For living :- Australian are the most laid back ppl they enjoy every bit of life & that does not mean partying all day. You hv endless things to do, they love simple things like gardening fishing holidaying. Sydney is expensive compare to Melbourne. Its a beautiful place to raise childerns & becoz it attracts ppl from all over the world, there is less of (my country n u r outsider) coz everyone is an outsider here.
For studying :- indian go out to study IT or business, so make sure you know that your course comes under "graduate skilled visa" if you want to stay back n live here after the course. Also as the list of skills requires changes every year you may find that the course you are doing is no more in required skill visa which would be a problem. also working casual means being kitchen hand or check out or mc donalds etc.
Getting a premanent residence here is not tough as govt ask you take PR before working but you would hv all the qualifications. Its a best place to be if you want to start your research study as many europeans opt australia due to their facilites. Australia is good for medical profession too. after two years in PR you can apply n get a citizenship. you can bring your spouse without much mess once you hv a PR n you earn above 35000.
About students studying here :- You can apply for working visa once you come here which will you give 20hours of working premit per week, which will help you pay your rent n food. If you live in syndey & calculate your expense then $1000/ month is more tham enough for food n accomadation. In a casual job you can make upto 700-800 / month. So if you want to study n work opt for university in sydney n melbourne n adelaide. If you opt for places like coff harbour, cost of education is low but casual jobs are less, so you hv to ask money from home.
Jobs :- there are lots of job available in IT & SALES n Marketing, medical profession. you will earn better thans india with far better life standards. But as far as my knowledge goes just indian degree n experience for job in australia is not good enough bit indian degree & experience helps you (in some course) for relaxation of semseters.
taxes : - yes taxes are too high in australia. almost 29% but it apply for salary above AUD 35000. with a australia IT degree & 2 years experience you can earn upto AUD100K. Again sydney is expensive than rest of australian city .
Most important things, one you hv a degree & PR in australia its your ticket to rest of the world, you can live n work in UK with your australian degree. USA love australian degree n workers so PR or citizenship will help you go beyond Australia at any point if you chose to do so.
And for karan gupta pls check the list of best universitis of the world n then count the number of australian universities in the list in each program.