The introduction of the new subclass 188 visa is expected to result in an influx of wealthy immigrants, particularly from Asian countries, therefore bringing in huge amounts of much needed foreign investment that could jumpstart the nation's construction industry.
Under the new visa, which came into being last November, foreigners who invest a minimum of $5 million in Australia will be allowed to reside in the country for up to four years without the need to pass an English language test.
This is likely to encourage larger numbers of Chinese businessmen who may previously have been prevented from investing in Australia due to their lack of English, according to Otan Property Funds manager Mark Butler.
This could also help to ease tensions caused by rising numbers of skilled immigrants in areas such as Western Australia and the Northern Territory, where housing shortages are becoming a problem due to a rapidly rising population.
Earlier this week The Construction, Forestry, Mining and Energy Union (CFMEU) called on the government to place a halt on 457 visas – the skilled working visa for immigrants in trade occupations – after the number of visas being granted shot up by 57 per cent in 2012, resulting in increased competition for jobs.
However, the country's ability to attract more foreign investment could spark a rise in the number of construction projects being commissioned, therefore putting this expanded workforce to good use.
