Only seven SIV applications have been submitted since the new rules were introduced on July 1, according to the Australian Financial Review.
The new Federal Government rules which require investors to put their money into riskier assets such as venture capital come as likely investors struggle to shift money following China's official central government move to tighten capital controls.
The federal government's relaunched Significant Investor Visa (SIV) provides fast-tracked residency for those investing at least $5 million into Australia.
The AFR noted China has previously tolerated significant capital outflows via "grey channels", but there has been tightened enforcement as the economy slows and fears over capital flight put downward pressure on the currency.