Cost of Studying in Australia

Money

International student visas allow you to work 20 hours per week, you will not earn enough to live on.  Money earned in Australia should be considered as a bonus and not relied upon as a sole income while studying in Australia.  It is hard to find well paid part- time work that will cover all of your living costs while in Australia.  Do some research before coming to Australia to work out what your cost of living will be. 

Here are a few prices for basic items:

• Loaf of bread $3.50
• Sandwich $6.50
• Big Mac $3.95
• CD’s $25
• Downloaded music $2.99
• 1L Milk $1.60
• Large takeaway coffee $3.50
• Cinema tickets $10.00+
• Can of Coke $2.20
• 200mL beer $2.50

GST (Goods and Services Tax) is automatically added to the price tag in Australia.  Tax free items include fresh meat, vegetables, milk, bread and dairy goods.  The best thing to do is to formulate a budget and stick to it. 

Here is a rough guide:

• Work out you payments each week, for example a moblie phone bill and pay that by direct debit
• For other expenses withdraw a bulk amount out at the beginning of the month and use that for your food, transport and entertainment expenses for the week
• Know how much you have in your account at all times
• Use a direct debit card when purchasing things online, it’s safer
• Reduce bank fees by using their ATMs (an Australian cashpoint)
• Buy second hand where possible
• Look for free street press magazines for details of cheap or free concerts and activities.

Banking and Insurance

To open a bank account in Australia you will need a Tax File Number.  Some banks will allow you to open a bank account before you obtain a TFN, but you may have limited access to your account until you have given them your TFN.  You will also need your passport, something with your address on it and a letter from your principle would be beneficial.  Banks are open from 9.30am to about 4.00pm, Monday to Friday and some are open from 9.00 to 12.00 on a Saturday morning.

Money can be transferred to Australia from an overseas account by cheque, bank draft or telegraphic transfer.  Telegraphic transfer will be quicker than bank drafts, that will take a few days to arrive and 10 working days to clear, but telegraphic transfer is much more expensive.  Cheques will take about 5 working days to clear.

Tipping is not required in Australia and service charges are not added to bills.  Tipping is a choice and acknowledgement for good service.