Yeah, it's special for historical reasons, the 444 visa. It's temporary in the sense that it would expire if I left Australia, but I could get another one if I came back. The other downside for any non-citizen is getting deported (or being denied reentry) if the government thinks you are undesirable for any reason.
Edit: and I just want to make clear that I'm not criticising the Australian government in any way with these comments. Please don't deport me.
To be honest, you're realistically taking a lot of risk. The second the Australian government decided to change/rework how the visa works, you could be in a bit of trouble. I would personally move towards getting something more stable. Multiple citizenships are usually quite nice to have anyway.
Hopefully if the Australian government changes the system, they'll grandfather it for existing residents. They've done that in the past, and New Zealanders who arrived before around 2002 are treated as permanent residents.
I do have an EU citizenship as well, and in fact I'd lose that if I became an Australian citizen.
I have a "Permanent Resident" visa in Australia which expires every five years. Kind of funny that they have a "Temporary Resident" visa which is permanent! :D
(the Permanent Resident visa can be renewed online in about fifteen minutes when it expires, they just want you to attest that you still live here)
> I have a "Permanent Resident" visa in Australia which expires every five years. Kind of funny that they have a "Temporary Resident" visa which is permanent! :D
Technically you don't have to renew your permanent residency unless you leave Australia (but then you have to renew your temporary visa, too). Also you can apply to be a citizen after ~4 years of permanent residency while you can't apply if you only have a temporary visa.
Edit: and I just want to make clear that I'm not criticising the Australian government in any way with these comments. Please don't deport me.