{"id":"F2023L00379","name":"Migration (Securities in which an investment is a designated investment) Instrument (LIN 23/018) 2023","slug":"migration-securities-in-which-an-investment-is-a-designated-investment-instrument-lin-23-018-2023","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":104058,"registerId":"commonwealth-F2023L00379-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Migration (Securities in which an investment is a designated investment) Instrument (LIN 23/018) 2023","content":"![Commonwealth Coat of Arms](image.001.png)\n\nLIN 23/018\n\nMigration (Securities in which an investment is a designated investment) Instrument (LIN 23/018) 2023\n\nI, Andrew Giles, Minister for Immigration, Citizenship and Multicultural Affairs, under subregulation 5.19A(1) of the Migration Regulations 1994 (the Regulations):\n\n(a) repeal Migration Regulations 1994 – Securities in which an investment is a designated investment for the purposes of Subclasses 162, 165, 188, 405, 888, 891 & 893 –IMMI 12/106 (F2012L02220); and\n\n(b) specify each security issued by a State or Territory government authority referred to in the Schedule to this instrument as a security in which an investment is a designated investment for the purposes of Parts 188, 405, 888, 891 and 893 of Schedule 2 to the Regulations.\n\nThis instrument commences on the day after registration.\n\nDated 28 March 2023\n\nThe Hon. Andrew Giles MP\n\nMinister for Immigration, Citizenship and Multicultural Affairs\n\n  \n\nSchedule 1\n\n1 Security Issuing Authority\n\n.\n\n| Item | Security                                              | Issuing Authority                                                  |\n| ---- | ----------------------------------------------------- | ------------------------------------------------------------------ |\n| 1    | Government Bonds of Victoria                          | Treasury Corporation of Victoria                                   |\n| 2    | NSW Treasury BondsWaratah Bonds                       | New South Wales Treasury Corporation                               |\n| 3    | Queensland Bonds                                      | Queensland Treasury Corporation                                    |\n| 4    | Queensland Industry Bonds                             | Queensland Industry Development Corporation before 1 December 1996 |\n| 5    | TASCORP Inscribed Stock                               | Tasmanian Public Finance Corporation                               |\n| 6    | Territory Bonds                                       | Northern Territory Treasury Corporation                            |\n| 7    | Western Australian State Bonds                        | Western Australian Treasury Corporation                            |\n| 8    | South Australian Government Financing Authority Bonds | South Australian Government Financing Authority                    |","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":true,"description":"This instrument repeals the earlier specification instrument IMMI 12/106 and re-specifies the securities that count as \"designated investments\" for Parts 188, 405, 888, 891 and 893 (instrument text, paras (a) and (b)). From the text supplied, whether the list of securities differs substantively from the prior instrument cannot be determined here; the instrument does, however, change the formal legal instrument in force by replacing the earlier specification with the list set out in Schedule 1 (instrument text, paras (a) and (b); Schedule 1)."},"complexity_factors":["Simple and narrowly framed legislative action: repeal of a prior instrument and specification of a short list of securities (instrument text, para (a) and (b)).","Cross-reference to an enabling regulation (subregulation 5.19A(1) of the Migration Regulations 1994) creates legal dependency but not procedural complexity (instrument text, opening line).","Multiple visa Parts referenced (Parts 188, 405, 888, 891 and 893) requiring administrators to apply the list across different visa streams (instrument text, para (b)).","Schedule lists eight distinct securities and issuing authorities, requiring concrete verification of holdings against named instruments (Schedule 1 Items 1–8).","Commencement timing (takes effect day after registration) imposes an immediate operational cutoff for assessments (instrument text: commencement clause)."],"plain_english_summary":"The instrument repeals IMMI 12/106 and, using subregulation 5.19A(1), specifies a current list of eight state and territory government securities as \"designated investments\" for investor visa pathways (Parts 188, 405, 888, 891 and 893). It takes effect the day after registration and directly affects prospective/current applicants relying on designated‑investment tests, the listed issuing authorities, and the Department assessing applications."},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":true,"description":"The scope has narrowed compared to the original instrument. The repealed instrument (IMMI 12/106) covered visa subclasses 162, 165, 188, 405, 888, 891 and 893. This new instrument only covers subclasses 188, 405, 888, 891 and 893—omitting subclasses 162 and 165. This reflects the closure of the 162 (Investor (Provisional)) and 165 (State/Territory Sponsored Investor (Provisional)) visas to new applications, which were part of the Business Innovation and Investment Program reforms."},"complexity_factors":["Very short document (approximately 300 words)","Only 8 defined securities in a simple table format","Single operative provision with two straightforward actions (repeal and specify)","No nested exceptions or conditional logic","Minimal cross-referencing (only references to Migration Regulations 1994 and the old instrument being repealed)","Clear, unambiguous language throughout"],"plain_english_summary":"This legislation updates the list of government bonds that count as 'designated investments' for certain Australian business and investor visas.\n\n**What it does:**\n- **Repeals** an old 2012 instrument (IMMI 12/106) that listed approved government bonds for visa purposes.\n- **Replaces it** with a new, updated list of State and Territory government bonds that visa applicants can invest in to meet visa requirements.\n\n**Who it affects:**\n- People applying for specific business and investor visas (subclasses 162, 165, 188, 405, 888, 891, and 893). These are visas for wealthy individuals who want to invest in Australia and eventually gain permanent residency.\n- State and Territory governments that issue these bonds.\n\n**Why it matters:**\nIf you're applying for one of these visas and need to make a 'designated investment' (a specific type of investment required by the visa rules), this document tells you exactly which government bonds count. You can only invest in the bonds listed here—bonds from Victoria, NSW, Queensland, Tasmania, NT, WA, and SA. Notably, **Australian Government bonds are not on this list**, nor are bonds from the Australian Capital Territory (ACT).\n\n**Key detail:** The old instrument included bonds for visa subclasses 162 and 165, but this new one only covers subclasses 188, 405, 888, 891, and 893. This suggests subclasses 162 and 165 may have been closed or no longer require designated investments."}},"importantCases":[],"_links":{"self":"/api/acts/migration-securities-in-which-an-investment-is-a-designated-investment-instrument-lin-23-018-2023","history":"/api/acts/migration-securities-in-which-an-investment-is-a-designated-investment-instrument-lin-23-018-2023/history","analysis":"/api/acts/migration-securities-in-which-an-investment-is-a-designated-investment-instrument-lin-23-018-2023/analysis","conflicts":"/api/acts/migration-securities-in-which-an-investment-is-a-designated-investment-instrument-lin-23-018-2023/conflicts","importantCases":"/api/acts/migration-securities-in-which-an-investment-is-a-designated-investment-instrument-lin-23-018-2023/important-cases","documents":"/api/acts/migration-securities-in-which-an-investment-is-a-designated-investment-instrument-lin-23-018-2023/documents"}}