A guide – Forbes Advisor Australia

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ABS shapes show that the average weekly wage for a full-time worker in Australia is $1,807.70. For people making minimum wage (currently $21.38 an hour), a standard 38-hour workweek equals a salary of $812.60.

One of the biggest causes of financial stress is housing affordability. In addition to homeowners being impacted by rising rates, tight rental properties have pushed rents to record highs. According to a research by SQM research released in May 2023The nationally median weekly asking rent for a dwelling is $568 per week and the most expensive median asking rent is for homes in Sydney at $963 per week.

A 2023 report from Anglicare Australia highlighted that many prize-wage workers, such as nurses, child and elderly care workers, hospitality workers and teachers, pay far more than a third of their income in rent. In capital cities, skilled workers in these essential roles may have to devote more than 80% of their income to keeping a roof over their heads.

Savings expert and author of Kill Bills and Easy MoneyJoel Gibson said that in addition to rate hikes hurting borrowers, continued increases in electricity prices are starting to take their toll and few people have avoided the impact of rising food costs.

“Grocery bills are probably the only area where every household has heard this so far. It’s a large bill, averaging over $12,000, so a 10% increase in the last year means an average increase of $1200 in the past year.” family budget”.

Filipich said that while Australia was not prohibitively expensive compared to other countries, there were large differences in the costs of living in cities like Sydney and Melbourne compared to the rest of the country.

“The most important factor preventing people from getting ahead is secure jobs with decent wages. Getting paid enough to cover the cost of living with a little advance to save and invest for the future is what makes it possible to move forward financially,” she said.

“We have seen work become less secure, both through changing technology and through companies moving towards precariousness or bargaining arrangements. We have also seen that wages are not growing at a rate commensurate with inflation.”

Cost of living for students in Australia

The challenge for young people and students is that they are more likely to have precarious and casual jobs and lower paid roles due to their low qualifications. There is also a lower minimum hourly wage for workers under 21 and wages can be lower for apprentices and trainees.

While some international students are supported by their families, many also keep jobs to cover expenses. At the onset of the Covid pandemic, restrictions on how many people have a student visa working has been relaxed, but will be limited to 48 hours every two weeks from 1 July 2023 (with an exemption for visa holders employed in the aged care sector).

Students, both domestic and international, must factor in educational costs (above and beyond tuition fees) such as the purchase of books, computers and computer equipment, and special clothing or tools needed for their area of ​​study.

The cost of living also varies depending on the location of the university. For example, Charles Sturt University suggests that studying at one of its regional campuses may be more cost-effective than choosing a metropolitan university, citing an estimated 12-month cost of living for a single student at just over $21,000.

Comparatively, a 2019 report by the Australian Government’s Department of Education on international student spending and income found that the average annual student spending was $28,378, which mainly includes costs such as rent, food and other household supplies, but it also includes approximately $2,500 per year for study expenses.