Australia has moderate living costs with a Cost of Living Index of 69.7 (NYC = 100). Groceries (Index: 79.0) and restaurant prices (Index: 67.0) are also at a moderate level compared to NYC.

The property price to income ratio is 8.3, indicating a moderate housing market affordability. The rent index is 32.4, suggesting that rental costs are relatively more affordable than property purchase.

With a purchasing power index of 147.1, residents in Australia have excellent buying power compared to NYC, indicating strong average incomes.

Australia operates a progressive income tax system, with rates for residents in 2024-25 ranging from 0% for income up to AUD 18,200, up to 45% for income over AUD 190,000, plus a 2% Medicare Levy for most. The Goods and Services Tax (GST) is a flat 10% on most goods and services. Land tax is levied by states and territories, with rates and thresholds varying, and generally exempting primary residences.

Australia ranks 13th in the 2024 World Competitiveness Rankings and 12th in the Global Startup Ecosystem Index 2025, reflecting a strong business environment. The country supports new businesses with efficient start-up procedures, though navigating the regulatory landscape can present challenges for startups.

Australia provides a comprehensive social security system. Medicare offers publicly funded universal healthcare for citizens and permanent residents. The retirement income system includes a means-tested Age Pension and compulsory employer contributions to private superannuation funds (Superannuation Guarantee, rising to 12% by July 2025). JobSeeker Payment provides unemployment benefits for eligible individuals.

Deposits are protected up to AUD 250,000 (approximately USD 180,000) per account holder per institution under the Australian Government's Financial Claims Scheme (FCS). Australia has a highly stable and well-regulated banking sector overseen by the Australian Prudential Regulation Authority (APRA) and the Reserve Bank of Australia (RBA).