Damn, thats twice the United States minimum wage, and the Australian dollar is stronger than the American dollar right now isn't it?
Yeah, great time for importing stuff, not so for our export industry

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Cost of living is alot higher I imagine.
"median weekly rent is ~$200". Petrol costs around $1.40/L ($5.30/gallon). The median house price in my city is somewhere around $550,000, I think (even if that's wrong, I'm pretty sure the lowest it'd be is~$400,000). 'Course, that varies a lot between suburbs.
EDIT: Also, a lot of people have a
lot of debt. Median mortgage repayments are ~$1600/Month, from what a quick search tells me.