I'm at UT Austin and looking into studying abroad this summer in Australia. Can anybody from the states share some stories if they've gone. Also what are the living expences like for you Aussies? (compared to US)

I can't comment on living in the US as i haven't visited it, but comparing to UK and from what I've heard, Australia is a lot more relaxed. Much smaller cities/towns, but this just means less crowds, and if you want to there's the huge variety of scenery in the country, just gotta travel.
Any more questions, just ask.