We’ve written before about the rising costs in cities across Australia and a recent measure of global cost of living report has confirmed that many of Australia’s capital cities are now some of the most expensive cities around the world!
Due to the recent increases in rent and cost of living expenses, Perth and Darwin emerged as the 10th and 11th most expensive cities in the world. Sydney came in as the 12th most expensive city in which to live.
The survey looked at living expenses across more than 350 global cities around the world and the results rank Australia among the world’s least affordable countries in which to live.
Only cities in the notoriously expensive nations of Norway and Switzerland cost more.
Sydney’s CPI – that is, the cost of daily expenses like restaurants, transport, electricity and other utilities – fared poorly, particularly the cost of groceries.
The survey compares prices to those in New York City. If a city has a CPI index of 120, it means it is 20 per cent more expensive to live in than New York, not including the cost of rent. Sydney’s CPI was 116, making it 16 per cent worse for residents in terms of daily expenses.
I think it’s fair to day that Australia’s certainly a much different country than it was perhaps only 5 years ago.I remember back in the early 2000’s when I dreamed about a new life down under.
At the time, you could sell up a three bedroom terrace in London and buy a mansion here in Australia.
I think it’s fair to say that although the cost of living in Australia has increased, in the main the salaries have also increased a lot since the levels they were at back in the early 2000’s.
Some folks are starting to feel the pinch though and with interest rates already at an all time low, it’ll be interesting to see how long prices continue to rise before the Australian Government has to take action to intervene.Tags: capital cities cost of living expenses groceries