Understand how the money system works, and what you need to know about working in Australia.
Using money in Australia
Australian currency
In Australia you use Australian dollars (AUD). One dollar ($1) is equal to 100 cents.
Australian dollars and cents come in notes or coins:
- Notes - 5, 10, 20, 50 and 100 dollars
- Gold coins - 1 and 2 dollars
- Silver coins - 5, 10, 20 and 50 cents
Digital money
Australia also uses digital money. This is where your money is stored by your bank using an electronic system. Digital money lets you pay for things without using cash.
You can access your money through your phone or computer, pay with a tap or swipe of a plastic card, and shop online.
Opening a bank account
A safe way to look after your money in Australia is in a bank account. Money in your bank account belongs to you, not the bank or the government.
You can use your bank account for day-to-day banking, like getting your wages or paying bills. Or saving money for things you want to buy.
To open a bank account:
- go to a bank branch and say you want to open an everyday (or 'transaction') account with no fees
- they will ask to see proof of your identity, like your passport or driving licence
- then they create the account, and give you a transaction card to use with your account
You can use your transaction card to deposit or withdraw money from a bank branch. Or take out cash from an Automated Teller Machine (ATM).
Paying for things
When you use a 'debit card' to pay for things, you are using your own money from your bank account. If there's no money in the account, you can't make a purchase.
When you use a 'credit card', you are borrowing money from the bank. You have to pay back what you borrow, usually with interest.
You can swipe or tap your card in-store to pay for things. Or use your card to shop online, by entering your card details.
Working in Australia
When you work in Australia, you get paid and have to pay tax on the money you earn. Your employer also pays some of your money into superannuation ('super').
Getting paid for work
Your employer usually pays your wages into your bank account. You get a summary when you get paid, called a 'pay slip'. This shows how much money you earned, how much tax was paid, and how much went into your super fund.
Tax
When you earn money for work, you pay tax to the government (the Australian Taxation Office). Your employer does this for you. Money from tax is used by the government to provide services the community needs. Things like hospitals, schools, roads and public transport (buses, trains and trams).
Tax file number
Everyone in Australia has their own 'tax file number'. You can apply for a tax file number from the Australian Taxation Office (ATO) and need one to work in Australia. When you start a job, you give your tax file number to your employer so they can pay tax.
Superannuation
This is money being saved for when you are older and have stopped working. Your employer has to put money into a super fund for you. The money in your super fund belongs to you, not your employer or the government.
Get help if you need it
There is free help available, if you need it:
- For help in your language, call the translating and interpreting service TIS National on 131 450. They will get an interpreter to call the service you need help with.
- For help to sort out money issues, call the free National Debt Helpline on 1800 007 007. The helpline is open Monday to Friday, 9:30am to 4:30pm.