Is Moving to Australia Still a Smart Financial Move?
In the past, moving from the UK to Australia was a common move for people who wanted a fresh start and the chance to drastically improve their financial situation.
In the mid 19th century people went Down Under to seek out rich deposits of gold. After the Second World War more than a million Ten Pound Poms migrated to Australia to start a new life under the Assisted Migration Scheme. Can you imagine setting off to the other side of the world to start afresh for a tenner?
In more recent years, the flow of Brits down to Australia has been steady if less spectacular than in the past, with many of them finding a great new life and better finances down under.
Having said all of that, recent figures show that while a lot of Brits move to Oz there are also plenty who leave there again. For example, between 2005 and 2010 107,000 Brits moved there and 30,000 left. So, are there still financial benefits to be had from moving to Australia?
The Jobs Situation
There is a debate about whether Australia is still under populated or not. Certainly, in recent years the number of migrants being accepted has declined and more people are raising concerns about whether migrants are stopping workers born in Australia from getting jobs. It is clear that there are still employment opportunities in Oz, though. Exciting cities like Sydney, Melbourne, Brisbane and Perth are frequently ranked among the best places in the world to live in, and they each have strong economies. Perhaps the most important point of all here is that you need to check which city is best for the skills and experience you have. You might also consider this to be a great time to try something different for your career.
The Cost of Living
It is always difficult to compare the cost of living in this kind of situation, because we all want to do different things when we move to a new country. Will you spend every day on the beach or will you hit the shops, for instance? One of the biggest benefits to living in Oz is that the great weather and outdoor lifestyle mean that you can get out and walk, cycle or play sports and spend less money in that way. The city you choose will also make a difference to what you spend, with quieter places like Perth and Adelaide offering less spending possibilities than the likes of Sydney or the Gold Coast. A recent survey by Deutsche Bank rather surprisingly listed the country as one of the most expensive on the planet. However, I guess that – like anywhere else – you can choose to spend a lot or spend a little here.
Your biggest expense wherever you go is going to be your house. Again, rental and purchase prices vary widely across such a vast and varied country. As with the jobs market, you are going to have to do some research and find a place where your outgoings are going to be less than your income. One piece of really good news is that home loan rates in Australia are dropping. This is definitely going to help you get a more affordable property.
If you find the right city then moving to Australia could be the best financial move you make, as well as something which enhances your life in many other ways. Just like anywhere else in the world, you need a good job, an affordable home and a lifestyle which doesn’t cost a fortune. It is probably easier to do that in Oz than in most other countries right now.