Summary of cost of living in Australia: A family of four estimated monthly costs are 3,959.4$ (5,781.5A$) without rent. A single person estimated monthly costs are 1,119.5$ (1,634.7A$) without rent. Cost of living in Australia is, on average, 4.0% higher than in United States.
Collaborative database Expatisan estimates the current cost of living alone in Australia is around $3766 per month, compared to $7065 per month for a family of four, covering bare essentials.
Summary of cost of living in Sydney, Australia: A family of four estimated monthly costs are 4,356.0$ (6,360.7A$) without rent. A single person estimated monthly costs are 1,212.1$ (1,769.9A$) without rent.
The average cost of living in Melbourne, Australia per month is around $2,500 for a single person. This includes expenses for housing, food, rent, transportation, entertainment, and other amenities.
According to the Association of Superannuation Funds of Australia's Retirement Standard, to have a 'comfortable' retirement, a couple who own their own home will need an income of about $70,500. A single person will need an annual income of more than $50,000.
Want to plan your living expenses in Australia? We'll help you. 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.
The cost of living in Melbourne is 10% less expensive than in Sydney. Cities ranked 420th and 240th ($2154 vs $2397) in the list of the most expensive cities in the world and ranked 5th and 1st in Australia.
The average individual spends 55% of their monthly income on expenses. The average monthly personal income for Americans is $6,228, with the average personal expense being $3,405 per month. This means individuals often sacrifice less of their income in expenses when compared to families and households.
The cost of living in Sydney can be quite high, so the amount of salary needed to live comfortably can vary depending on an individual's lifestyle and spending habits. However, a general estimate for a comfortable living in Sydney would be around AUD 70,000 to AUD 100,000 per year.
The average Australian household now spends $185 a week on groceries, according to the CST, up $37 a week compared to 12 months prior. This is a total cost increase of $1,924 per year. This increase in grocery prices, along with housing costs, has significantly impacted Australians' financial security.
The average full time salary in Australia is $70,388 per year or $36.10 per hour. Entry-level positions start at $57,966 per year, while most experienced workers make up to $109,288 per year.
The average expenses for a single consumer unit in one month in 2021 were $5,577. Meanwhile, average spending per year came out to $66,928.
So which is cheaper: living single, or cohabiting as part of a married couple? Overall, the cost of living as a single person is higher than living with a spouse. Married couples share many basic expenses, including housing, while a single individual must cover those costs alone.
Cheapest Aussie cities to rent
So what about renters? Well, Adelaide is actually Australia's most affordable capital city for renters ($534), while Sydney is the most expensive ($711), according to the latest CoreLogic rental data.
Perth has taken the crown from Adelaide as most affordable capital in Australia. Image: Canva. A new report has officially declared Perth as the most affordable capital city in Australia.
Sitting off the southeast coast of the mainland is Australia's littlest state and cheapest place to live, Tasmania. Its capital city Hobart boasts house prices around 25% lower than the country's average, and purchasers can bag property for 60% less than they would in cities such as Sydney or Melbourne.
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.
$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. They probably wouldn't hit the 'rich' mark, but then that depends on your perspective.