The serious economic impacts of a severe drop in migration because of COVID-19 could be counterbalanced by restructuring Australia’s program for new investor citizens, leading wealth manager Atlas Advisors Australia says.
Executive Chairman Atlas Advisors Australia, Guy Hedley said the Business Innovation and Investment Program (BIIP) should be a greater part of the Australia’s overall migration strategy with priority given to higher net worth migrant investors.
“Increasing the number of high net worth applicants to the BIIP could reduce the serious economic impacts of falling overall migration numbers,” Mr Hedley said.
“Wealthy BIIP applicants bring far greater and longer-term benefits to the Australian economy that could help to prevent or lessen the impact of a drawn-out recession.”
The BIIPcomprises up to 6,862 places in 2019-20, which makes up under six per cent of the total Skilled Migration stream of 108,682 migrants and just 4 per cent of Australia’s total 160,000 migrants.
Mr Hedley said the Australian Government’s review of the BIIP should be prioritised to increase the economic benefits of the program and unlock urgent funds needed to support growth post-COVID-19.
“The current cap on BIIP applications means Australia has shut the door to millions of dollars in funding that could assist Australia’s recovery,” he said.
“Australia should take immediate action to increase incentives for high net worth migrant investors and use these funds to support industries most in need including troubled universities and startups.”
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 and Melbourne in Australia and Shanghai in China, we are able to support investors in all China and Australia locations.