"Australia is well placed to attract investors who are looking for the financial security offered by a stable government and economy," he said.

"Of course this new permanent visa will be available to people from other countries on a non-discriminatory basis, but I expect considerable interest from across Asia, and China in particular."

The visas would be issued to people who invest the money in either state and territory bonds, Australian Security Investment Commission regulated managed funds or directly into Australian companies.

"Their investments will offer a disproportionate boost to the Australian economy and the financial services sector, particularly through infrastructure and managed funds," said Bowen.

"Diversifying the Business Skills visa programme to attract high-end investors allows Australia to remain internationally competitive in securing economically valuable migrants."

The new visa category will take effect from July.