Australia could possibly witness a rise in foreign money transfers following new research showing that most Britons would like to relocate to the antipodes.
Data published in a new report from Post Office International Payments showed that most people considering a new life abroad are likely to opt for Australia, with one in five (21 per cent) people questioned saying they would most like to live down under.
The land of kangaroos and koala bears was chosen as an ideal place to start a new life due to its warm climate, better quality of living and the fact that English is widely spoken there.
Respondents also cited Australia's different culture, sense of adventure and more favourable work-life balance as reasons for setting up a new life there, alongside other pros including higher salaries, and better career opportunities.
Other English-speaking countries were also popular with respondents, with 18 per cent saying they would like to create a new life in the US and 14 per cent in Canada. One in ten people said they would favour relocating to Spain.
In total, more than one in four (27 per cent) people said they have considered a move abroad, while a further fifth (20 per cent) said they would be open to the idea of relocating.
For those seeking to live or work abroad, the average amount of time they expect to stay overseas is seven years.
Sarah Munro from Post Office International Payments pointed out that although living and working in a foreign country might seem romantic and exciting, it actually comes with a big sense of emotional and financial upheaval, as people leave friends and family behind.
"To help negate the natural worry and stress of moving overseas people should get their finances organised in advance," she advised.
According to Australian Property Investor, moving down under is a relatively easy process for Britons due to the cultural similarity of both countries.