Living cost in Australia for one person: $2,835 per month. Average living expenses for a couple: $4,118 per month. Average monthly living expenses for a family of 4: $5,378.
There is no “one size fits all” plan for all but it is understood that an individual may need approximately $20,000 each year and an average family needs more than $50,000 a year to get by in Australia.
Meanwhile, collaborative database Expatistan estimates the current cost of living in Australia is roughly $3,828 per month for a single person or $7,134 per month for a family of four, just for the bare essentials.
The average household spent $108,291 in 2021, equivalent to $2,083 per week. Rent and dwelling costs are the largest expense by far, costing the average household $445 per week. Food comes in second place ($215), followed by spending on recreation and culture ($211) and insurance and other financial services ($176).
Average Standard of Living
The average weekly expenditure in Australia is around $2,200 per household. This estimate includes home loans or rent at an average $600 a week, followed by food and eating out at $400, and insurance and other financial services at $200.
Wondering how much is a reasonable grocery budget for two? The USDA puts the average weekly cost of food at home for a family of two at $150 a week, or $600 per month (and that's on their moderate cost food plan!). Cue the sigh of relief and feeling a little less guilt if you're eyeing your current grocery spending.
The average two-person household can expect to spend between $510-$820 per month on groceries.
In most areas of Australia, an income of AUD 100,000 will be more than enough to cover basic expenses. A salary of $80,000 to $100,000 is sufficient to maintain a comfortable standard of living in Sydney and other major Australian cities. It's above the norm in that respect.
Compare the Market's Noémi Hadnagy says it's no surprise that households are feeling the pinch in the supermarket and not seeing their dollar stretch as far as it once did. “Our data shows that the average Aussie spends $199.46 on groceries per week, which is around $864 a month or $10,372 a year,” Ms Hadnagy says.
Average household expenses in the U.S.
The typical American household spends $5,111 per month, on average. The largest expense for most Americans is housing. At $1,050 per month, the cost of having a roof over our heads accounts for 21% of a household's monthly budget. Percentage of income is based on after-tax income.
The average cost of living for a family in Australia will range between AUD 2500 and AUD 3000 every month. Sydney is by far the most expensive city to live in Australia, followed by Melbourne, Brisbane, Adelaide, and Canberra.
In general, you should aim for the average wage or higher. In other words, a good salary in Australia is anything between $90,000 and $108,000 a year or $7,500 to $9,000 a month. The median income is $72,000 a year, which is a good reference point as to how much you should be earning.
The centrepiece of the Albanese Labor Government's second Budget is a $14.6 billion cost‑of‑living package over four years that will ease pressure on Australians while putting downward pressure on inflation. People are under the pump.
So, what does it mean to be middle class in Australia right now? We are looking for a family of two parents and two or more children with a household income between $75,000 and $140,000. You will have a bachelor's degree or higher, own your home or be paying a mortgage and live in one of Australia's major cities.
Our 2022 Poverty in Australia Snapshot found that there are 3.3 million people (13.4%) living below the poverty line of 50% of median income, including 761,000 children (16.6%). In dollar figures, the poverty line works out to $489 a week for a single adult and $1,027 a week for a couple with 2 children.
Average Australian Salaries in 2023
A taxable income that was $131,501 or higher was within the top 10% of earners in Australia last year. About 5% of taxpayers had incomes above $180,000.
The average Aussie household spent $185 on their weekly grocery spend in February 2023 – up $37 a week compared to last February, according to Finder's Consumer Sentiment Tracker. That's a whopping $1,924 increase per household over 12 months – or $18.8 billion more nationwide.
Just 3.8 per cent of taxpayers had a taxable income that high in 2019-20. And only 25 per cent had a taxable income higher than $80,000 a year. So a taxpayer with an annual income of $80,000 is in the top quarter of Australian taxpayers.
Average Salary in Australia by Gender
As of November 2022, the Workplace Gender Equality Agency put a woman's average weekly full-time earnings at $1,653, compared to $1,907 for men. The pay gap is highest in the professional, scientific and technical services industry.
How much money do you have saved? Well, according to new data, the average Aussie has $34,507 stashed away. Aussie men aged 50-64 had the most saved at $106,236, according to the new data from NAB. Meanwhile, young women aged 18-29 had the least amount stashed away, at $11,153.
One of the most common types of percentage-based budgets is the 50/30/20 rule. The idea is to divide your income into three categories, spending 50% on needs, 30% on wants, and 20% on savings.