Ian Goodenough (Moore, Liberal Party) Share this | Link to this | Hansard source

In the current economic climate, there is an imperative to attract additional investment in medium-scale projects across our nation, particularly in the $5 million to $20 million range, which will assist with the economic recovery Australia wide. New commercial and residential projects will keep the construction industry in employment while the mining industry has slowed and will have flow-on effects to boost consumer spending in other sectors of the economy. In my electorate of Moore there is a demonstrated need for investment to develop the Joondalup regional CBD as well as a number of district centres and coastal precincts. Vacant sites do not generate productivity.

An urgent ministerial review of the complying investment framework in the significant investor visa program is needed to restore investments of $5 million or more in multi-unit, mixed-use property development projects. I am informed by the Australia China Business Council that investment in this sector has experienced a steep decline since the rules were altered on 1 July 2015 to exclude property development projects. These individuals are business migrants to Australia not foreign investors. They will, most probably, become Australian citizens bringing with them substantial wealth and entrepreneurial talent into our nation.