I'll try and give you a serious response, unlike the numptys who generally spam GD.
I moved out here a year ago... I would say that cost of living is higher on the west coast than the east. Compared with the UK some things are more expensive - other things are cheaper, I think overall the cost of living is about the same (unless you're from London then it's probably much cheaper).
Things that are worse / more expensive in Australia
Some things are much more expensive though, such as 2nd hand cars & house prices - oh and beer!
If you're bringing money across from the UK you'll find this even worse now as the exchange rate is 1pound (no pound symbol on this bloody keyboard!) = ~ $1.95 - which is the worst it's been in a long long time.
TV & radio - just complete and utter
Fully star swearys! , actually I think it has a lot to do with the Australian sense of humour - which I find a little obvious, by that I mean I can predict exactly what joke they're going to make about 15 seconds before they do. Thank god for UK nova that's all I can say.
Things that are better / less expensive in Australia
I reckon food is cheaper here, and the meat is better quality.
As jobs go, there's not the same unemployment problem as the UK - although things are still a little cautious. I found the wages to be much higher in Perth than the North of England.
Obviously the weather is better if you're into outdoor activities - even in winter the temperature during the day is around 16 degrees. The summer is just ace - on a weekend I can go diving in clear warm water, chill out on a beach, making use of clean free bbq facilities, I honestly feellike I'm on holiday durring the weekends and I bloody love it!
If you want to know any specifics just ask.