There are three streams available for this visa programs which includes:

1. Short-term stream
   • Occupations are indicated in the Short-term Skilled Occupation List (STSOL)
   • Maximum for two years (or up to four years if international trade obligation applies)
   • Visa can be renewed onshore once
   • English language requirement is needed. IELTS (or equivalent) overall score of 5.0 with a score of at least 4.5 in each of the test components
   • Genuine Temporary Entrant (GTE) is required to prove that the applicant has the intention to settle only temporarily in Australia
   • Visa costs AUD 1,150 (Jan 2018 rate update)
2. Medium-term stream
   • Occupations are indicated in the Medium and Long-term Strategic Skills List (MLTSSL) or Regional Occupation List (ROL)
   • Maximum of four years
   • Visa can be renewed
   • English language requirement; IELTS (or equivalent) overall score of 5.0 with a score of at least 5.0 in each of the test components
   • Visa costs AUD 2,400 (Jan 2018 rate update)
3. Labour Agreement Stream
   • Used only for exceptional cases
   • Overseas skilled workers are employed according to an agreement between the Australian government and the employer
     • Base on a demonstrated need that can’t be met in the Australian labour market
   • They are generally in effect for five years and provide for visas to be granted under one or both of the following visa programs:
     • Subclass 482 Temporary Skill Shortage (TSS) visa
     • Subclass 186 Employer Nomination Scheme visa
   • Currently there are four main types of labour agreements, below are:
     • Company-specific labour agreements
     • Industry labour agreements
     • Designated area migration agreements
     • Project agreements

Reference:

https://www.homeaffairs.gov.au

https://www.tssimmigration.com.au/