Abolish investor visa program: commission

The Productivity Commission says the federal government should scrap a special program granting visas to wealthy migrants who invest millions in Australia.

The Productivity Commission has stuck the boot into a special visa programs for wealthy migrants with investment cash to splash in Australia.

The commission's report on Australia's migration intake says the significant and premium investor visa programs should be abolished.

"The economic benefits ... are likely to be relatively modest and accrue mainly to the visa holders and to fund managers," it says, arguing the case for retaining the visas is weak.