Sydney, Brisbane Among the World's Priciest Cities

By Bizclik Editor


Forget London, Hong Kong and New York—Australian cities are now among the most expensive in the world, the Economist Intelligence Unit’s Worldwide Cost of Living survey shows.

Sydney, Perth, Melbourne and Brisbane all rank within the top 15 most expensive cities to live, with the strength of the Australian dollar attributing to increasingly high living costs. While Sydney came in as the sixth priciest city in the world, Melbourne was close behind in seventh—and up considerably from 38th last year.

“Rising domestic prices, partly due to rising oil and commodity prices, have been compounded by the strength of the Australian dollar, which achieved parity with the US dollar earlier this year, compared to being worth around half that much 10 years ago,” survey author John Copestake said last week. Despite the rising cost of living, the National Australia Bank reported the number of home loan customers has increased.

Melbourne also tipped the scales as Australia’s most expensive destination for business travelers. Accommodation, meals, taxis, drinks and a newspaper now cost the average business traveller $US760 ($A712.75) a day, with Sydney close behind at $US627 ($A588).

"Australia has long been an attractive destination, with Melbourne and Sydney becoming international cities in their own right," Copestake said. "Whether the spiralling relative cost of living will dampen this appeal remains to be seen."

The survey ranked Tokyo, Osaka, and Oslo as the three most expensive cities in the world. Mumbai, Tunis and Karachi were the cheapest among the 140 cities used in the survey.


Featured Articles

Hybrid live event shaping the future of Sustainability & ESG

Sustainability LIVE London returns for a two-day, multi-track conference programme featuring inspirational ESG speakers, debates and discussions

Nine must-attend sustainability events for business leaders

From London to Abu Dhabi, Singapore to San Diego, these sustainability-focused events are designed to help business leaders action their ESG goals

Daniel Weise of BCG on new supply chain and procurement book

Daniel Weise, global leader of Boston Consulting Group’s procurement business line, on the timely publication of his new book, Profit From The Source

Attract and retain talent with flexible working and benefits

Human Capital

Nurturing the next generation of women leaders in Africa

Leadership & Strategy

5 Mins With: Cybersecurity expert Ariel Parnes of Mitiga