Once you're an Australian permanent resident, you can live in Australia indefinitely — but the travel facility attached to your visa (the part that lets you leave and come back as a permanent resident) doesn't last forever.
If that travel facility has run out and you're planning to leave Australia, or you're already overseas and need to return, the Resident Return Visa (RRV) is generally the way to renew it.
This visa is aimed at permanent residents and former Australian citizens, not current citizens — citizens don't need a travel facility, they travel on their passport. It can also be relevant to certain temporary visa holders whose circumstances involve a lapsed permanent resident status.
If your travel facility has simply expired but you're not planning to leave the country, you generally don't need to rush into an RRV application — it only becomes urgent once travel is on the horizon.

The standard Resident Return Visa — a travel facility of up to five years, or one year, based on your residence or substantial ties to Australia.

A shorter travel facility for permanent residents who don't meet the subclass 155 requirements but have compelling reasons connected to their absence.
A granted RRV restores your travel facility, meaning you can leave and re-enter Australia as a permanent resident as many times as you like while it remains valid. Depending on which category you qualify under, that facility can run for up to five years before it needs renewing again.
When you lodge a Resident Return visa (RRV) application, you are assessed for both subclass 155 and subclass 157.
The Department of Home Affairs specifically states that when you lodge an RRV application, you are assessed against the criteria for both subclass 155 and subclass 157. If you do not meet the requirements for a subclass 155 but you do meet the requirements for a subclass 157, the Department may grant you the subclass 157 instead.
Contact me before you book anything, so we can check your travel facility and sort out an RRV application if you need one.
The information on this page is provided for general information purposes only and does not constitute migration advice for your individual circumstances. Resident Return Visa requirements, fees and processing arrangements can change, and meeting the general requirements described above does not guarantee that an application will be approved. Professional advice should be obtained based on your individual circumstances before lodging an application.