Tips on Managing Money & Living Expenses while Studying in Australia

Table of Contents

• Cost of living in Australia for international students

• Cost of Living in Australia vs Canada

• Banking and payments options

• Phone and internet services

• Making international calls

• Accessing the internet

• FAQs about the cost of living in Australia

If you're looking for a wonderful academic experience in Australia, it's essential to have a clear understanding of your living expenses. Remember, the cost of living can vary depending on your location, so it's important to consider this when planning your budget.

The Australian Government says you will need approximately $24,505 Australian dollars each year if you’re single, plus an extra $8,574 per year if you’re married. If you have children, they say you’ll need $3,670 per year for each child who is not of school age. This doesn’t include the cost of any social, sporting, or other recreation activities you might want to be part of, or any health or emergency costs not covered by your Overseas Student Health Cover (OSHC) or health insurance.

Cost of living in Australia for international students

Australia is a sought-after destination for international students. As you plan your educational journey, it's essential to understand the cost of living in this diverse and exciting country. Here's the average weekly cost of living for some popular Australian cities, taking into consideration expenses such as accommodation, transportation, food and entertainment:

Cost of Living in Australia vs Canada

When it comes to comparing the cost of living in Australia and Canada, there are several factors to consider. Both countries offer unique experiences and opportunities, but the expenses involved may vary. In terms of accommodation, Australia generally has higher rental prices, especially in major cities like Sydney and Melbourne. However, Canada's cost of living in cities such as Vancouver and Toronto can also be quite significant. It's important to research and compare specific regions to get a more accurate understanding of the cost differences.

Use IDP’s cost of living calculator to help you estimate your costs, allowing you to make informed decisions as you plan your study abroad journey.

Banking and payments options

In Australia, you pay (and are paid) in dollars and cents. To make purchases in Australia, you have the option to use Australian coins and notes or utilise fund transfers or debit/credit cards issued by international or local banks, credit unions or building societies.

To setup an Australian bank account before or after you arrive, you will need your Electronic Confirmation of Enrolment (eCoE), Letter of Offer, passport and other forms of identification. You might also need an Australian Tax File Number (TFN), which you can apply for from the Australian Taxation Office.

Phone and internet services

It’s important to do so promptly upon arriving in Australia. For phones, you have three primary choices:

• Landline: Opting for a landline is usually relevant for off-campus living.

• Prepaid mobile: It enables better expenditure control and flexibility. Prepaid SIM cards are readily available from Australian stores and mobile providers.

• Mobile contract: A mobile contract with an Australian provider might be more cost-effective, depending on your usage and needs.

Internet data is typically included in mobile plans in Australia.

Making international calls

When it comes to making international calls, it's important to note that they can be more costly compared to domestic calls within Australia. To manage expenses, you have a couple of options. You can purchase an international calling card, which offers better rates, or use online platforms like Skype or FaceTime. International calling cards are typically available at convenience stores.

• To call an Australian number from overseas, you'll need to input the country code (61), followed by the area code and telephone number.

• On the other hand, to make calls to another country from Australia, you'll need to enter 011, followed by the relevant country code, area code (if necessary), and then the telephone number.

Accessing the internet

When it comes to accessing the internet in Australia, you'll have various options available. However, it's important to compare different plans to find the one that offers the best price and download limits based on your requirements.

Most educational institutions offer free Wi-Fi, accessible with your student credentials. If you don't have your own laptop or computer, you can typically find one to use at the student library, off-campus public library or an Internet café. While some places provide free Wi-Fi, others, such as internet cafes, may charge by the hour. Remember to always check the security of the network you're connecting to.

FAQs about the cost of living in Australia

Which city has the lowest cost of living in Australia?

Adelaide, Brisbane, and Perth are known for their relatively lower cost of living compared to other major Australian cities.

How to reduce the cost of living in Australia?

Consider shared accommodation, use public transportation, cook meals at home, explore free or low-cost entertainment options, and be mindful of energy consumption to lower expenses.