Skaz,
Cost of living more than US, less than Europe but most folks end up paying more for a higher standard of living, big boat, big car, flash club etc.
Appartments from about $10,000 up most employers have that in the package.
Cars much cheaper than Europe and petrol gallons for litres.
Groceries ok especially from Hypermarkets or local markets fish, veg etc. But if want fresh Bacon or Woolongora Vegimite Special Reserve gonna pay a premium.
Insurance based on value of car so actually drops. wreck would cost $100/year. New Ferrari about $3000ish (sadly not an expert on those)
Phone bills not bad, call to UK about $1.50/ minute but can get it cheaper with call back. Mobiles 10 cents for an SMS, 15cents a minute.
Overall, if you live how you live in your home country, probably cheaper unless you come from the US.
Ghost