Costs in Australia

Money

For some of you this may be the first time you’ve been a way from home and also the first time you’ve been overseas. You may not be used to paying for bills and food or budgeting. But don’t fear, with a bit of planning, foresight and research you can make your stay stress-free.

One of the main things you will be factoring into your budget is your accommodation. You may find a place that is close to your institution, therefore saving on transport, however it may be a lot more expensive than living further away. You may want to live on a campus dorm where food and some cleaning services will be provided. There is also the cost of bill’s and items related to study such as textbooks and stationary. All this needs to be factored in and it’s a good idea doing some research on some of the more expensive things, just so you know what you’re getting into. But its okay, we all have to do a bit of budgeting to make life easier and those unexpected costs not so damaging.

Here’s a general guide to how much some things cost -

A loaf of bread - $3.50 - $4.00

A soft drink - $1.80 - $3.00

A normal sized photo printed - 10c for 1.

A movie ticket - $10 and up (Cheaper with student discount)

A DVD Rental - $4 - $7

A large steak - $8

A bag of groceries $15 - $30

1kg bag of Rice - $1.60

Milk 1L - $1.60

A pint of beer - $6.80


Banking and insurance

Opening up a bank will be one of the first things you do when you get to Australia. Each bank has different fees and different types of accounts, however, the main banks, The Commonwealth Bank, ANZ and Westpac have the most branches and ATMS. Operational hours are from 9.30 am to 4.00 pm Monday to Thursday and 9.30 am to
5.00 pm on Friday. You can withdrawal from ATM‘s twenty four hours a day. You can also use EFTPOS machines to pay for things or get money out. These are available at many retail outlets. After you’ve chosen your bank, you will need identification this will include your passport with your visa inside and something that shows your address such as your tenancy agreement or a bill. When you’re opening up your account, it’s a good idea to inform the bank of your Tax File Number so that you don’t get higher tax rate on your interest.


Transferring funds

You can transfer money between your Australian bank and your home account through online banking, bank drafts, cheques or telegraphic transfer. Ask your branch with assistance for using internet banking or other methods of transfer.