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Financial Information : Currency, Cost of living, Taxation, InsuranceAustralia - Real Estate (Overview)A wide range of housing options are available throughout Australia’s major cities. From some of the older housing styles like detached or semi-detached houses, to apartments/flats, townhouses and villas, all are available depending on your preference. Modern tower blocks are becoming increasingly popular, particularly in inner city locations, and with young professionals who prefer to live closer to the city. Generally, Australians aspire to live in their own house and have a bit of a land. Renting is popular with newly arrived migrants, but also with young Australians. This allows you to live in an area and experience the lifestyle before making a more permanent commitment. It is common for a small group of young people to share accommodation. The majority of Australians live in suburbs surrounding major capitals. This style of living is comfortable for families, particularlly if one of the parents stays at home and takes primary responsibility for the children. In most cases the working parent will have up to an hour to travel to the city centre to work. The quality of houses in Australia is lesser than in Europe, however, that could be partly due to a warmer climate. Basements and double-glazed windows are not essential and many homes do not have either heating or cooling for every room. Every suburb has plenty of parks and playgrounds, with almost every suburb having a shopping village, kindergarten and primary school. Big shopping centres are also not far from populated areas. Country towns and regional cities are much smaller and widely spread than in many other countries. Living in regional areas offers a more relaxed and less expensive lifestyle, with relatively good work opportunities for migrants. With the latest skills shortage the Government introduced policies encouraging people to move to regional areas. Check out the Regional Opportunities on http://www.immi.gov.au/migration/regional and also the Australian Government’s Regional Entry Point website http://www.regionalaustralia.gov.au Currency and Cost of Living Currency One Australian dollar A$ is divided into 100 cents. Coins are minted in values of 5¢, 10¢, 20¢, 50¢ (silver coloured) and $1 and $2 (gold coloured). Australian notes are printed in values of $5, $10, $20, $50 and $100. It is advisable to obtain and familiarize yourself with some Australian coins and banknotes before arriving in Australia. It is not advisable to carry a lot of cash on you, but do have some so you don’t have to exchange at the airport where fees and exchange rates are less competitive. To find our more about Australian currency, visit Note Printing Australia http://www.noteprinting.com Royal Australian Mint http://www.ramint.gov.au Reserve Bank of Australia http://www.rba.gov.au. Cost of living Four Australian cities, Melbourne, Perth, Adelaide and Sydney, ranked amongst the worlds top 10 desirable cities to live in, as reported by the UK’s Economist Intelligence Unit’s livability survey in October 2005. The survey looked at conditions in 127 cities, assessing nearly 40 indicators in five broad categories: stability, health care, culture and environment, education and infrastructure. A report by Mercer Consulting (March 2005) ranked Australia’s major cities in the world’s top 30 for quality of life, with the cost of living in Melbourne, Adelaide, Brisbane and Perth being less than half that of the world’s most expensive cities. The analysis was based on an evaluation of 39 quality of life criteria for each city, including political, social, economic, and environmental factors, personal safety and health, education, transport, and other public services. Just as people’s incomes vary greatly, so does their ability to spend, and giving a meaningful ‘one-for-all’ guide on the cost of living is quite difficult. Cost of living in Australia is comparatively less expensive than in Europe, especially the UK. However, earnings are also lower and taxes higher. What will have a big bearing on your cost of living is your individual lifestyle. Prices for essentials such as food, drink and clothes are relatively low, with manufactured goods being generally expensive because many are imported. At the same time you can expect to pay more per year for property, rent, transport and food in Australia’s east-coast cities, with Sydney being the most expensive. NSW Department of State and Regional Development has some good comparisons on http://www.business.nsw.gov.au/living.asp?cid=26 and further details can be seen on the Invest Australia website http://www.investaustralia.gov.au. Banking Australia doesn’t have a limit on foreign currency that can be brought in to the country, but amounts of $10,000 or more must be declared on arrival. For forms and further information, visit the Australian Government AUSTRAC website http://www.austrac.gov.au. Most Australian banks buy and sell foreign currency. If your transaction involves a large amount, you need to notify the bank a few days ahead, as they don’t usually keep large amounts of foreign currency in stock. Travellers’ cheques are widely accepted in all major international currencies. The exchange commission varies from bank to bank and it is wise to check and compare before proceeding with a transaction. Calculate the total amount you will receive (a combination of the exchange rate and the processing fee). Some of the major Australian banks are: Commonwealth Bank of Australia http://www.commbank.com.au, ANZ Bank http://www.anz.com.au, Westpac http://www.westpac.com.au and National Australia Bank http://www.national.com.au. These ‘big four’ have branches in all cities and large towns throughout the country, and have representation overseas. In addition to the ‘big four’ there are other regional, city and state banks and international banks. You can find most of the banks in Australia through the Members Link on the Australian Bankers Association website http://www.bankers.asn.au A range of financial services information can be found on the Financial Services Institute of Australasia website http://www.finsia.edu.au Banks are often keen to attract migrants as their customers, so they offer a range of special services for newcomers. The Commonwealth Bank for example provides assistance to migrants in Australia and also in their many overseas offices in London and throughout Asia. Westpac offers information on how to arrange your banking before leaving home and for international students. The main thing is to research the information and then decide on what is it that you want to do and who would provide the best service for you. Moving countries is a serious business, and your finances play a critical part in it. Taxation The Australian financial year is from 1 July to 30 June. By 31 October each year all Australian taxpayers must complete a tax return. The Australian Taxation Office http://www.ato.gov.au provides the TaxPack, a self-assessment system for each taxpayer to declare their income and allowances. Every Australian resident who earns income from employment or investment must obtain a Tax File Number (TFN). You should apply for your TFN soon after arrival either at one of the Tax offices, at Centrelink or online. Within 10-28 days you will receive your TFN. If you become employed prior to receiving your TFN, let your employer know that you’ve applied. Otherwise you will be taxed on a highest rate. The Tax Office, in conjunction with the Department of Immigration and Multicultural and Indigenous Affairs (DIMIA) has developed an online registration process that enables permanent migrants and temporary visitors to Australia, who have a visa that allows work rights or permanent migration, to apply for an individual tax file number (TFN) via the Internet on http://www.ato.gov.au Go to ‘For Individuals’ and then ‘Apply for a Tax File Number.’ For those who plan on running their own business, you will need to register for an Australian Business Number (ABN). If you plan to earn in excess of $50,000.00 in one financial year from your business, you also must register for the Goods and Services Tax (GST). Information about taxation obligation of a business and GST can be found on the Australian Taxation Office website http://www.ato.gov.au in the ‘For Business’ section. Financial and Tax Advice In Australia, anyone who provides an advice on financial product must be licensed through Australian Securities and Insurance Commission (ASIC). Before making any financial decisions it is advisable to take advice from a licensed Financial Advisor. If you have any kind of income from your home country, seek advice on your potential tax liability in Australia. Foreign income could be rent from your foreign property or dividends from shares in foreign companies. All Australians must pay tax on all income, whether in Australia or overseas. There may be a possibility to offset tax already paid in another country. Because financial and tax matters are very complex, it is strongly suggested to check the ATO website http://www.ato.gov.au or talk to a financial or tax advisor. It is also a good idea to ask the advisor how they are paid. Some charge a fee for providing advice and do not receive a commission from the products that they ‘sell’ to you. Others collect a smaller fee and a commission (which could affect the advice that they give you) – so ask up front. Insurance Health Insurance Australia's health system offers a comprehensive range of public and privately funded health services. You can choose whether to have Medicare http://www.medicare.gov.au cover only or a combination of Medicare and private health insurance. Medicare, the Australian Government health scheme, provides help with basic medical expenses like free treatment in public hospitals, and free or subsidized treatment by general practitioners and some specialists. All permanent residents are eligible to join Medicare, with restricted access granted to citizens of certain countries which have a reciprocal health care agreement with Australia. To enroll in Medicare you should wait approximately seven days after your arrival and then go to any Medicare office (listed in the telephone book) with your passport or travel documents. If all enrolment requirements are met, you will receive your Medicare card with your number, in the post. A Welcome Kit, translated into several different languages, is available from Medicare offices, explaining Medicare and other government health services and the eligibility requirements for benefits and payments. You may also be eligible for some help with the cost of purchasing prescription medicines through the Pharmaceutical Benefits Scheme (PBS). You can get further information on health insurance on http://www.immi.gov.au/settle/health/cover.htm If you are working you should be covered for injury and illness as a result of an accident at work by workers’ compensation insurance, which is compulsory for all employers and is coordinated in each state Comcare Australia http://www.comcare.gov.au Australian Capital Territory Workcover http://www.workcover.act.gov.au Victorian WorkCover Authority http://www.workcover.vic.gov.au WorkCover Corporation South Australia http://www.workcover.com WorkCover New South Wales http://www.workcover.nsw.gov.au Workcover Tasmania http://www.workcover.tas.gov.au Workers’ Compensation Regulatory Authority Queensland http://www.qcomp.com.au WorkSafe Western Australia http://www.safetyline.wa.gov.au Northern Territory WorkSafe http://www.worksafe.nt.gov.au You also need to be aware of Occupational Health and Safety (OH&S) in your workplace – visit the Australian Safety and Compensation Council (ASCC) http://www.nohsc.gov.au/OtherRelatedSites/ Many Australians belong to private health insurance funds in addition to insurance offered by Medicare http://www.medicare.gov.au. Private health insurance does not replace Medicare, rather it complements it. Most Australians use it to pay for the difference between the Medicare scheduled fee and what you actually pay to the doctor. Another reason to have private health insurance is to avoid Medicare waiting lists for specialist appointments and non-emergency hospital treatments. In short, private health insurance ensures that you receive the medical treatment you want, when you need it. Each state has its own private health insurers. A quick guide to private health insurance, prepared by the Private Health Insurance Administration Council (PHIAC), an independent, Australian government body, details information on Medicare and what it covers, as well as private health insurance and types of cover on Private Health Insurance Administration Council (PHIAC) website http://www.phiac.gov.au/insurenotsure/index.htm. Each fund has their own qualifying period, waived only for those Australians who transfer from one fund to another. A prior record of belonging to a private healthcare fund in your home country will not be of use. To our knowledge no fund makes special exceptions for migrants, however, it is worth asking about it. Private health insurance is something you need to look at as soon as you arrive in Australia. This website provides a range of information ISelect http://www.iselect.com.au Contact details of all registered health benefits organizations can be found by following this link http://www.phiac.gov.au/healthfunds/list.htm, together with contact information for overseas callers under ‘Fund Contact Information when telephoning from overseas’. Note: Some Visas do NOT provide access to Medicare – so you will need to make your own arrangements for medical cover in Australia. For instance, if you are an international student studying in Australia and you have a student visa, you must purchase an approved Overseas Student Health Cover (OSHC) Policy from a registered health benefits organisation - commonly referred to as health funds. You will need to buy an OSHC Policy before you come to Australia, to cover you from when you arrive. You will also need to maintain OSHC throughout your stay in Australia. Visit the Department of Health and Ageing http://www.health.gov.au for more information. Temporary visitors and expatriate employees on temporary work assignments do not have access to Medicare. Medical, hospital or repatriation costs for them and their dependents must be met by their visa sponsor. If they do use Australian Government services that they are not entitled to, the sponsor must pay back any debts owed. Sponsor can either self-insure (or pay for the costs) or purchase health insurance cover for the temporary visitor/employee and their dependents. Other Insurances: There are many types of insurances that an individual could take up, and one must apply common sense when deciding. Compulsory insurances are building insurance if you have a mortgage (your lender will not lend you the money if you don’t have it), and third party property insurance for your motor vehicle which is required by law (you can’t register your car without it). Other voluntary insurances include accident, income protection, home contents, personal liability, legal expenses, travel, motor breakdown and life insurance can also be purchased. You wouldn’t want to spend most of your earnings on insurance policies, but you do want to cover yourself in the event of major financial loss such as serious accident or house breakdown. There are many insurance companies offering all kinds of insurances, and it is absolutely critical that you shop around before buying insurance. Premiums vary greatly, but you must also ensure that you compare similar policies, as some might have slightly different coverage even though they may sound the same. Most insurance companies offer a discount if you take up multiple insurance policies with them, and that is also worth taking into account. It is often cheaper to pay for your premium at once (annually), than paying off monthly (in some cases it can save you up to $100.00 per year). You must read all insurance contracts carefully before signing, particularly the ‘fine print’ that often hides a lot of important clauses. When completing forms you must be honest with information you provide. Insurance companies may refuse to pay you out if information you gave them was false. Most insurance companies are quick to sign you up for an insurance policy, and not so quick to settle your claim. It is a good idea to speak to them and check what the process for lodging claims is before you join. If you are required to send invoices or documents in the mail, do not send originals, and always keep copies of covering letters with dates. A list of insurance companies can be found in the Yellow Pages http://www.yellowpages.com.au, under Insurance. Note: As of 11 March 2004, all insurance brokers, stock brokers, investment advisers, banks, insurance companies, financial planners and other providers of financial services must re-apply for a new Australian Financial Services Licence (AFSL). It means that any insurance products and advice in relation to insurance now come under a new regime and any advice in relation to insurance products can only be given by licensed insurance brokers. You can find a great deal of consumer information on the Fido website produced by the Australian Securities and Investments Commission http://www.fido.asic.gov.au Healthcare and Medical Treatment Australia's health system offers a comprehensive range of public and privately funded health services. You can choose whether to have Medicare http://www.medicare.gov.au cover only or a combination of Medicare and private health insurance. Medicare, the Australian Government health scheme, provides help with basic medical expenses like free treatment in public hospitals, and free or subsidized treatment by general practitioners and some specialists. All permanent residents are eligible to join Medicare, with restricted access granted to citizens of certain countries which have a reciprocal health care agreement with Australia. To enroll in Medicare you should wait approximately seven days after your arrival and then go to any Medicare office (listed in the telephone book) with your passport or travel documents. If all enrolment requirements are met, you will receive your Medicare card with your number, in the post. A Welcome Kit, translated into several different languages, is available from Medicare offices, explaining Medicare and other government health services and the eligibility requirements for benefits and payments. Having a Baby If you are arriving in Australia as a permanent resident and you, or your partner is pregnant, the most important thing is to register for Medicare. Then you need to select a General Practitioner (GP), who will give you a referral to a hospital. To find a good GP the best advice is to ask around. This is easy if you already know people. If you don’t know anyone, you’ll have to look at the Yellow Pages http://www.yellowpages.com.au where you can search by suburbs and choose the doctor nearest to you. You can also find a hospital offering maternity care listed on The Bub Hub http://www.bubhub.com.au. Call a few hospitals and ask for a tour so you can see the facilities. Tours are usually run by a midwife who can also answer your questions. If you started your pregnancy before arrival in Australia it is essential that you have a copy of your medical history from your overseas doctor with you. It’s also advisable to discuss the immunisation program with your GP. Immunisation is a simple, safe and effective way of protecting children against certain diseases. The risks of these diseases are far greater than the very small risks of immunisation. You can find information on standard childhood immunisation on the Immunise Australia website http://www.immunise.health.gov.au. Most local communities also have a Maternal and Child Health Service for new mothers and this is usually available free of charge. Social Security Centrelink is an agency of the Department of Human Services delivering a range of social services to the community, in over 60 languages. On their website, under the Moved to Australia link It also has a section National Office of Overseas Skill Recognition, where you can find information on qualification recognition for those overseas-trained professionals who have Australian permanent residency. Also check the Employment & Workplace Relations Services website http://www.workplace.gov.au/workplace/Individual/Migrant/ containing information for migrants wanting to obtain work in Australia including the Migration Occupations in Demand list and trades recognition. Employment Australia’s unemployment has been on a steady downward trend, standing at 5.1% (Australian Bureau of Statistics, September 2005). People considering migrating to Australia are interested in how easy it will be to get a job, and there is no one answer to this question. Firstly there are a number of categories under which you can work in Australia if you are planning on relocating. The Australian Government website http://www.immi.gov.au/work/index.htm provides comprehensive information on those categories and requirements. You can also check http://www.immi.gov.au/settle/work/employment.htm, with information on how to find work, who can help you find work, where to find it, qualifications and skills and how to apply for a job. The Department of Employment and Workplace Relations has produced a toolbox for various categories of job seekers http://portals.dewr.gov.au/toolboxes/ The most important factor for finding work in Australia is your ability to speak English. If you come from non-English speaking background participating in one of the Government’s Adult Migrant English Programs listed on http://www.immi.gov.au/amep/index.htm is advisable. Another factor is you qualification, which may be officially recognized by the Government, but it may not be seriously taken by recruiters and employers. UK migrants are in a slightly better position given historic connection between the two countries, as well as the fact that many Australians lived and worked there and are familiar with the British system. For other migrants obtaining an Australian qualification after migrating may make it easier when looking for employment. Most academic institutions will give credit for your overseas studies, or at least a good part of it. National Office of Overseas Skills Recognition (NOOSR) http://aei.dest.gov.au/AEI/QualificationsRecognition/ Trades Recognition Australia (TRA) http://www.workplace.gov.au/tra If you have your qualifications assessed, it does not necessarily mean that you will find work in that field as soon as you arrive in Australia – in fact, once your visa has been improved, you should start researching your industry, looking for work and building a new network of contacts immediately. The Australian Government is currently encouraging migrants to work in regional Australia, so if you are prepared to live and work outside the major cities, your job search may be quicker. You should have evidence of your educational, trade and professional qualifications and references from previous employers (all translated in English by an approved translator). Another factor is your work experience, which similar to qualifications, may not be taken seriously by employers and recruiters. You often hear that companies require ‘local experience’, so you may find yourself in a vicious circle. It is often good to prepare yourself mentally and look for a less skilled job than the one you held in your home country (and unfortunately less pay), but that way at least you are getting local experience. It is helpful too if you can find this work with the type of company you would like to work for in the long term. After a year or so you can rely on your ‘local experience’ more and look for a job that will showcase all of your skills and have a salary to match. When out-and-about looking for a job be mindful of Australian customs. Presentation and grooming are very important, followed by your attitude. If you come with the attitude ‘I’m not going to get this job’, you probably won’t get it. Inform yourself about Australian customs of when to shake hands, direct eye contact, focusing on task at hand rather than the relationship etc. Australians are fairly direct and informal in their communication, and it is you who must adopt, well, at least until you find your first job! Most importantly, you will need to be flexible and not take rejections personally. If finding a full-time permanent job becomes a problem, there are other options like contract jobs, part-time, temporary, casual or even voluntary work. All of these will enable you to get local experience and make looking for a full-time permanent job easier. A move to Australia may also give you the time and extra training to begin a career you have always wanted to try – so why not try a ‘new’ career on a part time basis too? Joining networks, talking to other migrants and building your personal and professional circles is the most important thing. The Newcomers Network website http://www.newcomersnetwork.com provides information on social events in Melbourne and Sydney, as well as information, articles and relevant links if you are looking for a job. There is also a comprehensive Pre Departure Employment Jobs Kit. You can also purchase the ‘Winning the Career you Deserve’ DVD and obtain a copy of the ‘Newcomers Career Advice Ebook.’ Private Employment Agencies Private employment agencies are listed in the Yellow Pages telephone directory http://www.yellowpages.com.au, under 'Employment Services' and 'Employment - Labour Hire Contractors'. Most agencies receive a fee from the employer when they place you, so there is no charge to you – but this means they are working on behalf of the employer – not trying to find work for you. Registering with more than one agency increases your chances of finding work and we would usually recommend that you conduct some research and register with three agencies that specialize in your work industry (see which companies advertise these types of jobs). |
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