Which Costs More – Singapore vs. Australia

Singapore is often ranked as one of the most expensive cities in the world for Australian expats to live and work in. Working as an Aussie expat in Singapore can be one of the most financially rewarding moves you’ll make, but it’s important to watch your spending.

This week we compare the cost of living across a range of goods and services between Australia and Singapore to highlight where the real differences lie. If you’re currently considering a potential move to Singapore then this will be a handy guide to ensure there are no surprises when it comes to your monthly rent or weekly grocery bill.

Property

EXPENSE

AUSTRALIA

SINGAPORE

Median House Price

A$809,201

S$1,533,000

Median Unit Price

A$573,064

S$2,191,885

Rent (85m2)

A$2,805

S$3,485

Utilities

A$294

S$145

Phone

A$50

S$50

Internet

A$59

S$42

Cleaner (3 hrs/week)

A$403

S$221

TOTAL

A$3,611

S$3,943

The Verdict: While the rental prices are on average more expensive in Singapore, particularly if you want to be close to the city, there is very little difference in the monthly housing costs between Singapore and Australia. The utility bills and cleaner costs are also on average quite a lot cheaper in Singapore.

Groceries

EXPENSE

AUSTRALIA

SINGAPORE

500g Chicken Breast

A$6.00

S$5.21

1L Milk

A$1.31

S$3.30

1 Dozen Eggs

A$5.74

S$4.08

500g Cheese

A$9.00

S$12.00

1kg Potatoes

A$3.31

S$3.06

1kg Apples

A$4.27

S$5.18

1 Btl Red Wine

A$20.00

S$34.00

1 Carton Beer

A$45.00

S$84.00

1 Loaf of Bread

A$2.31

S$2.34

TOTAL

A$96.94

S$153.17

The Verdict: Most groceries are quite similarly priced between Singapore and Australia, except for alcohol. While wine prices have become slightly more competitive in Singapore over the past 5 years, the $5.00 ‘Dan Murphy’s’ bottles just don’t exist in Singapore, particularly not for the quality that we get used to as Australians. A carton of beer will also set you back at least double the price that you’ll pay in Australia.

Dining

EXPENSE

AUSTRALIA

SINGAPORE

Basic Lunch Meal

A$16

S$12

Fast Food Restaurant Meal

A$11

S$8

Pub Meal

A$55

S$55

Fine Dining Meal for Two

A$125

S$104

Coffee

A$6

S$4.51

Beer at a Pub

A$11

S$9

Glass of Wine at a Pub

A$14

S$12

Cocktail at a Pub

A$24

S$18

TOTAL

A$262.00

S$222.51

The Verdict: The average lunchtime meal or dinner for two is quite similar between Australia and Singapore. However, there are some key differences, such as the fact that in Singapore you can dine at a local hawker’s stall for S$3 – S$4.00 for a meal such as Singapore’s famous ‘Chicken Rice’. Alcohol tends to be more expensive in Singapore, particularly if you’re looking to buy a bottle of Australian or French wine.

Transport

EXPENSE

AUSTRALIA

SINGAPORE

Average Car to Buy

A$26,595

S$111,346

1 Ltr Petrol

A$1.40

S$2.13

Monthly Public Transport

A$144.00

S$93.00

Taxi Trip (8km)

A$70.00

S$16.00

TOTAL

A$215.40

S$111.13

The Verdict: There are some stark differences when it comes to transport costs between Singapore and Australia. For example, in Singapore to drive a car you are required to pay for a Certificate of Entitlement (COE), which can cost up to S$90,000, hence the significant difference to purchase a car in Singapore. The public transport costs in Singapore are significantly less than Australia also and much more efficient. For example, an average train fare will set you back up to S$1.00, while it’s not uncommon to pay A$6.00 – A$8.00 in Australia.

I hope you find this cost of living guide helpful and you can truly make the most financially of your time in Singapore.

 

To your financial success!

Jarrad Brown is an Australian-trained and qualified Fee-Based Financial Planner with Australian Expatriate Group of Global Financial Consultants Pte Ltd providing specialist financial advice and portfolio management services to international and local professionals in Singapore. Jarrad Brown is an Authorised Representative of Global Financial Consultants Pte Ltd – No: 200305462G | MAS License No: FA100035-3

Australian Expatriate Group is licensed by Global Financial Consultants in Singapore, with a team of Australian-trained, experienced and qualified, allowing us to provide specialist advice to Australians living abroad.

To learn more about how we may be able to help you, please contact us:

+65 8282 5702
info@australianexpatriategroup.com
http://australianexpatriategroup.com

To discuss how these changes affect you, click here to book a complimentary consultation: http://bit.ly/Book_ApptNow

General Information Only: The information on this site is of a general nature only. It does not take into account your individual financial situation, objectives or needs. You should consider your own financial position and requirements before making a decision.

*Please note that Jarrad Brown is not a tax agent or accountant and none of the content outlined here should be taken as personal advice. You should consult your tax agent and financial adviser to review your current personal finances and financial goals to consider whether this strategy is appropriate for you.

Jarrad Brown is the trusted fee-based financial adviser in Singapore working with professional expats in the region. An Australian qualified and experienced Financial Adviser, Jarrad provides specialist advice to Australian expats as well as other nationalities.

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