Senator Brown asked the Minister representing the Minister for Immigration and Multicultural and Indigenous Affairs, upon notice, on 27 February 2003:

(1) Can the Minister confirm that on 1 March 2003 the savings threshold for self-funded retirees immigrating to Australia will be increased from $200,000 to $1 million.

(2) Has there been any investigation of the extent to which such a large increase will exclude persons who could contribute to the community without requiring assistance and being a burden on government resources.

(3) Has the Government advertised this change to the immigration rules.

(4) How will the change be effected.

Senator Ellison (Minister for Justice and Customs) —The Minister for Immigration and Multicultural and Indigenous Affairs has provided the following answer to the honourable senator's question:

(1) The savings threshold for self-funded retirees immigration to Australia on a visa subclass 410 Retiree (Temporary) visa was not increased from $200,000 to $1 million on 1 March 2003. There has not been an increase in the financial levels required since December 1998.

The current financial thresholds for the 410 visa are:

(a) $650,000; or

(b) If the applicant is the parent of an Australian citizen who is usually resident in Australia, an Australian permanent resident or an eligible New Zealand citizen - $600,000; or

$200,000 ($180,000 if the applicant is the parent of an Australian citizen), and the applicant and the applicant's spouse (if any) have:

(a) pension rights; or

(b) capital for investment; or

(c) both pension rights and capital for investment;

being in total money and entitlements sufficient to provide an annual income of not less than $45,000 ($42,000 if the applicant is the parent of an Australian citizen).

(2) Not applicable as there has been no change to the requirements.

(3) Not applicable as there has been no change to the requirements.

(4) Not applicable as there has been no change to the requirements.