest at least Aus$5 million ($US49 million) despite growing anxiety from locals over the government’s immigration policies. Immigration Minister Chris Bowen highlighted the immigration policy as something that would attract people prepared to create significant investments, generating  jobs and promoting economic growth. Bowen expects keen interest from Asia, especially China, stating that the permanent visa will be available to people from other countries on a non-discriminatory basis.

Investments could boost the Australian economy and the financial services sector. “Diversifying the Business Skills visa programme to attract high-end investors allows Australia to remain internationally competitive in securing economically valuable migrants,” Bowen further says. The policy, which will take effect by July, could curb job insecurities by opening Australia to investments.