To enter Australia temporarily for retirement you must be over 55 and you must be able to support yourself fully. You should also have no dependent children or other dependent family members and your spouse should also have no such dependants.

What other criteria must I satisfy to apply for this visa?

In order to apply for temporary residence for retirement you should have sufficient capital to transfer to Australia either in amounts:

You should also have no intention to work in Australia, you should be of good health and character and also have your own health insurance.

For how long of a period is the visa granted?

You might be granted a four-year residence permit on this basis, however, once you are in Australia, you may apply for further stays as long as you satisfy thecriteria each time you apply.