This is a pretty good description of how high our minimum wage is. Bear in mind this is the absolute worst case scenario for an employed person in Australia and any increase makes it that much harder to become employed.
$450 of the $680 easily covers all essentials (my utilities + phone/internet and groceries are both almost half that now without having to cut back so there is plenty of wiggle room even there). You've got $1000 odd per month left for savings/emergencies/discretionary spending.
Most have done it at some point. I have, I'm sure you have. It's not supposed to be lavish. But it is more than adequate. That's why no other country gets within cooee of the same amount.
I see it as an advantage tbh. But certainly couldn't justify further increases in the near future, particularly given their impact on unemployment. That's where real problems begin.