Money and finances
Currency
The basic unit of Australian currency is the dollar. There are 100 cents in one dollar ($1).
Notes come in $5, $10, $20, $50 and $100 denominations. Coins are issued in 5c, 10c, 20c, 50c, $1 and $2 denominations.
There are no 1 cent or 2 cent coins. Prices are rounded up or down to the nearest 5 cents in shops and supermarkets. For example, you would pay $1.95 for an item priced $1.97, but $2 for an item priced $1.99.
Cost of living
Some prices for common items are listed here. Compare supermarkets and local markets, as quality and price can vary. Prices are in Australian dollars, are approximate only and can vary significantly.
- Renting a room: $120-$180
- Part-time job up to 20 hours a week: $100-$350.
- Groceries: $50-$80 a week
- 1 packet of noodles: $1.50
- 1 kg rice: $3-$4
- 1 kg fresh fruit: $3-$5
- 1 litre of milk: $2.00
- Pre-paid mobile phone contract: around $30 per month
- Transport pass, weekly, zone 1: $30.20
- Litre petrol: $1.20 - $1.50
See the Live in Victoria website for detailed information on the cost of living in Melbourne and Victoria.
Getting a good deal
Make sure that the money you spend is not wasted on bad deals or fraudulent businesses. In order to get the best deal you need to know your consumer rights, be aware of online scams, and always do your research before you buy or sell. Get helpful consumer information here.
Budgeting
Living on a student income is a challenge, especially if it is the first time you have lived away from home. Think carefully about how you will support yourself while you study. What will your expenses be?
Information on how to plan for expenses in Australia is available at www.moneysmart.gov.au.
The Commonwealth Bank also has a useful Student Budget Calculator.
Banking
Get information about Australia's banking system, credit cards, and automatic teller machines.
Goods and Services Tax (GST)
The Goods and Services Tax (GST) is a 10% tax on supply of most goods and services in Australia. The GST does not apply to fresh food, your education or international airfares.
By law, an advertised price must include GST.
Under the Tourist Refund Scheme, if you purchase new or second-hand goods with a total minimum value of $300 from one shop, no more than 30 days before you leave Australia, you are entitled to a GST refund. This excludes beer, spirits and tobacco. Contact the Australian Customs Service on Ph 1300 363 263 or Ph 02 6275 6666 for more information.
Tipping
Tipping is not considered essential in Australia and you should not be asked for a tip. Tipping in hotels and other service industries (such as hair salons) is still uncommon and strongly discouraged. Restaurant customers may sometimes leave the change (coins given back to you after you have paid the bill) on the table if service has been exceptional.
Money troubles?
Debt can be a serious problem for some students. Don’t run away from the problem. Talk to someone who can help. Most institutions have financial counsellors, and some can offer short-term loans.
Money Help, a Victorian government initiative, provides free, confidential and independent financial information for people experiencing difficulty paying bills and debts. Call to speak to a financial counsellor and find out how to negotiate repayment plans, find the best loans to suit your situation, and also help you with budgeting.
Phone 1800 149 689, visit www.moneyhelp.org.au or download the Money Help information pack for more information.
