Australia announced another visa scheme yesterday, offering residency to those who invest A$15 million for one year.

While the move ensures billions of dollars in investment for a country that is staring at a fading mining boom that powered its economy for more than a decade, immigration experts say the move is unlikely to attract large numbers of investors.

Chinese investors have been blamed recently for driving up property prices in Australia, forcing the government to set up an inquiry on affordable housing in the country.

Australia would maintain safeguards to ensure that the migration programme was not misused, Prime Minister Tony Abbott said.

It comes at a time when China has launched a crackdown on corruption that has among other things targeted officials who transfer ill-gotten gains offshore.

China's foreign ministry said it was not aware of the new "premier investor visa" plans but hoped it would not be abused by corrupt Chinese officials. "The information you mentioned - it's the first time I heard of it. At the same time, I need to point out China is ramping up its campaign on corruption," said ministry spokesman Hong Lei .

"We need the Australian cooperation on this. We don't want these corrupt officials or fugitives to find safe havens overseas."

Lawyers and agents have demanded the government clarify rules on funding sources - a moot point for investors and one that has hurt the progress of visa approvals. "There's a problem showing who the actual owner of the bank account is. It's very difficult to show for secrecy reasons or tax reasons," said Rossana Gonzalez, immigration agent at Immigration Experts Australia.

By the end of last month, just 436 visas had been approved compared with 1,746 "expressions of interest", according to Immigration Department data.

Changes to the SIV scheme will take effect during 2014-15 while the Premium Investor Visa will be introduced from July 1.