EXPLANATORY STATEMENT
Migration Regulations 1994
- This Instrument is made under regulation 5.19A of the Migration Regulations 1994 (‘the Regulations’).
2. Regulation 5.19A specifies that the Minister may specify by Gazette Notice a security issued by an Australian State or Territory government authority as a security in which an investment is a designated investment for the purposes of a Part of Schedule 2.
3. The purpose of the Instrument is to allow specified State and Territory government authorities to issue securities accepted as designated investments to applicants for a Subclass 131, 162, 165, 188, 405, 844, 888, 891 and 893 visa. Hence the Instrument specifies parts 131, 162, 165, 188, 405, 844, 888, 891 and 893 of Schedule 2.
4. The Instrument operates to expand the list of visa subclasses in Schedule 2 to the Regulations for which State and Territory authorities can issue securities in which investments are designated investments. The Instrument operates to expand this list to include subclass 188 (Business Innovation and Investment (Provisional)) visa and Subclass 888 (Business Innovation and Investment (Permanent)) visa.
5. Consultation with all State and Territory Governments was undertaken before the Instrument was made.
6. The Office of Best Practice Regulation has advised that a Regulatory Impact Statement is not required (OBPR Ref 13095).
7. Under section 44 of the Legislative Instruments Act 2003 the Instrument is exempt from disallowance and therefore a Human Rights Statement of Compatibility is not required.
8. This Instrument, IMMI 12/064, commences on 1 July 2012, immediately after the commencement of Migration Amendment Regulation 2012 (No. 2).