Child born in Australia “inherits” both parents’ visas?

If a child is born a non-citizen in Australia and, at the time of birth, one the parents holds a visa of a given subclass and the other parent holds a visa of another subclass, does the child "inherit" any of those 2 visas? If so, does the child inherit the most beneficial visa? Can the child "inherit" and hold both visas at the same time? Are there circumstances where the child will "inherit" no visa at all and will be born an unlawful non-citizen, despite the fact that the parents hold a visa? The answers might be surprising.

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