Details of proposed new Parent Visa announced

The much-anticipated move follows a discussion paper from September last year and aims to provide an alternative avenue for Australian citizens or permanent residents, who have parents overseas and can't meet the requirements for existing parent visas.

The Turnbull government hopes that parents will join their children in Australia to help with childcare and therefore take pressure off childcare facilities. However, the new proposal will be seen by many as a huge 'let down'.

Under the new scheme, applicants may be able to seek a three-year visa for $5,000 or a five-year visa for $10,000 (per Person), with the opportunity for a single renewal for another five years at the same price. Visa holders will have no work rights and no access to Medicare. Instead, visa holders will need their own private health cover, their children will have to make a bond payment to cover for potential expenses to the Australian community, and there will be no pathway to permanent residency for parents.

Further details are expected to be released in next week's budget.