Anecdotally, I have been told that the reason each home in the US has its own transformer is due to the problems of distribution.  If the 120 volts was carried distances over power lines voltage drop would be an issue.  By transforming the high voltage at each home this problem is minimised.  My understanding why Australia adopted the 240/415 volt system on the south/east coast, and a 250/440 volt on the west coast, so we can use a single transformer to service a whole street of homes. While three phases pass each home, typically only one of these is brought into the home for a 240 volt 80 amp single phase service.
 
Rural areas use a similar system to the US.  Properties may have a SWER (Single Wire Earth Return) service when provision of a three phase service is not practical. One 11,000 volt overhead line is brought into the property and then transformed to 230/400 volts.  Farmers purchase special 400 volt single phase motors for pumping stations, irrigation etc. http://www.ruralpower.org/
 
I raised with the family migrating from America to Australia why they brought all their appliances with them.  They said they are cheaper to buy in the US, and they would have had to try to sell them for much less and buy them again here for much more.  They felt the shipping charges were justified. I would not do the same in their situation.
 
Their two televisions sets and VCRs are only good for watching the VHS tapes they brought with them, and not for our PAL broadcasts. Newer Australian Televisions and VCRs are usually multi-standard and may accept NTSC (Never Twice Same Colour).
 
The table lamps had their 120 volt lamps replaced with the 240 volt of the same type.  The receptacle pins on the plug to were twisted to accept our polarised outlet configuration.  Most light fittings in Australia use the bayonet cap style, however the Edison screw lamps are readily available in 240 volt.  http://www.clipsal.com.au/
 
They purchased 240/120 volt step down transformers for other appliances.  The food mixers motors were noticeable slower with 50/60 Hz difference.
 
When their 240 volt clothes drier was first connected to our 240 volt circuit.  The light in the drum was dim and the drum also rotated slowly.  The lamp was rated at 120 volts.  I have not been in touch with them for several years, so I expect when the lamp failed or service was required Maytag Australia would not have provided support.  The unit was also rated at 30 amps which does not comply with our electrical standards.  The maximum single phase load for any appliance is 20 amps.  Greater than that, it must be three phase to distribute the load evenly across the network.
 
Australian Maytag MDE3050 9 kg drier  $924.94 US ($1,559.00 AU) 
http://www.maytag.com.au/laundry/dryers/mde3050/mde3050.pdf  <<< Note: Millimetre Only Specifications AU
 
US Maytag MDE5500A $660.00 US ($1,112.40 AU)
http://image.maytag.com/products/images/products/dndry2.pdf <<< Note: Inch & Centimetre Specifications US
 
These US appliances are typically larger than what Australians generally purchase.  My 4.5 kg drier is wall mounted above my top loading 6.5 kg washer and plugs into a standard general purpose 240 volt, 10 amp, 50 Hz receptacle.  http://www.fisherpaykel.com/
European front loaders are becoming popular too.
 
The aspect of safety from electrocution is provided by mandatory RCDs ('Residual Core Device' or 'Safety Switch') on all light and power circuits. http://www.energysafety.sa.gov.au/images/pdfs/Safety_switches.pdf
 

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