According to Forbes Advisor, at the most recent Australian Bureau of Statistics (ABS) data reveals that over the past 12 months, food and non-alcoholic beverages are up 8%, travel and accommodation has risen by 25%, and medical services are up 6.7%. Electricity has risen by a whopping 15.5%, the largest annual rise since 2013. Cost of living is on the rise but would your income able to sustain the increase?
The cost of living in Australia can vary significantly depending on various factors such as the city or region you're in, your lifestyle choices, and your individual circumstances. Generally speaking, Australia is considered to have a relatively high cost of living compared to many other countries.
The average income for graduates in Australia can vary based on factors such as the field of study, level of education, location, and the specific industry you enter. On average, graduates tend to earn higher salaries compared to those without a degree.
As a rough estimate, here are some average salary ranges for different fields of study in Australia:
Engineering and Information Technology: Graduates in engineering and IT fields often command higher starting salaries. Average salaries can range from AUD 75,000 to AUD 100,000 or more, depending on the specialization.
Business and Commerce: Graduates in business-related fields, such as finance, accounting, and marketing, can expect average salaries ranging from AUD 60,000 to AUD 80,000 or more.
Healthcare: Graduates in healthcare professions like medicine, dentistry, and nursing may have higher starting salaries due to the demand for these skills. Salaries can vary widely based on the specific healthcare role.
Education: Salaries for education graduates, such as teachers, can vary based on the level of education and location. Starting salaries might be around AUD 65,000 to AUD 80,000.
In terms of expenditures, the top 5 expense items are:
Housing: Housing is one of the most significant expenses. Rent prices can be high, especially in major cities like Sydney and Melbourne. You might pay anywhere from AUD 500 to AUD 800 per week for a one-bedroom apartment in the city centre, with prices lower in smaller cities or regional areas.
Groceries: The cost of groceries varies, but on average, a single person might spend around AUD 100 to AUD 200 per week on groceries. Buying in bulk and choosing less expensive brands can help lower this cost.
Dining Out: Eating out at restaurants can be relatively expensive. A meal at a mid-range restaurant can cost around AUD 20 to AUD 50. Fast food options are generally more affordable.
Transportation: Public transportation costs vary by city. A monthly public transport pass in a major city can cost around AUD 150 to AUD 250. If you own a car, you'll need to factor in costs like fuel, insurance, and maintenance.
Utilities: Utilities, including electricity, water, and internet, can add up to around AUD 180 to AUD 280 per month.
Migrating to Australia could be the 'fast-track' option to save more but please be in mind that, having a dream of earning a lot of monies and saving a lot might not be true. Plan wisely before making your decision.