In this section:

Australian currency Planning your finances Initial, ongoing and unexpected expenses  Transferring money from home Family expenses

Australian currency

The Australian Dollar (AUD$) is divided into 100 cents (¢). Notes come in denominations of $5, $10, $20, $50, and $100. Coins come in denominations of $1 and $2 (gold coloured coins), 50¢, 20¢, 10¢ and 5¢ (silver coloured).

Automatic Teller Machines (ATM's) are widespread, as is the use of Electronic Funds Transfer at Point of Sale (EFTPOS). For more information, see: Money matters

Planning your finances

When living in a new culture and environment, it may take a little while to adjust to the cost of living. To assist you with your financial management, it is important to start planning your finances before you arrive. The guide for the cost of living may assist you to plan your finances. The budget worksheet can help you draft a budget for yourself to see if you will be able to meet expenses. Refer to the budgeting section on this website for further information.

We suggest you separate your expenses into three groups: Initial, regular and long-term or unexpected expenses. Examples of each category are listed below.

Three categories of expenses:
Initial	Temporary accommodation on arrival Bond money (usually equivalent to 4 weeks rent) and rent in advance (usually 2 weeks) required to be made before moving into long term accommodation Connection fees and security deposits for gas, electricity and phone Basic equipment and furniture for your home in Australia (properties are either unfurnished or partly furnished, few are fully furnished) Essential books and equipment for your studies Purchase of computer / printer if you do not bring one from home
Regular, ongoing expenses	Weekly or fortnightly rental payments Electricity, gas and telephone payments (perhaps higher phone bills in the first few months after arrival) Weekly food, transport and other essential costs Textbooks, manuals and other course related materials at the start of each semester Computer associated costs (paper, toner, printing, insurance, internet connection etc) Household contents insurance (optional but highly recommended) Field work related expenses (if applicable)
Long term / unexpected expenses:	Medical, dental, optical and pharmaceutical costs which may not be covered by OSHC Fares to conferences that are not paid for by your institution / sponsor Thesis productions costs Excess or unaccompanied luggage when returning home Return home travel costs during emergencies

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Transferring money from home

Setting up bank accounts in Australia:

The usual way of sending money from overseas is by an electronic transfer to your bank account, which may take 1-2 days (please note, at times international money transfers can take up to 10 working days). If you are receiving money from overseas via an electronic transfer, check with your home bank to determine which bank in Queensland they have an agreement with. You may also arrange to have money sent from overseas by bank draft in Australian dollars, however you may have to wait some time before you can access the funds. Please check with your bank.

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Family expenses

If you are considering bringing your family with you, it is very important to consider your family members' needs and expectations, and your financial ability to meet family expenses. Family expenses to consider may include:

• Cost of family medical examinations for your family before departure to Australia
• Visas and airfares for your family to and from Australia
• Overseas Student Health Cover (OSHC) for family members
• Higher rent for suitable accommodation
• Higher telephone, gas and electricity expenses
• Costs of schooling and childcare that must be paid by the parents
• Additional household expenses, particularly food for older children
• Extra transport costs to school and work 
• Employment opportunities for your spouse. It is important to note that your partner may not necessarily find work immediately, so please do not base your budget on the fact that your partner will be working to meet your expenses whilst you are in Australia.

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