Australia is one of the most loved countries for international studies. But some may not have a clear idea about what are the lifestyles and the average cost of living in Australia. So, with this blog, we intend to help students with the overall cost of living in Australia.
What is the cost of living index?
A single person’s Cost-of-Life Index is calculated by dividing the minimum cost of maintaining a particular living level during a given period by the minimum cost of maintaining the same quality of living during the base period. With the help of a cost of living index, you can compare the cost of living in various locations and see how far your money will go.
Most of the time, state, county, and local government websites will provide the cost of living figures. These facts are frequently used to inform people who are considering relocating or moving to their place.
When you know more about the costs of living in a particular city, you can prepare and set your budget accordingly, but most of the time, one has to have some extra money to stay on the safe side.
What about the Australian cost of living index?
The Australian cost of living index is all about comparing the cost of living in Australia’s major cities, where population and facilities are abundant.
To be more accurate, the cost of living in Australia is growing gradually as there is continuous growth in costs of food, gas, groceries, and airline tickets to other states or countries, especially after the pandemic.
As per the world population review, says, in 2022, Bermuda ranks as the most expensive place to live with a number (world’s largest cost of living database) score of 126.71, while the living cost in Australia is 168.02.
Many international students who are eager to come to Australia for their studies are always concerned about the expense of living there. And it is, in fact, crucial to be aware of the average cost of living in Australia if you intend to spend some time studying and earning in Australia.
International students to Australia must have financial preparation done before coming to Australia and even after settling. To get straight to a point, the cost of living in Australia for an international student depends on what lifestyle they choose to live- a simple and rewarding or extravagant or controlled expense- The choice is theirs!!
Where does the money for international students go?
Once you decide to become an international student in Australia, you must begin putting together your budget for both the necessary costs and any extras. Moving to a new location or environment might be difficult, but international students eventually learn to adapt and adjust.
In fact, as soon as you decide on a lifestyle, your costs and savings will take on a certain form, you will be fully aware of the cost of living in Australia and eventually start looking for ways to make money, save money, and use it wisely.
Here, are the sources where international students’ money goes.
Study and certifications
The main factor that determines the cost of living in Australia is Study and certifications. In fact, the location of your college also determines the overall study cost.
For educational purposes, students take loans and at the same time, they take up different jobs and manage their cost of living in Australia.
The educational level of your studies and the program (mostly Business, Medicine, Accounting, Law, Engineering, and Nursing) you choose are the determining factors in the cost of the educational program.
Cost of Bachelor Degree for international students
Starting with the cost of bachelor’s for international students, Bachelor’s Degrees in Australia are relatively shorter in length i.e. only 3 years (24 units).
The cost of bachelor’s degree for international students in Australia can range from AUD 25,000-35,000 per year in public university, AUD 30,000- AUD 45,000 at private colleges on average. The cost can go from AUD 50,000 to AUD 55,000 per year for some private colleges.
Cost of MBA in Australia for international students
MBA is one of the most well-known management programs worldwide and offers a variety of job options. MBA allows students to work in industries including finance, marketing, human resources, and other related ones.
The average cost of an MBA in Australia for international students will is around AUD 68,000. One can say the cost of the degree has increased after the pandemic.
What about the cost of PhD in Australia for international students?
You should pursue a PhD in Australia since it can be completed in three years, is recognized internationally, and is less expensive. Most of these PhDs are in finance.
Additionally, a PhD can significantly improve your eligibility for alternatives for permanent resident visas. A PhD typically costs between AUD 18,000 and AUD 42,000 for international students.
Other Aspects of Living
Other sources where international students’ money goes are Daily Life, Utility Bills, Accommodation, Recreational time, Insurance, and emergency expenses. Having them in a controlled way can surely help you maintain the cost of living in Australia.
Student Visa For Australia: A Brief Description
All international students in Australia apply for the Student Visa (Subclass 500) that allows them to live, work and study in Australia for a maximum of five years. Student Visa in Australia requires you to fulfil Financial requirements: Evidence of sufficient funds to cover tuition and other expenses, along with English proficiency and Good Health.
The Cost of a Student Visa for Australia depends on the Visa subclass. Visa cost includes Base application charge, Additional applicant charge for 18 and over, Additional applicant charges under 18, and Subsequent temporary application charge.
Talking about the cost of a Student Visa for Australia, in numbers, it costs around AUD 630. To be precise student visa in Australia costs AUD 630 + AUD 470 (if 18 and above) or + AUD 155 (if under 18).
Cost of living in Australia: Overview
As explained above, the Australian cost of living index basically compares the cost of living in various cities in Australia. Let’s look at that in detail.
Cost of living in Sydney
Sydney is regarded as the most expensive city in Australia, implying the cost of living in Sydney is high. As per sources, A family of four estimated monthly costs ranges up to 5,267.50A$) whereas a single person requires 1,442.59A$ without rent.
In fact, the cost of living in Sydney is mostly dominated by housing and utilities, which is almost 47% more expensive than in Melbourne, 50% more expensive than in Perth and 58% more expensive than in Brisbane. Fooding is comparatively cheaper here and but transport is most costly among all cities of Australia.
All in all, the hiked cost of living in Sydney is the highest when you look into the overall cost of living in Australia.
Cost of living in Melbourne
After Sydney, Melbourne is another expensive city in Australia. The cost of living in Melbourne is comparatively cheaper than in Sydney. Students can pay around a quarter lesser than in Melbourne.
Living cost in Perth for international students
It is seen that the costs of living in Melbourne and Perth are almost the same. A single person estimated monthly fees are 919$ (1,327A$) without rent. Living in Perth is more affordable than in the eastern capitals(except Adelaide).
In fact, estimated monthly costs of $194.82 (per month) are found in the combined utility bill payment.
Living cost in Brisbane for international students
The cost of living in Brisbane is about the same as in Darwin and Canberra, while cheaper than in Sydney and Melbourne. Without rent, a single person’s projected monthly expenses are 1,405.50 A$.
While Hobart and Brisbane are far less costly, especially regarding public transportation, Brisbane is the most expensive city for eating in Australia.
Living cost in Canberra for international students
In terms of the cost of living in Australia, Canberra is another affordable city. If you move to Canberra, you will have a higher standard of living, but the cost of living costs is comparatively cheaper in big cities.
Facts say that the cost of living in Canberra is cheaper than in Sydney and Melbourne, the same as in Perth and Brisbane, and more expensive than in Adelaide, Hobart, and Darwin.
Secret Tips to an international student to manage the cost of living in Australia
- Try to find the Cheapest Australian university possible. You can research online and check for cheap universities in Australia for international students and then enrol in a suitable program.
- Always look for Part-Time Jobs as many as possible; the best will be in the hospitality sector or any sector that pays well on an hourly basis.
- Always take advantage of Student Discounts and utilise it to the maximum.
- Try to save on travel and accommodation by finding the most affordable ones.
- Australia will be a new place for you; Keep reminding yourself that you are here to do something big. Always Fuel yourself emotionally and work hard for good grades and earnings.
Why choose Southern Academy of Business and Technology ( SABT) College? Is it worth it for international students?
Yes, SABT College is worth it to pursue our educational journey in Australia.
Southern Academy of Business and Technology (SABT) is a Registered Training Organization (RTO ID: 31595) in Sydney, Australia. We aspire to become one of the premier resources for high-quality training and education for international students in Australia.
We offer courses in accounting, business, leadership & management, information technology, banking & finance, commercial cookery, hospitality, and management-graduate diploma.
We understand that the cost of living in Sydney is high, and the prime factor for you, international students, is College and Tuition fees. At SABT, we offer courses at affordable costs and help international students earn the much-anticipated moment of life – Graduating from an Australian educational institution.
Visit our website for further information and connect with us for any queries or consultations.