The Australian Government’s plans to focus on attracting the “best and brightest” skilled migrants will assist Australia’s economic recovery in the face of a decline in immigration.
Executive Chairman of leading wealth manager Atlas Advisors Australia, Guy Hedley said the government’s plans to prioritise the Business Innovation and Investment Program as well as onshore visa applicants who live in designated regional areas will provide additional important stimulus to assist the growth of ailing sectors.
Mr Hedley said the government’s moves were of great importance in light of a forecasted decline in Australia’s net overseas migration of 72,000 people in 2020-21 financial year.
“High net worth applicants to the Significant Investor Visa, Investor Visa and Premium Investor Visa invest hundreds of millions of dollars into our economy lifting employment and creating new business opportunities,” he said.
“These new citizens can assist in reducing the impact of lower migration levels,” Mr Hedley said.
The government’s plans to restructure the BIIP to maximise the benefits of the program to the Australian economy is important for areas such as venture capital.
“The investment of migrant funds into venture capital will assist in bringing new tax and employment generating startups to life,” he said.
“Steering investment into areas of critical need is a far smarter way to use migrant funds than encouraging stimulus in well supported markets.”
Mr Hedley said the recent recommencement of the Australian, state and territory governments of the issuance of 188 visas and allocating interim places and the allocation of places under the BIIP will assisting in drawing more investment to support the post-pandemic recovery.
About Atlas Advisors Australia
Atlas Advisors Australia is a leading funds manager and investment advisory business, operating between China and Australia offering a wide range of financial services and wealth management solutions. With operations in Sydney, Melbourne in Australia and Hong Kong SAR and Shanghai in China, we are able to support investors in all China and Australia locations. Atlas Advisors Australia AFOF is the major limited partner in the Stoic Venture Capital.