Can I afford to live in Australia?

Overall, the cost of living in Australia is lower than that in New York or London (based on the most expensive Australian city, Sydney).

If you’re heading out to dinner, expect a three-course meal for two at a medium-priced restaurant to cost around 26% less than in New York and 7% less than in London. Order a beer and you’ll pay around the same, or slightly less, but choose a soft drink and you could pay up to 22% more than in New York for soda like Pepsi, and up to 56% more than in London.

At the supermarket, expect to pay less than New York for most things across the board and less than in London. This includes local cheese, bread, milk, and oranges but again, bottled drinks will be more expensive. Go shopping for new clothes, and you'll shell out more for jeans, running shoes, or a new dress.

When it comes to getting out and about in Sydney, if you’re native to New York, you’ll need to budget more for public transport and fuel may cost nearly 50% extra. For those relocating from London, transport will be cheaper.

Renting a 3-bed apartment in a city centre may cost up to 40% less than central New York and 30% less in the suburbs. If you decide to buy, it's a similar story with real estate being around 40% less per square foot, but mortgage rates and utilities are likely to cost you more.

Compared to London prices, rental is about 12% cheaper, and buying up to 38% cheaper. Utilities will be a similar rate, but mobile tariffs and the internet could cost you a lot more.

Of course, there are always cheaper options. Australians are proud of their farmers’ markets, so as well as picking up a bargain, you’ll know where your food has come from too. Most of the country enjoys great weather year-round, so there are some savings to be made here as well if you choose cycling or walking for the commute to work.

Salaries

Calculating the cost of living is irrelevant, of course, without having first looked at the kind of salary you can expect. As rates vary between professions and locations, it’s impossible to state whether or not you and your family will be better off. But you can do your research first, and there are plenty of sites out there which can help you. Find out more about Australian salaries on the Living in Australia website, have a look at Hays' resources, and check out Payscale for a good snapshot of what people are earning and what you can expect.

There are few things more important than calculating the cost of living when planning a move abroad but just as important is thinking about how you will ensure you and your family have adequate cover for health care needs. Call our expert team today for a chat about what we can do to support you.

Aetna® is a trademark of Aetna Inc. and is protected throughout the world by trademark registrations and treaties.