The price we pay to live Down Under: The cost of living in Australia

Vegemite on toast, barbies on the beach and thongs all year round. They’re all quintessential parts of growing up Aussie – but what’s it all costing you?

Research commissioned by News Corp Australia puts the price tag of a lifetime of food, accommodation, education, health, transport and the rest, in Australia at roughly $2.17 million. Per person.

But before you freeze your bank accounts and stuff your cash under the mattress, have a look at what all of this gets you.

In a lifetime, you’ll likely spend around $72,000 on clothes, $260,000 on recreation and nearly $350,000 on food and non-alcoholic drinks according to data collated by the Australian Bureau of Statistics (ABS). That could be over 600,000 in reward points on this everyday spend if you use a 1 point for $1 spent style rewards card.

Let’s break it down a little further and have a look at how much individual items will cost you, according to price data website Numbeo.

For a dozen eggs, a litre of milk and loaf of bread, the average Aussie can expect to pay around $8.15. For someone in the United Kingdom, this shopping list would only set them back around AUS$6.75.

A month of unlimited internet will set you back around $60 in Australia, but just AUS$35 in the UK. Meanwhile, replacing that ripped pair of jeans with a decent pair that won’t fall apart right away will cost around $100 here in the Land Down Under, while the Brits will pay closer to AUS$94.

Thinking of taking someone on a first date? A meal for two and two seats at the flicks will likely cost around $114. If you’re looking for a cheaper date, you only need to head to the UK, where all of this will give you a great night out and you’ll still get change for $100.

That said, a few extra dollars here and there isn’t too bad a price to pay when you consider that an Australian summer is actually a summer, we have these great things called beaches where the sands are golden and the waves are good enough to lure in surfers from all over the world!

Comparatively, we’re not doing too badly. With living costs marginally more than our cousins in New Zealand – and lower in some instances – we have higher average salaries and the kinds of lifestyles that bring thousands of Kiwis to our shores every year.

And let’s be honest, you can add up all the receipts you like, but you can’t put a price tag on living in the land Down Under (where women glow and men plunder, no less).

Where do you think all your money goes? Have you got any money saving tips to share?