Report released - Inquiry into the Business Innovation and Investment Programme

The Joint Senate Committee on Migration has released the report from its Inquiry into the Business Innovation and Investment Programme.

The Report made only one recommendation:that the Department of Immigration and Border Protection examine the programme as part of the 2015-16 migration programme survey and in its reviews of the skilled migration and temporary activity visa programmes.

The Committee mentioned a number of challenges it faced included:

• the distinct lack of empirical evidence
• limited information provided by Governments
• little evidence that the programme was actually meeting any of its objectives
• the exclusion of a key component of the programme (the Significant Investor Visa stream);
• the announcement by the Government that it would expand the Significant Investor Visa,
• the announcement by the Government that it would task Austrade to become a nominating entity for the visa
• the announcement by the Government that it would conduct a survey on the 2015-16 migration programme
• the announcement by the Government that it would undertake a review of the skilled migration and temporary activity visa programmes.

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Sydney public hearings for skilled worker programme inquiry

Federal Parliament’s Joint Standing Committee on Migration is set to hold public hearings in Sydney as part of its inquiry into the Business Innovation and Investment Programme (BIIP).

NSW also nominated 175 migrants for the Significant Investor Visa programme, which will represent a minimum of $262 million in new investment into the state if all are approved. The number of skilled migrants sponsored by NSW doubled in the past financial year.

The BIIP is designed to increase entrepreneurial talent and diversify business expertise in Australia.

Committee Chair Louise Markus said the Business Innovation and Investment Programme has the potential to generate a significant economic benefit to Australia.

“It is important that we encourage the creation of genuine and sustainable business opportunities benefiting both the Australian economy and workforce,” she said.

Details of the public hearings are as follows:

Date: Thursday, 12 June 2014

Location: Corinthian Room, SMC Conference and Function Centre, 66 Goulburn Street, Sydney

Program

9.00 am Chambers of Commerce: roundtable

11.15 am Migration Alliance Inc

1.00 pm Mr John Findley

1.45 pm Mr Christopher Levingston

2.45 pm Financial Services and Funds Management Sector: roundtable

Date: Friday, 13 June 2014

Location: Corinthian Room, SMC Conference and Function Centre, 66 Goulburn Street, Sydney

Program

9.00 am Migration Institute of Australia

9.45 am Managing Global Migration Research Group

10.45 am Australian Private Equity and Venture Capital Association

11.30 am Immigration Solutions Lawyers

Members of the public are welcome to attend. For more details, visit the Committee’s website: http://www.aph.gov.au/mig

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