Australia: Embracing Diversity, Culture, and Hospitality.
Cost of Living in Sydney.
If this is your first time away living from home, planning for everyday expenses can be daunting. It is important that you maintain a realistic budget by understanding the costs that you are likely to face as a student in Sydney. To manage your income and expenditure, a budgeting tool can be used.
If you are an international student, you must comply with the financial obligations set by the Department of Home Affairs. As a single student, you must be able to show that you have money to cover your living costs of at least AUD$24,505 per year. This will equate to approximately AUD$2,043 per month. The actual cost will vary depending on your needs and choice of lifestyle.
Below is a list of major expenses that you will need to include in your weekly budgeting:
- Utilities and communication (electricity & gas bills, mobile phones and internet bills)
- Food and groceries
- Travel and transport
- Entertainment and socialising
- Academic needs (eg. study materials, stationery, printing & photocopying)
- Childcare and schooling costs (if you have school-aged dependants)
The Study in Australia website provides estimated costs for living and studying in Australia.
- The Insider Guides Cost of Living Calculator provides a useful tool to help you with estimating your cost of living based on your desired lifestyle (accommodation arrangements, transportation options, entertainment activities etc.)
- A budgeting tool by the Australian Securities & Investments Commission (ASIC) enables you to work out where your money is going, create your own items and change the currency (if applicable).
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