- Purchase the complete Expat Arrivals Australia Guide (PDF)
Australia is a major regional financial hub with a sophisticated banking system, and expats will find there is plenty of professional support available when it comes to educating oneself about and understanding different aspects of financial management in the country.
Money in Australia
The Australian Dollar (AUD or $A) is the official currency in Australia and is divided into 100 cents. Within Australia, expats will see currency simply abbreviated as $, though this isn’t to be confused with the USD.
Notes: 5 AUD, 10 AUD, 20 AUD, 50 AUD and 100 AUD
- Coins: 5 cents, 10 cents, 20 cents and 50 cents; 1 AUD and 2 AUD
Both cash and credit/debit cards are readily accepted in most places in Australia. ATMs are easily found all around the country.
Banking in Australia
Expats who want to open a bank account in Australia should investigate all available options, particularly as interest rates can vary between one bank and another. Australia’s major banks are the Commonwealth Bank of Australia, ANZ Bank, Westpac and National Australia Bank.
As banks are always keen to attract new customers, most have a wide range of services and are keen to provide assistance to expats. Opening a bank account in Australia is a fairly straightforward process as long as expats ensure they bring along all the required documentation.
Taxes in Australia
Moving to Australia temporarily for work or to live there permanently means that at some point expats will encounter the Australian Tax Office. Expats will be classified as either a resident or non-resident for tax purposes.
Australia uses a progressive tax system and the amount of tax paid depends on how much an individual earns. Aside from income tax, expats may also be required to pay the Medicare levy.
As tax can be a complex issue, it is recommended that expats consult a tax advisor, preferably one that has experience working with foreigners paying tax in Australia.
►To learn about some of the country's cultural nuances, see Culture Shock in Australia
Are you an expat living in Australia?
Expat Arrivals is looking for locals to contribute to this guide, and answer forum questions from others planning their move to Australia. Please contact us if you'd like to contribute.
Expat Health Insurance
Cigna Global can tailor an international health insurance plan to perfectly fit the needs of you and your family. With 86 million customers in over 200 countries, Cigna Global has unrivalled experience in dealing with varied and unique medical situations and delivering high standards of service wherever you live in the world.
William Russell is a boutique insurance company, that values itself on its great customer service and is underwritten by Allianz. They provide health, life, and income protection insurance for expats around the world. With a global network of 40,000 hospitals and doctors, their health insurance plans are designed so that they follow you to whatever country you move to next.
Sirelo has a network of more than 500 international removal companies that can move your furniture and possessions to your new home. By filling in a form, you’ll get up to 5 quotes from recommended movers. This service is free of charge and will help you select an international moving company that suits your needs and budget.