Do you know in which country it is most expensive to live in? Most of you probably guessed Australia—and it may come as no surprise that you’re correct.
Australia has been on top of the list for four consecutive years. On an annual report released by Deutsche Bank, it was revealed that Australia ranked—again—as the most expensive country in 2015. The report, titled Mapping the World Prices, based the ranking on the cost of first-world essentials—a pair of Levi’s jeans, iPhones, cigarettes and beer—in various countries around the world. The costs were calculated in U.S. dollars.
According to the report, Australians pay US$1.2 for something that could be bought for a dollar in the United States. Yes, you get the least bang for your buck in Oz.
You will notice the price difference in most aspects of life.
Going out on a Friday night in Sydney? Better get ready to dig dip into your pockets. A pint of beer will normally cost about US$5.38 in this Australian city. Pretty steep, huh? On the other hand, a same-sized bottle of beer will only cost around US$1.92 in the Philippines.
Sydney also holds the record for the most expensive place to a buy a two-litre bottle of Coca-Cola. A two-litre bottle of Coke will cost you around $US3.36 in Sydney. For comparison, a similarly sized bottle only goes for US$1.41 in Manila.
The price disparity can also be observed on day-to-day activities. You might have already observed the high price of transportation in Oz. But do you know that transport costs more Down Under than anywhere else in the world? The minimum fare in Australia’s largest cities ranges between US$2.89 and US$2.92. A jeep ride in the Philippines would cost you less than a quarter! Taxi fares are also high with Sydney’s average rate at US$20.76 for an eight-kilometre ride.
Despite being known as the most expensive county, living in Australia also has its perks—aside from the amazing environment.
The newly released iPhone 6, for example, would cost you a whooping US$803 in the Philippines. An iPhone 6 only goes for about US$768 in Australia. A month of gym membership also cost less in Australia—which is great news for those who want to keep fit.
Living in each country has its own perks and disadvantages. The most important thing is that you know how to prioritise your purchases and efficiently manage your expenses. Learn how to save money while you’re living in Australia here!