Australia ranks sixth in the annual HSBC Expat Explorer report for the second year running.
Australia is a big draw-card for the globally curious professional, with the country ranking sixth in the annual HSBC Expat Explorer report for the second year running. The country’s quality of life and climate, coupled with safe and secure surroundings and a vibrant cultural scene, are all key reasons expatriates choose to live, work and stay here.
More than 81% of expats living in Australia say they’ve seen an improvement in their quality of life since relocating, ranking second only to Switzerland (82%).
Additionally, most expats believe their move to Australia has been good for their health, with 57% feeling physically healthier – improving their fitness, losing weight and overcoming illness – compared with the global average of 33%. Four in five expats (80%) say the environment is better in Australia than at home, double the global average (40%). Also low rates of crime (58%) and better affordability (53%) contribute to Australia’s overall attractiveness.
Katie Docherty, HSBC Australia’s Chief Operating Officer for Retail Banking and Wealth Management, said, “Moving abroad can be the key difference in achieving better work-life balance, making new friends, earning more or taking your career in an entirely new direction. With such a variety of attractive features, it’s no wonder Australia scored so highly.”
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Australia also beat out countries better known for high incomes, with three in five expats (59%) saying they enjoy higher levels of disposable income in Australia, due to increased earnings (81%) and a lower cost of living (24%).
Expats in Australia are also relatively well paid, earning a mean salary of US$88,017, more than US$10,000 higher than the global average of US$75,966. This figure, however, was eclipsed by expats in Switzerland, who enjoy an average salary of US$111,587.
This earnings boost also helped expats achieve their longer-term financial goals faster. Some 69% of expats say life in Australia has helped them to speed up their retirement savings, while two in five (42%) say that expat life has helped them pay down debt more quickly.
Many expats have also found Australia’s property market relatively easy to enter, with 66% investing in a home – mostly because Australia is perceived as a safe investment market (35%) and offers greater affordability (33%).
A better work-life balance (63%) lures many overseas visitors to Australia, and they certainly make the most of it – a significant majority enjoy the country’s thriving food scene (79%), clean and safe public spaces (70%) and leisure facilities (76%) in their spare time.
While a relatively small proportion of expats are initially motivated to move to Australia for job progression (21% compared with the global average of 36%), a greater number (30%) say it has accelerated their career. Professional benefits include learning new skills at work (58%), moving into a new field or sector (39%), or being promoted more rapidly (26%).
To view the 2019 global report, please visit www.expatexplorer.hsbc.com