Benefits of Australian PR

After the initial excitement on gaining an Australian Permanent Resident Visa. 

I think its only fair - i educate myself (and you)  on its advantages. 

Here's what i learnt so far - courtesy the internet and good friends : 
First of all, 

Who is a Permanent Resident? 
A PR is a non-Australian citizen - who has been granted permission to live indefinitely in Australia. 

Benefits of permanent resident status include:

• You can work in any field in Australia , under any employer . Some  Government & Defence jobs a re however restricted to citizens.
• You may apply for Citizenship after fulfilling some criteria.  (normally about 4 years  stay and some others)
• You may sponsor relatives for permanent residence, subject to fulfilling residence criteria and assurance of support requirements.
• All Children born inside Australia (to PR Parents) will be Australian citizens by birth.
• Access to medical and social security benefits, though there is a 2-year waiting period for some benefits.
• You may  travel to New Zealand without applying for a New Zealand visa. (this right is not "inherited" - it depends on New Zealand government policy) 
• Unrestricted rights to live, work and study in New Zealand. (This right is granted by the New Zealand government.)
• On the Education front - access to Free primary & secondary education in Public Schools.
• Tertiary Education has "domestic" fees as opposed to International Student fees. 
• Real Estate , an incentive (financial )is normally awarded as a First Home Owner Grant. Stamp Duty is waivered on the same grant.
• Security Benefits include: 

1. Loss of one's job , does not mean having t leave Australia
2. In case of ill health / loss of job/ death etc. the individual and other dependent members of the family can continue living as permanent residents
3. Children who grow older and get independant do not need a fresh application process to continue living in Australia. They are already Permanent Residents and can continue being so. 

There are certain responsibilities to fulfill for all the benefits received: 

• You must pay tax. You are part of their system. (once you actually start to reside in Australia) 
• If you do leave Australia - you will not have automatic access to "retirement" / superannuation finances set aside. You need to wait till you have reached retirement age
• While you can use an overseas obtained Drivers license for upto 3 months, you MUST obtain an Australian Drivers license within that time to continue driving.

Information Courtesy : Britsh Expats  /   Wikipedia  /  DIAC