Business Visa is mainly for those who are ready to invest in Australia and do business. So the best for you is to go into the category of $ 5 Million investment part where there is nothing much required other than investing the money in Australia. So this amount of money you can invest in any company shares of Australia and then settle.

You must have a minimum of $5m in order to be able to get a Significant Investor visa which is the only
Australian visa that can be granted where the investor doesn't need a successful business track record. The investment must be a 'complying investment' i.e.
• Commonwealth, State or Territory government bonds
• Australian Securities and Investment Commission (ASIC) regulated managed funds with a mandate for investing in Australia; and
• Direct investment into Australian proprietary companies
http://www.immi.gov.au/skilled/business/_pdf/significant-investor.pdf Significant Investor visa FAQs
For all other business investment visas, the investor must already have a successful and well established track record in business and must be able to pass an 'innovation' points test.
http://www.immi.gov.au/Visas/Pages/188.aspx Business Innovation and Investment (Provisional) (subclass 188) visa
"I suppose i can form a new corporation in Australia with this money and hire myself/list myself with it." No you can't!
A company you own cannot hire you (a worker from overseas) if you don't meet the same skill requirements as would be required for sponsorship by any other employer. If you have sufficient qualifications to be eligible to be hired and sponsored by your own company, you would be able to get a skilled immigration visa by being sponsored by any other company, or in many cases, with no sponsorship at all.