Every website needs to "live" somewhere. This is called hosting. It happens on a web server and most people never need to know what or where it is. Much like the engine in your car, so long as it does its job, you're happy! This suits most customers and this is called a Managed Hosting Service. As it is a service that we are responsible for, we have to 'manage' it, therefore, this costs a little more than a self-managed site.
However, if you are a tech-geek - or have one on staff - you can certainly have access to all the nerdy bits and this is called a Self-Managed Hosting Account. This is a lot cheaper because the responsibility of keeping it all working is all yours!
Managed Hosting Plans start from $30 per month + GST
Self-Managed Hosting Accounts start from $10 per month + GST
Just like every website needs somewhere to live (hosting), they also need to have a name. Actually they don't, they can just be numbers but names are much better if you have anything to sell. Try telling your customers to head on over and buy something on your great new website called "129.785.32.110". Not very memorable!
One problem with domain names is that they are generally very cheap. Unless of course you want to have "money.com" as your website. Then you'll need very deep pockets! The other problem is that every man and his dog has one - so it's really hard to find a good one. But, there are ways to do it.
It's a good rule of thumb to choose a domain name that is both descriptive and as short as possible (along with being available) - no easy task!
Domain Names start from $10 per year + GST depending on whether you need a ".com" or ".com.au" or other variant.