- Purchase the complete Expat Arrivals Australia Guide (PDF)
Australia is a major regional financial hub with a sophisticated banking system, and expats will be able to seek out professional support to understand the finer points of financial management in the country.
Money in Australia
The Australian Dollar (AUD) is the official currency in Australia and is divided into 100 cents.
- Notes: AUD 5, 10, 20, 50, 100
- Coins: 5, 10, 20, and 50 cents; AUD 1, 2
In Australia, the currency is simply abbreviated as $, not to be confused with the USD. Both cash and credit/debit cards are readily accepted all over Australia, and ATMs are widespread.
Banking in Australia
Expats who want to open a bank account in Australia should investigate all available options because interest rates can vary between banks. 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 happy to assist expats. Opening a bank account in Australia is a fairly straightforward process as long as expats ensure they bring all the required documentation.
Taxes in Australia
Moving to Australia means that, at some point, expats will encounter the Australian Tax Office. Expats can be taxed as residents after being in Australia for 183 days of a tax year.
The country 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.
Tax can be a complex issue, and it is recommended that expats consult an advisor that has experience in handling the tax of foreigners in Australia.
►To learn about some of the country's cultural nuances, see Culture Shock in Australia
►Read Doing business in Australia to understand more about common business practices
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
If you’re thinking about taking out private health insurance, our trusted partner Cigna Global is very aware of all the difficulties that expats can face when it comes to healthcare in a new location, so they have created a range of international health insurance plans specifically designed for expats, which you can tailor exactly to the needs and ensure access to quality care for you and your family.
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.