Does the Adoption visa (subclass 102) give my adopted child permanent residence in Australia?

The Adoption visa (subclass 102) is a permanent visa. Once it is granted, the adopted child can live, study and (when old enough) work in Australia indefinitely.

As a permanent resident the child can also access Medicare and, after meeting the residence requirements, may later apply for Australian citizenship. Permanent residence is granted from the time the child first enters Australia on the visa.