From fantastic weather, a laid-back lifestyle, megadiverse natural landscapes, charming small towns, and cosmopolitan cities, Australia has much to offer British expats. However, all this comes with a price tag, reflected in the relatively high cost of living in Australia. 

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The Currency in Australia

The currency in Australia is the Australian Dollar (AU$). The official currency code is AUD, which is how you will see it displayed at Moneycorp. In 2016, the Australian Dollar was the fifth most-traded currency in world foreign exchange markets. The country has had a floating exchange rate regime since 1983. One Australian Dollar is subdivided into 100 cents. Banknotes are available in denominations of 5, 10, 20, 50, and 100, while coins are available in denominations of 1 and 2 dollars and 5, 10, 20 and 50 cents. £1 is worth AU$1.74 at 2.11pm on 16 February 2023.

Where to Live in Australia

The Commonwealth of Australia is comprised of the mainland of the Australian continent, the island of Tasmania, and a number of smaller islands. The continent itself offers a diversity of landscapes, including desert in the centre, soaring mountain ranges in the southeast, and tropical rainforests in the northeast. The towns and cities that attract the highest numbers of British expats include Sydney, Brisbane, Canberra, Melbourne, and Perth. 

When deciding where to live, it’s important to remember that the cost of living in Australia can vary from place to place. According to the 2022 Mercer Cost of Living Survey, Sydney is the world’s 58th most expensive city. Melbourne is in the 67th and Brisbane is in the 84th place on the list, while Perth placed 97th and Adelaide placed 102nd.

How Much Does Accommodation Cost in Australia? 

Accommodation prices in Australia vary from town to town, with some being far more expensive than others. In some cities, rental and property prices can approach those of Greater London. In others, prices are similar to or more expensive than what you would pay in larger towns and cities in the UK. 

The cost of accommodation is one of the reasons for the relatively high cost of living in Australia. The table below shows average rental and property prices per square metre in various cities.

All figures were taken from Numbeo and exchange rates were calculated at 2.11pm on 16 February 2023.

Sydney

Melbourne

Brisbane

Perth

How Much Does Transport Cost in Australia? 

While the prices of petrol and purchasing new vehicles in Australia generally is cheaper than in the UK, the cost of public transport is higher. This can make the average cost of living in Australia that much higher for you if you intend to use public transport to get around. 

The Cost of Living in Australia for International Students

Australia has one of the world’s best higher education systems, so it’s not surprising that many British students who want to pursue further studies abroad choose to do so Down Under. The cost of living in Australia for students is higher than in many other countries. 

Tuition fees vary depending on your chosen discipline, degree level, and educational institution. Generally speaking, bachelor’s degree tuition fees range between £11427.71 and £25712.35 per year, while master’s and PhD degree tuition fees range between £12570.48 and £28569.28 per year.

You will need to budget between £799.94 and £1428.46 to cover your monthly expenses, including accommodation, food, and entertainment/social activities. Your budget depends on your lifestyle and the purchasing choices you make. Student accommodation options include residence halls, renting an apartment, or sharing a rented house or apartment. You’ll also need to include utilities and internet in your monthly budget.

What is the Cost of Living in Australia Compared to the UK? 

The high cost of living in Australia can be seen clearly in the price of food, groceries, and various goods and services. On average, you will pay more for food, the basics, and various services in Australia than you would in the UK. The table below offers an idea of the cost of various monthly essentials.

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If you’re planning to move Down Under, your preparations need to involve more than considering the cost of living in Australia, looking for accommodation, packing your bags, and boarding a plane. You also need to ensure that you can send money to Australia securely, conveniently, and at great rates. Sign up for a personal account with Moneycorp and send money to Australia hassle-free.