What is a persuasive precedent? Which of the following is correct?

A court may not be bound by a precedent from another court hierarchy, but may choose to follow that precedent because it is a more up to date application of the lawA persuasive precedent is a precedent that a lawyer uses to persuade the court to find in their client's favourA persuasive precedent is a precedent that a judge uses from any English court, since Australian courts do not use English cases usuallyA persuasive precedent is a precedent set by a superior court in the court hierarchy; a lower court will be persuaded to follow decisions of a more important court