The government has taken a significant step towards scrapping the controversial ‘Golden Visa’ program that allowed wealthy people from overseas to buy their way into Australia with a minimum $5 million investment.

Brendan Coates, the Economic Policy Program Director at the Grattan Institute, stated that in addition to retaining any returns they make on those investments,  “Every one of those Visa holders, on average, is costing the Australian taxpayer something like a hundred twenty thousand dollars over their lifetime in Australia.

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