Please see the basic requirements for a Skilled Migration visa on the overview page.
This visa is a state-sponsored one, however it is a provisional visa for people who want to live and work in a regional or low population growth area of Australia.
The process, requirements and rules are largely the same as the Skilled Independent (subclass 189) and Skilled Nominated (subclass 190), however you must live in regional Australia for at least two years and be employed (or self-employed) for at least 12 months in that area before you are eligible to apply for the permanent Regional visa (subclass 887).
The only state or territory which does not participate in this visa is the Australian Capital Territory.
Other Australian visa types:
Australian Skilled Migration Visas
Australian Business Visas
Australian Employer-sponsored Visas
Australian Investor Retirement Visa
Australian Student Visas
Australian Family and Spouse Visa
Australian Resident Return Visa
Australian Working Holiday Visa
Australian Travel Visa