If you're an eligible driver, you're now able to get a decade's worth of driving permission at a slightly reduced rate in NSW.
The NRMA notes the change, which went into effect this week. A 10 year licence is obviously more convenient, but it's also slightly cheaper, as it'll cost $316 for a decade compared to $170 for a five year stretch.
That $316 fee could be even cheaper if you've already held a NSW licence continuously with zero relevant offences recorded against it for the five year period leading up to application. If that's you, under the "fair go for safe drivers" provisions, the licence cost is cut in half.
There's one significant restriction in play, however, and it's to do with your age. The 10-year licence option is only open to drivers aged between 21 and 44 years at the time of licence renewal, with the reason cited being the possibility of strong visual changes (i.e, ageing) making driver identification difficult, and the need to test eyesight regularly for older motorists.