EXPLANATORY STATEMENT
Migration Regulations 1994
SECURITIES IN WHICH AN INVESTMENT IS A DESIGNATED INVESTMENT FOR THE PURPOSES OF SUBCLASSES 162, 165, 188, 405, 888, 891 & 893
(Regulation 5.19A)
- 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 Schedule 2 to the Regulations.
3. This Instrument revokes Instrument IMMI 12/064. The purpose of the Instrument is to allow specified State and Territory government securities to be accepted as designated investments for applicants applying for one of the following visa Subclasses: 162, 165, 188, 405, 888, 891 or 893. Hence the Instrument specifies parts 162, 165, 188, 405, 888, 891 and 893 of Schedule 2 to the Regulations.
4. The new Instrument operates to include a new designated investment, Waratah Bonds, issued by the New South Wales Treasury Corporation.
5. Consultation was undertaken before the Instrument was made with the NSW Treasury Corporation in relation to the inclusion of Waratah Bonds. Otherwise, Pursuant to subsection 18(1) of the Legislative Instruments Act 2003 consultation was not necessary as the remaining changes are minor or machinery in nature and do not substantially alter existing arrangements.
6. The Office of Best Practice Regulation has advised that a Regulation Impact Statement is not required (OBPR Reference 14128).
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 12/106, commences on 24 November 2012.