Hi there. Portugal is a great place to live for foreigners, because for us Portuguese, life is not so easy here.
The crisis has made almost everything much more expensive, from putting gasoline in your car, to buying an apartment / house, paying for food, etc.
Portugal has the lowest minimum wage in all of Europe, 475€ per month.
But lets look at the good aspects.
Portugal is amongst the 20 most peaceful nations in the world, very little crime.
The food is just as good is the Italian, we eat mostly fish (although i am a vegetarian), Portugal is a sea nation.
There is snow, yes, especially in Serra da Estrela, a mountain in central northern Portugal, and Guarda, which is a city close by (these areas are at a high altitude), but in contrast, in the south you get the surf and the beaches, some of the best in Europe. Try the Algarve and Sagres, waves can reach 10 meters high. Although it gets filled with tourists in the summer, its a must.
You can travel from north to south in about 8 hours by car, depending on the roads you choose to take. But bus it is about 10, 11 hours (it makes a lot of stops).
The American culture is not so strong here as it is lets say, in England, Germany, or in your country, Australia. We have very little American tourists here, most of our visitors are from England, Germany, the Netherlands, Ireland and Scandinavia.
If you come to live here, i really suggest the Algarve. Because English is very widely spoken (although is till recommend you to learn Portuguese, but you can go easy on it, no rush), you can open a bar, restaurant, or surf school, it is profitable.
But i recommend you to first come on a visit, have a look at the country, then decide.
Sheers, i'm Portuguese.
namaste
Oh, one more thing. Regarding what Orla said, it is not true. You can come and live here, although for European nationals the process is more easy, you can still come. You just need a residence and a working license. It is very easy to obtain. Come as a tourist, you can stay for a period of either 2 or 3 months (ask the Australian consulate in Lisbon once you arrive), and in the meanwhile, try and find a room / appartment to stay in, and a job. The consulate can explain you much better.
There are quite some Australians living here in my city.
Abraços e boa sorte