This visa lets parents of a settled Australian citizen, permanent resident or eligible New Zealand citizen live in Australia permanently.
You could apply for the Contributory Aged Parent (Temporary) visa (subclass 884) before this visa. Applying for the temporary visa and then this permanent visa costs more but the costs are spread across the two visas over a longer period of time.
You could also apply for an Aged Parent visa (subclass 804). The subclass 804 visa costs less than this visa but there can be long waiting times of up to 30 years.