I've been here 8 months and have veered to both ends of the spectrum. Firstly, if you are expecting a cheaper standard of living, don't bother coming. Australia ia now seriously expensive. Housing in Melbourne is increasingly comparable to London prices. Which given that this is a sleepy big town as opposed to one of the world's great cities is frankly laughable. I think London looks a bargain when you compare the facilities and infrastructure (which are laughable) here to home. Makes the housing crisis in England all the more bizarre, as prices here are still going up and mortgage rates are higher. Food is jaw droppingly expensive as are clothes and basic necessities.
So the message is simple. If you are looking for a better standard of living, Australia is about the last place on earth to bring your money. Go to France.
On the other hand, I have enjoyed the sleepier lifestyle, loved the climate, my son's school is absolutely wonderful (though I hear it's one of the best primary schools in Melbourne) as is the beach. It has a nice cafe culture and has excellent coffee.
I am not in a hurry to go home, but then I am fortunate enough to be pretty solvent financially. Personally, I wouldn't bother if money was tight. It will be miserable. Doubly so at an exchange rate of 2 $ to the £.
This country is heading for a major fall once the commodities bubble bursts and they wake up to the fact that this isn't Paris, it's the last stop before the South Pole. Don't waste your money until then.
