Money and Finances

Cost of Living

Here are some prices for some common items. Compare supermarkets and local markets, as they can vary greatly for quality and price.  These 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 
• Transport pass, weekly, zone 1: $29 
• Takeaway coffee: $3-$3.50 
• Litre petrol: $1.20 - $1.50 
• 1 packet 2-minute noodles: $1.10-$1.50  
• One-litre carton of milk: $2.50 
• A basic takeaway meal: $9 
• A prepaid mobile phone contract: starts from around $30 per month   
• 1 kg rice: $3-$4 
• 1 kg fresh fish: $25-$35   
• 1 kg fresh meat: $8-$25 
• 1 kg fresh fruit: $3-$5   
• One dozen (12) eggs: $4-$5 
• 1 Big Mac meal : $6.50   
• 1 can Coke: $2 

Budgeting

Living on a student income is challenging - especially if this is the first time you have lived away from home. Think carefully about how you will support yourself while you’re here, and your expenses.

The following website provides information on how to budget in Australia: www.understandingmoney.gov.au

The Commonwealth Bank has a useful Student Budget Calculator.

www.commbank.com.au/personal/tools-calculators/default.aspx

Australia's 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 and coins in 5c, 10c, 20c, 50c, $1 and $2.

There are no 1 or 2 cent coins. Prices are rounded to the nearest 5 cents in many shops, including supermarkets. For example, you would pay $1.95 for an item priced at $1.97, but $2 for an item priced at $1.99.

Banking

Many international banks have branches in Melbourne.

Banks are usually open Monday to Friday from 9.30am to 4.30pm. Some banks are also open on Saturday from 9am-1pm.

Larger bank branches in the city  exchange foreign currency. There are also many currency exchange bureaux, such as Thomas Cook and Western Union.

ATMs

Automatic Teller Machines (ATMs) are widespread and use most international systems including Visa Electron and Cirrus for cash.

Be aware most banks usually charge a fee –anywhere from $1 to $3 - if you use an ATM from another bank.

EFTPOS

EFTPOS (Electronic Funds Transfer at Point of Sale), is widely accepted at supermarkets and most retail outlets. It’s a cost-effective way of avoiding carrying large sums of cash. Check with your bank for fees both for purchases and withdrawing extra funds.

Credit Cards

Credit cards such as Visa and MasterCard are widely accepted for purchases and getting cash advances over the counter at banks and ATMs. Diners Club and American Express (Amex) are not as widely accepted.

It’s a good idea to record your credit card numbers and keep them in a safe place. Having those details makes it easier to cancel your account if your card is lost or stolen.

To report a card lost or stolen, call your bank or credit card provider. Most banks have a 24-hour number you can call if your credit card is stolen. 

Check www.creditcards.com.au/articles/credit-card-company-phone-contact-list-for-stolen-lost-credit-cards/ for phone numbers you can call both in and outside Australia if your card is lost or stolen.  

You can either put a temporary stop on your card (for say, 30 days), or cancel it completely.

The VISA hotline is 1800 224 004. The Mastercard hotline is 1800 120 113.

Goods and Services Tax (GST) 

The Goods and Services Tax (GST) is a 10% tax on the 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. It excludes beer, spirits and tobacco, which can be bought duty-free.

For more details, contact the Australian Customs Service on 1300 363 263 or 02 6275 6666 or you can visit www.customs.gov.au

Tipping

Tipping is not considered essential in Australia and you should not be hassled for a tip. The customary amount is 10%.

Trouble managing? 

Debt can be a serious problem for some students. Whatever you do, don’t run away from the problem. Make sure you talk to someone who can help: most institutions have financial counsellors, and some will offer short-term loans.

Consumer Affairs Victoria can refer you to a financial counsellor. A financial counsellor can negotiate on your behalf with your creditors (the people to whom you owe money, such as utility providers, or the Sheriff’s office if you get traffic fines). They may be able to negotiate a repayment plan, a lower interest rate, and help you with budgeting. Call 1300 55 81 81 or check www.consumer.vic.gov.au