Below are some example results of the living expenses calculator, which include the cost of monthly mortgage repayments based on average Australian house prices: Living cost in Australia for one person: $2,835 per month. Average living expenses for a couple: $4,118 per month.
The average cost of living for a family in Australia will range between AUD 2500 and AUD 3000 every month.
There is no “one size fits all” plan for all but it is understood that an individual may need approximately $20,000 each year and an average family needs more than $50,000 a year to get by in Australia.
Summary of cost of living in Australia: A family of four estimated monthly costs are 3,974.7$ (5,784.7A$) without rent. A single person estimated monthly costs are 1,123.9$ (1,635.8A$) without rent.
Meanwhile, collaborative database Expatistan estimates the current cost of living in Australia is roughly $3,803 per month for a single person or $7,064 per month for a family of four, just for the bare essentials.
The average annual salary in Australia is $68,900 and $35.30 per hour. It is just the average salary for basic workers but skilled and experienced workers also earn around $108,980 annually. The average salary also varies depending on the field of work and the job role of workers.
In Australia, a comfortable standard of living requires an annual household income of at least AUD 50,000. Whereas the best-paid Australians might make up to AUD 136 per hour, the least-paid earn roughly AUD 20.
There you go! $5000 will last you a minimum of 4 weeks without scrimping too hard on budgets. Anything more than $5000 just gives you a longer buffer and a bigger safety net, however for those teachers struggling to save then you can feel confident travelling to Australia with only $5000 in your bank account.
The average household now spends $185 per week on groceries, up from $148 in February 2022.
The median salary in Australia in 2023 is 6,650 AUD (USD 4,420) per month. The median salary refers to the middle value of all the salaries considered. In other words, around half of the population in Australia earns less than 6,650 AUD per month, while the other half earns more.
Our 2022 Poverty in Australia Snapshot found that there are 3.3 million people (13.4%) living below the poverty line of 50% of median income, including 761,000 children (16.6%). In dollar figures, the poverty line works out to $489 a week for a single adult and $1,027 a week for a couple with 2 children.
48.4% of Australians live paycheck to paycheck or save less than 10% of their income. 1 in 3 have missed or made a late payment on a credit product or bill in the last 12 months.
The new national minimum wage will be $23.23 per hour, and $882.80 per week, based on a 38-hour week. But that increase in the minimum wage comes with an important technicality.
Around 52,000 eligible recipients will receive an increase in their base rate of payment of $92.10 per fortnight. Payments will also continue to be automatically indexed to reflect changes in consumer prices.
The average household spent $108,291 in 2021, equivalent to $2,083 per week. Rent and dwelling costs are the largest expense by far, costing the average household $445 per week.
The average two-person household can expect to spend between $510-$820 per month on groceries. The average moderate cost between these two figures is around $655 per month. And broken up into weekly costs, here is what the average two-person household might expect to spend: Thrifty: $119.40 per week.
Realistically speaking, $60,000 is not enough to support a family of four in Sydney, Melbourne, or another expensive city. In a less expensive location, however, it could be the right income for your needs.
$10,000 a month in AUD would mean that someone was earning more than twice the median income, so they would be quite well off.
The Finder survey which asked 1000 people what it took to be rich and found that earning $336,516 per year was the magic number. In Australia, $52,338 is the median personal income, according to the Australian Bureau of Statistics.
So, how much does one need to retire in comfort? If you're single, you'll need more than $500,000, assuming you own your own home, according to the Association of Superannuation Funds of Australia Retirement Standard. That figure is worryingly higher than the average super balance.
The average annual income range for the Australian middle class is between AUD 46,000 and AUD 140,000.
If you make $60,000 a year living in Australia, you will be taxed $11,167. That means that your net pay will be $48,833 per year, or $4,069 per month. Your average tax rate is 18.6% and your marginal tax rate is 34.5%.