Comparing Melbourne to where I lived in suburban Toronto, I feel the standard of living is lower in Melbourne in my case. House sizes are a lot smaller in general for the money you're paying (compared to homes in Toronto whether you own or rent), and they're definitely not as well-built as homes in Canada as you've observed.
Even if you can get subscription TV (Foxtel), which is not guaranteed even if you rent, it is nowhere as good as Rogers Cable. While I am lucky to have a pretty good Internet plan, if you get unlucky with a dodgy phone line at your residence, good luck to you. Unlike Canada, the Australian phone companies have less obligation to make sure your line is in good enough order for proper high-speed Internet and you may not have a cable alternative.
Food is not as varied as Toronto, and it's definitely a lot blander here (not as spicy) and generally more expensive for smaller portions & less value. Don't expect customer service, either in restaurants or retail in general, to be as good as North America. While it is in good at many places, on average, it's below North America. Shop hours are also a lot shorter than North America, so it's not as convenient to do shopping at a time good for you.
I find that in general, people aren't as cultured, or knowledgeable about the world, as Torontonians, despite Melburnians' belief that they are one of the most cultured cities in the world (witness the bogan-to-general population ratio around versus the bogan-equivalent ratio in Canada). People here will also say a lot more ignorant comments that would never be unacceptable in North America, and they don't even know it. Kids here don't seem (on average) as well-behaved in public as they are in Canada. I can honestly say that if/when I have children, I will want them to grow up in Canada at a Canadian school and playing Canadian sports.
Things do generally cost more in Australia, especially any brand name clothing with names you've actually heard of, and items such as cars or electronics, with less selection, and it will get even worse if the dog-faced redhead is successful with introducing her socialist carbon tax. Electricity is already literally TWICE as expensive as it is in Canada and it will only get worse under this proposed tax.
Regarding cars, fuel prices is also a bit higher. And, as a Toronto Star travel article about
Australia in mid-August said, road designs here feel like they're something out of the 1970s and they actually enforce the speed limit here, so be ready to drive on freeways at an excruciatingly slow 104 km/h.
The only obvious good things that are better in Australia is the red wine and the weather, and cell phone & data plans are cheaper. But be warned that in the winters, because of the forementioned housing not being as well-built as Canada, even if it doesn't get as cold outside in Australia, you will definitely feel colder inside your home.
While my post does sound all negative, being in Australia can be as good as you want it to be. But don't fool yourself into thinking that your financial, home, and consumer standard of living will be as high as North America. With the higher costs and lower housing standards and sizes here, it just isn't true.