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Really, it seems like a dream gig. Just being a student for years and years and continuing to get financial aid to continue your thesis work. I've often said if I could be a student for life I'd be happy. I was just picking the wrong field of study. Viscous fluids, here I come.

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If only it were true.

In Australia, they give you 3 years (plus an additional 1/2 year extension, which isn't always granted). After that, you're on your own, and many people get a full time job to support themselves.

I've seen quite a few people abandon their PhD because of the need to pay the bills once their funding runs out. It's quite sad.

Does everyone get funding? Including liberal arts?

No, you have to apply for a position.

'liberal arts' doesn't have a meaning in Australia, but I'm not aware of PhD applications being treated differently in different fields (or rather, the rules differing)

Sometimes your advisors, if they have grant funding, will cover you for an additional extension. (Source: I know someone who is a PhD student at ANU).

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