Australia has a strong economy, good public health system, quality education system, it’s very safe with low criminality and solid annual growth rates, so you can say, it is a country with high living standards and excellent quality of life.
Prices vary depending on the area you are planning to live in, your lifestyle and your capacity to plan and save. For example, living costs increase if you eat out daily and if you have a car and choose to live alone. You should also take into account the city in which you choose to study, becuase rental prices are not the same in the centre of Sydney as in a smaller regional city like Cairns.
According to the Department of Immigration & Citizenship (DIAC) the average yearly living expenses for an adult in Australia is estimated in $AUD 18,610. Australian university websites also list the average living costs for students (accommodation, electricity, water, gas, telephone and internet services, food, transport & entertainment) See Living Costs.
The Australian dollar = 0,62€ (January 2016)
Pricing in Australia may seem much higher than in your home country but the average wages in Australia are considerably higher. The average minimum wage in Australia is monitored by “Fair Work Australia” and in july 2015 the average minimum wage for an adult was $656.90/week ($AUD$17.29/hour)
Link of interest: Mercer 2015 Cost of Living Rankings