The Government of Australia offers a quick view of the cost of living in Australia; information can be found at https://www.studyinaustralia.gov.au/global/live-in-australia/living-costs.

The cost of living in Australia varies from state-to-state, city-to-city. Australia offers the highest minimum wage cost in the world. Sydney is one of the world’s most expensive cities to live in as per global cost-of-living expenses. The Economist Intelligence Unit’s annual Worldwide Cost of Living Survey ranked Sydney (20th), Melbourne (21st), and Brisbane (49th) in the top 50 most expensive cities in the world to live. These rankings have lowered significantly in the last several years. In general, Australia is an expensive country, but the cost of living is compensated by the high wages paid in Australia. This basically means that, since Australians are paid 50% more than those in the US or New Zealand, they can afford the high prices. Higher wages reflect in the cost of living since labour is more expensive and needs to be factored in the cost.

Australia currently has the 12th highest cost of living in the world, with the USA and UK well behind at 21 and 23rd place respectively. The overall cost of living in Australia is 9% higher than the USA, but 10% cheaper than London. Australia’s most expensive city, Sydney sits at 42 on the Cost of living index as of 2017.
Compared to other countries, Australia is considered to be expensive, but to Australians earning the local currency, it is affordable since the cost of living is in proportion to one’s earnings.