The rules around Australia’s foreign investor visas could be about to get stricter.
According to The Australian Financial Review foreign investors looking to be granted a visa will have to funnel money into the economy’s priority industries.
The previous labour government instigated the scheme where a foreigner with $5 million to invest over a four year period would be allocated a visa.
The AFR today reported the program, which was designed to boost foreign investment, will be changed to ensure certain industries, including agribusiness, energy, mining and medical technology as well as advanced manufacturing, benefit.
The government’s National Industry Investment and Competitiveness Agenda is due out on Tuesday.
There’s more here.