Although we have used the word cheapest in the title to this article - it is important to note that it will never be anything other than expensive to reach this far off continent. We are talking about the longest flights on this planet (apart from some South Pacific destinations) and the costs when you get there will be more expensive now than they have ever been.
However, if Australia remains firmly on your wish list for holidays, there are ways of making sure such a holiday is more within your means. First and foremost, when you check out a web site that will provide you with information on the country, like Extraordinary Australia for example, you will tend to notice that holidays are cheaper during our Summer. This is because this is the winter in Australia and definitely the cheapest time to travel.
Accommodation wise, look to book 3 star hotels at the most. Hotels in the cities of Australia are very overpriced and this will really push the cost of the trip up.
Then you need to think about your eating arrangements when you get there. I found Western Australia, especially, to be extremely expensive when it comes to eating out - it was cheaper but still quite costly on the eastern coast. Go for self catering options and this will always allow you to budget more easily.
There is no denying the fact that Australia remains a popular choice for many Brits. However, the cheap cost of living in Australia, compared with the UK, is now over and you will therefore need to be very prudent.