Atlas Advisors Australia’s executive chairman, Guy Hedley, has said that the Business Innovation and Investment Program (BIIP) should play a bigger part in Australia’s overall migration strategy.
This would see priority given to higher-net-worth migrant investors.
According to Mr Hedley, an increase in the number of high-net-worth applicants to the BIIP “could reduce the serious economic impacts of falling overall migration numbers”.
He said wealthy 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”.
Atlas Advisors has flagged that the BIIP comprises up to 6.862 places in 2019-20 – or just under 6 per cent of the total skilled migration stream.
Mr Hedley is calling for prioritisation of an Australian government review of the BIIP in order 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 start-ups.”
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