This visa allows Australian permanent residents or citizens to sponsor their parents for permanent residency. However, balance of family test must be passed in order to be able to apply for this visa.
Current waiting time for a parent visa grant is approx. 30 years. This can be fast tracked to around 2 years if you are willing to pay significantly high fee for the visa grant. This is why the visa is called “Contributory Parent Visa”.
The Contributory Parent category has the option of either a one or two-visa pathway to permanent residence. You can elect to apply initially for a two year temporary contributory parent visa or apply directly for permanent residency.