This Visa allows you to enjoy all the benefits as equal to citizens of Australia. Its Valid for 5 years , within the 5 years of stay you get the citizenship. You can work, live along with the family.
Your file will be nominated by the respective territories/region in this visa category
Requirements of skilled Sponsored Visa (190 Visa)
On meeting above parameters you will receive the invitation to apply for Visa. You can send your file for Visa stamping post getting the Invitation.
All the benefits for you, your family can availed on this 190 Visa.