The Federal Government is welcoming more investors and international workers, with changes to visa rules.

The Abbott Government is expanding on the Significant Investor Visa (SIV) program established under the previous Labor government.

SIV is aimed encouraging foreign investment through the presence of more investors and workers.

The visa plan has allowed permanent residency for those who pour at least $5 million into the Australian for at least four years.

Now, the Government is looking at new Premium Investor Visa (PIV), which would offers a faster 12-month pathway to permanent residency, for investments of at least $15 million.

The Government says it look for ways of “streamlining and speeding up visa processing” under SIV, with more international promotion of the program and some moves to protect its integrity.

Reports say the criteria for eligible investments will be changed to align with “the Government's national investment priorities”.

The new criteria will be drawn-up by Austrade in consultation with economic and industry figures.

Other reforms include making Austrade the nominating body for SIV applications (while state and territory agencies retain their ability), as well as becoming the sole body that can nominate applicants for the PIV.

The PIV will be introduced from July 1, 2015, and SIV changes are expected to occur during 2014-15.

Meanwhile, the Federal Government has issued its response to a review of the 457 skilled worker visa program.

“The Government will streamline the processing of sponsorship, nomination and visa applications to reward low risk applicants and refocus compliance and monitoring activities on high risk applicants,” the Prime Minister's office said in a statement.

The Government will change English language requirements to be more flexible for certain industries and occupations, as well as increasing the sponsorship approval period from 12 to 18 months for start-up businesses.

The minimum wage for 457 works will stay at $53,900, with another government review slated within the next two years.

“It will continue to be a requirement that a foreign worker receives at least the same market rates and conditions that are paid to an Australian doing the same job in the same workplace,” the Government statement reads.