EXPLANATORY STATEMENT
Subject: MIGRATION ACT 1958
Migration Regulations (Amendment)
1989 No. 283
Section 67 of the Migration Act 1958 (the Act), so far as is relevant, provides that the Governor-General may make regulations, not inconsistent with the Act, prescribing all matters which by this Act are required or permitted to be prescribed or which are necessary or convenient to be prescribed for carrying out or giving effect to the Act, in particular making provision for and in relation to the charging and recovery of fees in respect of applications for entry permits, or visas.
The regulation amends the Migration Regulations (the principal Regulations) by lowering the threshold amount of money, capital or other assets required under paragraph 29AB(2A)(b) of the principal Regulations by business migrants seeking to enter Australia from the current $ 500,000. The stipulated amount is now $ 350,000. This reflects recent changes in policy applicable to certain applicants in the business migration category, and ensures that the visa fee of $ 1,000 currently provided for in paragraph 29AB(2A)(b) of the principal Regulations is applicable to all business migrants.
The Regulation commenced on notification in the Commonwealth Gazette.
Authority: Section 67 of the
Migration Act 1958