However, footage of Dutton speaking to migration agent Min Li suggests it could make a comeback under a Coalition government.

Here’s how the millionaire visa was introduced and ultimately scrapped in Australia.

What is the SIV or ‘golden ticket’ visa?

Foreign investors had to show genuine intention to hold the investment for the life of the visa and could apply for permanent residency, provided they met certain requirements.

A list of countries that offer ‘golden visas’. Source: SBS News

Why was the visa scrapped?

However, a 2023 Productivity Commission review of the migration system found the visas did not meet their primary objective and instead “have been associated with poorer fiscal outcomes compared with other skilled visas”.

Then-home affairs minister Clare O’Neil was critical of the scheme, saying it was like “buying your way into the country”. Source: AAP / Dean Lewins

It was estimated that the 5,000 SIVs forecast for that financial year would cost the country up to $3.4 billion compared to if those visas were allocated to skilled independent or employer-sponsored streams.

There is “very little benefit to Australia from these visas”.

There were also concerns that golden visa schemes, present in over 20 countries, were exploited by corrupt foreign officials or organised crime groups to launder money.

How could a golden visa work?

“That is the way to achieve the maximum productivity benefit from these sorts of visas, not passive investment.”