On 9th May 2017, the Government in Budget 2017-18 announced the new temporary sponsored parent visa will be available from November 2017.
The new parent visa will allow migrants to seek a three year visa for their parents for $5000, a five year visa for $10,000 and a ten year visa for $20,000.
As many as 15,000 people each year will be granted these visas.
Along with visa fees, children will have to bear the financial burden of healthcare for migrant parents, with sponsors legally required to pay for their private health insurance (the highest level of cover for aged parents costs $400 at least a month.)
Under the rules of the visa, it can be renewed from outside Australia to allow a cumulative stay of up to 10 years, but visa holders will not be eligible to apply onshore for a permanent parent visa.
Source: http://www.sbs.com.au/yourlanguage/hindi/en/article/2017/05/09/budget-new-temporary-sponsored-parent-visa-november-2017
http://www.sbs.com.au/yourlanguage/hindi/en/article/2017/05/05/overpriced-blackmail-disappointing-joke-indian-australians-trash-new-parent-visa?language=en