11 Oct 2024
If you are a Bangladeshi migrant who is planning to move to Australia, you must learn the living costs in Australia. You must know what to expect financially in Australia, especially if you plan on frequently making a money transfer from Australia to Bangladesh. Australia has a high cost of living, but because of that, the nation has one of the highest minimum wages in the world.
Moving to Australia from a country with a lower cost of living can be difficult for migrants from Bangladesh. Everyday costs, such as utilities, groceries, and rent, are usually more than you are used to. Continue reading to learn about the basic living costs in Australia.
Housing expenses are among the most expensive for anyone living in Australia, especially in big cities. The location, kind of housing, and property size have a significant impact on rental costs. In contrast, transportation in Australia is economical.
Renting a home can be expensive in Australia's big cities like Sydney and Melbourne. For instance, in Sydney, an average one-bedroom apartment in the city center costs around AUD 600 per week.
Melbourne has lower rental prices than Sydney. Apartments in Melbourne cost AUD 550 per week. Brisbane has more reasonable rental costs than both, charging between AUD 400 and AUD 500 per week.
While living in a city has perks, ordinary living is a more cost-effective option for Bangladeshi immigrants wanting less rent. Compared to the city center, a one-bedroom apartment outside the city center costs up to 30% less.
If you are looking for more affordability, try shared housing. It is common among immigrants and international students. Living in a house or apartment with others can lower your rent. When you share a home, you are not just sharing the rent; you are sharing your utilities and even food. This will help you save money. You can use that money to send money to Bangladesh from Australia to support your family back home.
Major Australian cities have great public transportation systems, including buses, trains, and trams. A one-way local transport ticket costs around AUD 5, a Normal Tariff costs around AUD 6, and a monthly pass for public transport is AUD 168. On the contrary, private vehicles come with additional fuel, insurance, registration, and maintenance prices.
Food and grocery take up a significant portion of your living expenses. Below are the major costs of food and grocery in Australia.
An Australian household's average weekly food expenses vary from AUD 208 to AUD 416. An average person spends AUD 830 on food monthly, including AUD 23 for lunch, AUD 55 for dinner, and fast food meals AUD 15. On the other hand, grocery expenses are less than eating out.
Try to often cook at home. Compare the prices of different vendors and choose the one that favours you. Also, two strategies to better control shopping expenses are to buy in bulk and select seasonal produce.
Utility expenses such as phone, internet, gas, water, and power bills can mount up for immigrants as well. These expenses include:
If you manage these expenses greatly, then you can save money for some leisure activities or necessities like online money transfer from Australia to Bangladesh.
Australia is home to world-class universities and public and private educational institutions. The expenses of private and public expenses are mentioned below:
Public education in Australia is extremely good. It is either free or available at a nominal fee, usually ranging from AUD 60 to AUD 300 annually. This covers textbooks and extracurricular activities for immigrants who have permanent residency or certain types of visas. On the other hand, private schools are expensive. Their annual fees range from AUD 5,000 to AUD 30,000. People do not really prefer private schools because of their smaller class numbers and specialized curricula.
Depending on the degree and university, overseas students' annual tuition costs might range from AUD 20,000 to AUD 45,000. Humanities and social science courses are less expensive than those in more expensive professions like engineering and medicine.
You must understand the taxation system of Australia to fulfil your financial duties. Australia's economy heavily relies on taxes for necessities like infrastructure, healthcare, and education.
Due to Australia's progressive income tax system, taxes are paid at greater rates to people as their income rises. For residents, the current income tax rates are 0% for annual incomes under AUD 18,200 and 45% for incomes over AUD 180,000. For instance, the tax rate on income between AUD 18,201 and AUD 45,000 is 19%, while the tax rate on earnings between AUD 45,001 and AUD 120,000 is 32.5%.
Apart from income tax, you also have to pay some other taxes. The Goods and Services Tax (GST) is a 10% value-added tax levied on most goods and services in Australia. This tax affects regular expenses such as clothing, entertainment, and groceries. In addition, landowners have to pay land tax and council rates. Also, car owners must pay registration costs.
Living in Australia has its benefits, but it comes with a range of living expenses that call for careful thought and preparation. When you understand the costs of housing, transportation, education, and healthcare, then you can quickly formulate a sustainable budget.
Additionally, when you have to send money online to Bangladesh from Australia, ACE Money Transfer is there for you. They provide the cheapest fees with the best exchange rates to help you in your life in Australia. By choosing ACE Money Transfer, you can fulfill your financial responsibilities in Bangladesh and Australia.
There are a few energy-saving strategies for Bangladeshi immigrants who want to reduce their utility bills. You can decrease the costs by using energy-efficient lightbulbs, turning off lights and appliances when not in use, and turning down air conditioning and heating. Furthermore, buying energy-efficient appliances, taking shorter showers, and doing laundry with cold water prove to be great in the long run as well.
The three main providers in Australia are Optus, Telstra, and Vodafone. These providers give a range of plans, including bundles for international calling.
You can live comfortably in Australia if you have more money than the average living cost. The average cost of living in Australia is AUD 3519, but after taxes, the average pay is about AUD 5521. This amount is enough to live well in Australia.
If you want to set up a bank account in Australia, you will need your passport, your Electronic Confirmation of Enrolment (eCoE), and the Letter of Offer. Some banks also need an Australian Tax File Number (TFN), which you can request from the Australian Taxation Office.
Australia is a pretty expensive country, but it also offers a good lifestyle. It scores 96.34 for its quality of life. To match its high cost of living, Australia provides the best wages.
Reference
https://en.uhomes.com/blog/cost-of-living-in-australia
