Opposition Leader Peter Dutton has come under fire for allegedly promising to reinstate the controversial Significant Investor Visa, known as the “golden visa,” if elected later this year.
The visa, which allowed wealthy individuals to secure Australian residency through substantial investments, was scrapped in January 2024, with all applications closing by July 30, 2024.
At the centre of the controversy is Chinese migration agent Min Lee, the donor who Dutton reportedly made his remarks to.
The comments, allegedly made at a fundraiser, were caught on a boom microphone and reported by Channel Nine, sparking criticism from the Labor government and raising questions about the Coalition’s immigration policies.
Home Affairs Minister Tony Burke criticised the Coalition’s handling of the visa program, branding it a “cash for visas” scheme that undermined skilled migration.
The government pointed to a review linking the visa program to mass exploitation, including human trafficking and illegal brothels.
Citing Productivity Commission data, Burke argued that scrapping the visa saved Australia $2.5 billion in economic losses by prioritising skilled workers over wealthy investors.
Treasurer Jim Chalmers joined the criticism, accusing Dutton of hypocrisy.
“Behind a microphone, he says he’s for less migration; behind closed doors, he says he’s for more,” he claimed.
Liberal Senator Jane Hume defended Dutton, stating, “We’ve made it very clear that we will be rebalancing the Migration Program, which has gone out of control under this government.”
Golden Visa’s Legacy
The Golden Visa was abolished across Europe and the UK due to concerns over money laundering and exploitation. However, migration agents believe its removal has left a gap in Australia’s migration offerings for wealthy investors.While its abolition aimed to tighten visa integrity, experts argue it also led to a loss of major foreign investment, pushing high-net-worth individuals to other countries.
To address this, the Albanese government announced in November that it would replace the program with the National Innovation Visa (NIV).
The NIV will target highly skilled individuals, including researchers, investors, entrepreneurs, creatives, and athletes. Unlike the Golden Visa, it prioritises expertise over wealth alone.
Applicants must submit an Expression of Interest (EOI), be nominated by an Australian organisation in their field, and demonstrate internationally recognised achievements.
Battle for Chinese-Australian Votes
Dutton’s pledge to reinstate the Golden Visa is widely seen as an effort to court Chinese voters.The visa’s removal primarily affected Chinese billionaires, and Dutton’s remarks were reportedly aimed at reassuring a prominent Chinese migration agent at a fundraising event on Chinese New Year.
Analysts note that in the last election, three of the five seats with the highest Chinese-Australian populations swung from Liberal to Labor, making them crucial battlegrounds.
Many in the community were reportedly dissatisfied with how the Morrison government handled relations with China, a factor that may have played a role in the shift.
During his tenure, former Prime Minister Scott Morrison warned that the Chinese Communist Party posed a threat to Australian sovereignty. His government strong stance towards Beijing was met with retaliatory economic sanctions.
However, following the 2022 federal election, diplomatic communications were re-established, and several Chinese trade bans on Australian exports were lifted.
Foreign Minister Penny Wong underscored the importance of constructive engagement.
“Reopening dialogue with China after years of difficulties has been important to the Albanese government. China is the world’s second-largest economy and Australia’s largest trading partner. Dialogue is at the centre of our international engagement,” she said.
