One bedroom rent in Sydney: $1200/month (EDIT: increased the rent based on comments)
Food: $400
Wages:$60K-120K/year (gross)
Internet:$50/month
Phone: $50/month
Bus ticket: $3.20
McDonalds Big Mac small meal: $6.45
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By the way, I am looking to hire a Ruby on Rails developer for USD600/month in India / Philippines / Indonesia to help me develop my ideas.
Please contact me if interested aymeric{at}wiselabs.net
Most places you'd want to live (eastern suburbs, inner west, northern beaches) will start at $350/wk.
To get something nice in Alexandria or Newtown will be $450/wk plus.
NOTE TO FOLKS THAT DON'T LIVE IN NEWTOWN: I agree with all other previous estimates, I thought I would just write this here to brag to the other sydneysiders about my cheap rent and plug a misunderstood housing model!
A graduate developer is often on $40-50K, and an experienced developer can get contracts for $70-75/hour without too much trouble ($130K+/year)
Figure about $100/month for comfortable use of electricity and gas.