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The Cost of Living in Australia can be High or Low
Many people say that the Cost of Living in Australia is very high, but exactly how high is it?
The answer is not easy to say because we are all different. It can be very high, expensive cars (Porsche /Mercedes), eating out at the top restaurants all the time, etc., etc.
So, the Cost of Living at the top end is infinite. If you earn $5 million per year, I am sure you will find ways to spend it.
But, realistically, for the lower end, what might be the lowest cost of living?
For those unemployed, the Unemployment benefit (New Start Allowance) is $485.42 per week ($25,242 annual) for a couple with no children.
An Old Age pension couple will get a minimum of $658.70 per week ($34,252 annual) between them.
That is their income, and many survive on that.
Some will say that it is not possible on such a low income. They may be right; if they mean it is impossible to maintain the higher standard of living that they are used to. However, it would be wrong to say it is ‘IMPOSSIBLE’ to survive.
They may not be able to live in the main City Centres, as the cost of accommodation in such desirable areas is only suitable for those that have better incomes.
However, an hour or so drive from the main Capital City Centres can drop house rents down to $200 per week for a 4 bed house that might cost nearer $1,000 per week in the inner city.
In 2015, the Prime Minister is quoted as saying: “In a city like Sydney, a $185,000 family income is not especially high”.”
In 2013-14 the Median Household Income was $80,704 per year. With wages rises currently averaging about 2% per year, the 2015-2016 Median Household Income should be about $84,000 per year now.
Not bad if you live alone, but a bit worrying if it’s a household of 4 adults!
However, the average household is about 2.6 people. (In 1911 it was 4.5).