This is a right and stamp on your passport granting you the permanent right to live and work in Australia.
You will have to be resident in Australia for two years before qualifying for social welfare assistance (i.e. unemployment benefits) but will be eligible for state medical care.
After four years, you can apply for citizenship, entitling you to an Australian passport (see below). You will only be eligible to vote once you have Australian Citizenship. Temporary residents (those on student and work visas) are generally not entitled to medical care or social welfare assistance at any time. Once the visa expires for temporary residence they will need to switch into another category of visa for leave Australia. Temporary resident’s visa can be valid for between 2-4 years.