Chris Taylor

Cards

10 May 2018

The cost of living in Australia

Australia is arguably one of the best place in the world to live. Being Aussies, we may be a little bias, but even the World Economic Forum agrees - they’ve recently named Melbourne as the world’s most liveable city.

But living in this land girt by sea can pack a punch on our wallets. How much you ask? We did some research and here’s what we found.
 

Income

Mercer has ranked Sydney as the 24th most expensive city to live in this year (up 18 places year on year), so your pay packet plays a big role on where and how you live. The average Australian monthly net salary is $4.056.80 (after tax).
 

Dining

Food, glorious food!

A basic dinner out for two in a neighbourhood pub costs $54, so even if you only head out for a meal to your local once a week, that’s over $200 a month.

A RaboDirect Food and Farming Report shows NSW households spend $159 a week, the most of all Australian states, which indicates that eating at home is a cheaper option for many.
 

Car

Ah, that new car smell. A new midsize car will cost is more in Singapore at around 4 times the cost you would pay in Sydney.

New Car

Entertainment

Movie buffs take note. A ticket to the movies will cost you more in Melbourne than it will cost you in San Francisco, Paris or Singapore (but still not as much as it will in Sydney!)
 

Children

Ever wondered how much the kids actually cost you? According to a UNSW study, the weekly cost of a couple with two children is $1173.38.

Family day care costs between $7.50-$16.80 per hour dependent on location and service.
 

Fitness

How much does it cost to be a regular gym-goer? A monthly gym membership in a business district can cost almost $100 a month, so staying gym fit does come at a cost to the hip pocket.
 

This advice has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on the advice, consider the appropriateness of the advice for your own objectives, financial situation and needs. Please read the Product Disclosure Statement relating to the product and consider the Statement before making any decision about whether to acquire the product.

Sources:

  1. https://www.expatistan.com/cost-of-living/country/australia
  2. https://www.mercer.com/newsroom/cost-of-living-2017.html
  3. https://www.studyinaustralia.gov.au/english/live-in-australia/living-costs
  4. https://unsworks.unsw.edu.au/fapi/datastream/unsworks:46141/binaaacbcf3-915f-40bc-a70f-2052746ab643?view=true
  5. https://www.numbeo.com/cost-of-living/country_result.jsp?country=Australia
  6. https://www.careforkids.com.au/child-care-articles/article/77/how-much-does-child-care-cost
  7. https://www.finews.ch/images/download/Mapping.the.worlds.prices.2017.pdf
  8. https://www.weforum.org/agenda/2017/08/these-are-the-worlds-top-10-most-livable-cities
  9. https://www.rabodirect.com.au/blog/2016/09/16/14/06/food-and-farming-report/
  10. https://www.racq.com.au/cars-and-driving/cars/owning-and-maintaining-a-car/car-running-costs