Dual Citizenship Australia allows dual or even multiple citizenship which means you don't necessarily have to give up citizenship in the country where you lived before. However not every country is as liberal as this one when it comes to immigration laws. In many countries you automatically lose your old citizenship status once you decide to become a citizen somewhere else. It is best to check with the government of your homeland that you will, in fact, be able to keep your status there as well.
There are definitely quite a few advantages to holding citizenship status in more than one country. One benefit is purely emotional - you probably have parents and family living there and chances are, you still feel connected to your home country. But there are many more practical rewards too, including: increased employment opportunities in two (or even more) countries, the entitlement to social benefits and pensions, the right to own property and unrestricted residency in more than one place. With a dual citizenship you will also not be required Visa to visit your home country.