According to the paper on display in a power engineering lecture written by powerlink who run the generation and distribution network here, the Australian standard produces the equation, 339.4 sin (314.2t), where the angular frequency 314.2 = 50hz and is only guaranteed to be averaged over 24 hours, and not a constant 50hz. The voltage is still 240V in the socket but this depends on a few variables.
I have 239.7V +/-0.5% in my socket. But I live right next to a power station and our line isn't in very high demand. A hifi shop in fortitude valley, which is close to the city, constantly complained to their council that they were only getting 210-220V and it was causing humming in their transformers (Bs they just had crap equipment). Eventually the council conceeded to move the store over to a different phase on the line and they are back to 240V.
Also equipment won't be that sensitive to minor changes. Think of a 12V transformer rated at 240V. Would produce 11V at 220V. If this causes the device to fail then the designer obviously didn't take into account any supply line variations, which is bad. All in all I've never had any equipment rated above 200V complain regardless where I've plugged it in.