The federal government’s fraud-prone “golden ticket” visa will almost certainly be abolished or radically redesigned, after Home Affairs Minister Clare O’Neil slammed the contentious scheme as an unproductive use of resources.
Ms O’Neil said on Sunday the $5 million Significant Investor Visa (SIV) scheme was a drain on the federal budget, setting the scene for the visa to either be axed or remade as part of the federal government’s review into the immigration system.
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Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS. Connect with Michael on Twitter. Email Michael at michael.read@afr.com
