The requirements for an Australian student visa are fairly stringent. Applicants will need to provide information such as proof of funding and health insurance. You also have to prove that you intend to return home after studying in Australia. With a student visa, you can also bring family members to Australia. It also entitles you to work unlimited hours in any sector during your MBA studies in Australia. Post-graduation, international students can obtain a temporary graduate visa. This will allow you to live, study, and work in Australia temporarily after you have finished your studies.

Costs of a student visa in Australia
The cost of a student visa in Australia is A$630 (around US$450). The cost of a temporary graduate visa is A$1,680 (US$1,200). Get more information about student visas and permits in Australia.

If you want to do an MBA in Australia, you’ll need to have an Australian bank account to pay your bills such as rent, and if you’re considering working in Australia. The four major banks in Australia are Westpac, Commonwealth Bank (Commbank), Australia New Zealand (ANZ), and National Australia Bank (NAB). As an international student, you can open a bank account before or after you arrive in Australia. You’ll need to provide documentation. Among others, you need proof of identity as well as confirmation of enrolment.

Verification of identity
Most banks will require you to verify your identity personally at a branch in Australia. Only then will you be allowed to withdraw funds. You might also need an Australian Tax File Number (TFN). You can find more information about getting a TFN on the Australian Tax Office website.

As an international student in Australia, you’ll be required to have Overseas Student Health Cover (OSHC) for the entire duration of your studies. OSHC insurance covers visits to the doctor, some hospital treatment, ambulance cover, and limited pharmaceutical medicines. Some exceptions might apply if you are a student from Sweden, Norway, or Belgium – in this case, you need to check if you are exempt from the requirement to purchase OSHC.

Along with OSHC, you can also purchase other types of insurance. You can get private health insurance (to cover items OSHC does not cover), travel insurance, home and contents insurance (to cover the building you live in and your belongings), and vehicle insurance.

On-campus
Some universities provide housing for their students through residential colleges, halls of residence, or apartments. Generally, on-campus accommodation costs around A$80 – A$250 per week, but prices and availability vary according to the university. Therefore, you should contact your institution before arriving in Australia. International students should apply early, as these accommodation options are limited and very popular.

Off-campus
The majority of students in Australia live off-campus.  Most students in Australia choose to share the cost of a rental property with several housemates. Rental accommodation typically costs around A$100 – A$400 per week and shared rental accommodation costs around A$70 – A$250 per week. These accommodations normally require payment of rent in advance, as well as a security deposit. This deposit is usually equal to one month’s rent and must be paid upfront.

Getting around in Australia during your MBA studies is fairly easy. Public transport options in Australia include buses, trains, trams, and ferries. Access to these transport services will vary depending on where you live. You can also take taxis or other public car services to take you door-to-door. Different states and territories in Australia offer different types of transport concessions for international students. For example, international students are generally not entitled to transport concessions in New South Wales, but full-time international students studying at a Queensland education institution are eligible for concessions on public transport. Find more information about Australian transport concessions in each state and territory.

If you hold a current driver’s license in your home country, you might be able to drive in Australia without sitting for any further driving tests. However, many state and territory governments require you to get an Australian driver’s license or International driver’s license if you are here for more than three months.

The Big Mac Index was invented by The Economist in 1986 as an informal way of measuring the purchasing power parity (PPP) between two currencies. The price of a Big Mac in Australia is A$6.40 (equivalent to US$4.50, EUR€4.01, and JP¥529.90). For US$50, you can buy 10 Big Macs.

As of October 2019, the 12-month student living costs are A$21,041 (US$15,000). You can find a full breakdown of living expenses in Australia. The Insider Guides Cost of Living Calculator also provides a useful tool to help you find out how much it would cost to have the lifestyle you choose in Australia.