The Federal Government is facing several calls for changes to Australia’s visa system. 

Late last year, Home Affairs Minister Clare O’Neil suggested that the significant investor visa - which allows foreign nationals to stay in Australia for up to five years if they invest at least $5 million in approved investments - “isn’t adding value to the country” and could be axed.

But the Australia China Business Council has urged the government to retain the “golden ticket” significant investor visa, which is primarily used by Chinese migrants. 

The Productivity Commission recommended abolishing the visa back in 2016, warning that investor visas are “prone to fraud”.

But  the Australia China Business Council (ACBC) insists the visa is an important measure to “drive innovation and contribute to Australia’s economic growth by attracting investors who seek permanent residency”, which it said contributes “significantly to employment in the economy”.

Former immigration department secretary, Abul Rizvi, has told reporters for Guardian Australia that the visa is “basically used as a retirement vehicle”.

“Leaving aside the morality of selling visas, which is effectively what it is, if we were in the business of selling [them] … we’re selling [them] very cheaply,” he said.

“We just don’t get a good return on investment on it, if that’s the objective.”

Meanwhile, the Albanese government has lifted its permanent migration intake to 195,000, but businesses say more measures are needed to ease labour shortages.

The Business Council of Australia has released its submission to an ongoing review of Australia’s visa system, calling for the migration level to be set as “a percentage of Australia’s total population” in order to “build on and grow” the expected intake.

Also this week, the chief economist of the Regional Australia Institute has called on the federal government to ensure enough overseas migrant populations are flowing into non-metropolitan areas.

The institute's figures suggest less than 17 per cent of net overseas migration will flow to regional Australia in the coming year.