This visa is a pathway to settle on permanent basis in Australia if you have a skill and qualification, which is in shortage list of Australia and have accepted English language Skills.
If you are not able to qualify for Permanent resident (Migrant) visa (Subclass 175/176) then, this provisional visa of 3 years of period will help you out to get Permanent residency after you have lived at least for 2 years and worked at least for 12 month in specific regional area of Australia.
Pathway to Permanent Residency