Luckily, it still does though the visa has changed from 1 July 2012. It's now a ENS 186. The relevant portions [1] are below. This visa costs 3060 AUD along with 540 AUD for the employer nomination, but that covers the entire family.
"Temporary Residence Transition stream
If you apply for the Temporary Residence Transition stream, your skills do not need to be assessed because you have already worked for your nominating employer for two years in Australia.
You must have at least vocational English.
This stream is available only to people who hold a subclass 457 visa. People who hold other 400 series visas may qualify to apply for a permanent residence visa through the Direct Entry stream."
"Temporary Residence Transition stream
If you apply for the Temporary Residence Transition stream, your skills do not need to be assessed because you have already worked for your nominating employer for two years in Australia.
You must have at least vocational English.
This stream is available only to people who hold a subclass 457 visa. People who hold other 400 series visas may qualify to apply for a permanent residence visa through the Direct Entry stream."
[1] http://www.immi.gov.au/skills/skillselect/index/visas/subcla...