Government quietly axes ‘Golden Visa’ scheme for wealthy investors

The federal government has quietly ended a visa program allowing wealthy overseas investors to live in Australia. The program was designed to specifically attract Chinese citizens, who made up 90 per cent of the successful applicants. The so-called 'Golden Visa' granted foreign citizens permanent resident status for a minimum investment of $5 million in Australia. The Albanese government canned the program over claims it had a significantly negative impact on the economy. Labor is set to replace the scheme with more skilled worker visas.