One of the main issues you need to prepare is the cost of living in Australia after the Australian visa is issued. You are not the only one who started calculating these numbers before leaving your home country, because there are many different warnings about the cost of living in Australia. To help you plan ahead, you need to consider the following cost items when forecasting costs in Australia.
Taxation in Australia is quite high, similar to that in the United Kingdom. Most taxes in Australia are withheld at the source, which is the source of income. The system is progressive, with a basic tax rate of 40%, and when peopleís income exceeds A$180,000, it rises to 45%. However, the high taxes are worth it because the countryís public services are first-rate. Since the system is up and running, taxation has a lot to do with your overall financial ability.
Australia’s public health system is funded by mandatory taxes that account for 1.5% of the population. Therefore, many people start to choose private medical insurance to reduce the total cost of medical care. As Australiaís health care costs are quite high, taxes and private insurance costs need to be considered when calculating Australiaís total cost of living.
Food and Drinks:
Compared with other countries, the cost of food and beverages in Australia is relatively cheap. If you are used to living in Australia, the total cost savings of being immersed in the “Australian lifestyle” will be even greater. One tip is to stay away from high-end restaurants and dining venues in highly urbanized areas such as Melbourne, Sydney, Perth and Adelaide. These areas will certainly charge higher fees, but the total cost of living in Australia depends to a large extent on a personís tastes and preferences while living in Australia.
When calculating the cost of living in Australia, the country is vast and transportation costs are the main burden. Although the Australian Federal Government invests heavily in transportation, the overall scale accounts for a large part of a person’s daily expenses in the country. Many people also have access to an extensive network of airports and other means of transportation when traveling across the country. However, compared to owning and maintaining a car, the profitability of using public transport in Australia is much higher.
In recent years, the cost of education has risen steadily. This is due to the increase in the number of private and immigrant schools in the country. Although the cost of state-funded education from kindergarten to grade 12 is 93,000 Australian dollars, the cost of Catholic schools is twice that of the latter, while the cost of private schools is four times that of the latter. If the finances are tight enough, the public school system is still the most profitable because the school curriculum standards are high.
The above factors are some of the key points when calculating the cost of living in Australia. These consume a large part of personal funds. Although the overall cost is high, Australia is still the favorite destination of many immigrants. As the cost of living rises, the Australian Forum predicts that ìthis will be partially offset by improvements in living standards, employment prospects and overall economic growth.î