From November 2017, a new temporary sponsored parent visa will be available, allowing children to sponsor their parents for up to ten years.
Visa applicants can apply for a three-year visa for $5,000 or a five-year visa for $10,000. One single renewal for a further five years can also be made for $10,000.
To sponsor their parents, sponsors must be Australian citizens, permanent residents, or eligible New Zealand citizens.
Sponsors must pay private healthcare costs for their parents, and undertake to be a financial guarantor on any extra healthcare costs their parents may incur while in Australia.
Visa applicants will be unable to work on this visa, and applications will be capped at 15,000 for the first year (with a review of the visa programme being held by the Department after the first year).
After the 10 years, applicants will not be able to reapply and will have no onshore pathway to permanent residency.
Note: Existing contributory and non-contributory parent visas will remain unchanged and open to new applications.
Source: Migration Institute of Australia, DIBP & http://www.sbs.com.au/yourlanguage/hindi/en/article/2017/05/04/new-parent-visa-announced