There is no species known as the "rainbow parrot". The name of a brightly coloured member of the parrot family is the "rainbow lorikeet". The scientific name of the rainbow lorikeet is trichoglossus haematodus.
The rainbow lorikeet thrives in warm, temperate zones. However, they also thrive in the cooler temperate regions of Tasmania. The rainbow lorikeet is not native to Tasmania, but has been introduced as a result of release/escape of pet birds.
the rainbow lorikeet lays eggs in a hollow tree and the parents stay with them until the babies are hatched. after the eggs have hatched the parents both leave the nest and the babies have to fend for themselves