This visa is still a proposal.
The regulations needed to make it a reality do not yet exist. Based on the details being released I expect those regulations soon.
- No ‘Balance of Family’ test – one adult child in Australia is enough
- Limited supply – a maximum of 15,000 visas will be granted per year
- Time frame unknown – two stage process: sponsorship, then visa application.
- Apparently applications will open on 17 April 2019 (gov charge $420)
- Sponsors must be approved before the visa application can be lodged
- The sponsor must aged 18+ and be an Australian citizen, resident or eligible NZ citizen with 4+ years of residence in Australia.
- Apparently applications will open on 1 July 2019
- Visa lasts for 3 (gov charge $5000) or 5 years (gov charge $10,000)
- No work rights
Parents will be required to “provide evidence of access to funds”. It is not clear how much money will be expected to be shown to get the visa, or if a ‘discount’ will be allowed for parents who will be living with their sponsor, or another relative. It is unclear if cash will be required, or if (for example) it will be enough for the Sponsor to show they have an annual income of AUD70,000 or more (which is a benchmark for Student Guardians).
Parents will have to be outside Australia for at least 90 days before they are able to apply for another temporary parent visa. This may present a practical challenge for a parent who wishes to use this visa to live in Australia on an ongoing basis. The delay between visas will be at least 90 days + the time taken to get a sponsorship approved + the time taken to get the new visa approved.
The visa “does not allow for permanent residence in Australia like a permanent Parent visa”. This is not explained. It may just mean that PR status is not part of the arrangement, but it could also mean that parents may be required to demonstrate they are a ‘genuine temporary entrant’ like students are. You can read about that here: https://immi.homeaffairs.gov.au/visas/getting-a-visa/visa-listing/student-500/genuine-temporary-entrant
I expect more detailed information will become available over the next few months.
You can see the official webpage about this proposed visa here