http://au.finance.yahoo.com/news/Aussie-cities-becoming-world-yahoo7finance-421644262.html?x=0
On Thursday 7 July 2011, 15:20 EST
By AAP
The strong Aussie dollar is giving Sydney, Melbourne, Perth and Brisbane the unenviable reputation of being among the world's most expensive cities, a global survey shows.
It's now cheaper to live in London, Vienna, Rome, Berlin, Hong Kong and Beijing than most Australian capitals, the Economist Intelligence Unit's Worldwide Cost of Living survey found.
Sydney is now the sixth priciest city in the world, up from 32nd place two years ago, while Melbourne has jumped from 38th to seventh.
Perth and Brisbane, meanwhile, are ranked 13th and 14th - almost 25 per cent dearer than New York City.
Survey author Jon Copestake said the strength of Australia's dollar was partly to blame for skyrocketing living costs Down Under.
The local currency reached parity with the US dollar in November 2010 and hit a peak of 110.11 US cents on May 3, its highest since being floated on the foreign exchange market in 1983. It is currently trading around 107 US cents.
"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," Mr Copestake said in a statement on Thursday.
The survey also found Australian cities were among the most expensive for business trips.
In Melbourne, 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).
Mr Copestake warned visitor numbers could be hit if Australia's cost of living continued to escalate.
"Australia has long been an attractive destination, with Melbourne and Sydney becoming international cities in their own right," he 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.
The UK-based Economist Intelligence Unit provides economic and business research, forecasting and analysis.
Its bi-annual Worldwide Cost of Living survey uses more than 400 individual prices to compare cost of living expenses.
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On Thursday 7 July 2011, 15:20 EST
By AAP
The strong Aussie dollar is giving Sydney, Melbourne, Perth and Brisbane the unenviable reputation of being among the world's most expensive cities, a global survey shows.
It's now cheaper to live in London, Vienna, Rome, Berlin, Hong Kong and Beijing than most Australian capitals, the Economist Intelligence Unit's Worldwide Cost of Living survey found.
Sydney is now the sixth priciest city in the world, up from 32nd place two years ago, while Melbourne has jumped from 38th to seventh.
Perth and Brisbane, meanwhile, are ranked 13th and 14th - almost 25 per cent dearer than New York City.
Survey author Jon Copestake said the strength of Australia's dollar was partly to blame for skyrocketing living costs Down Under.
The local currency reached parity with the US dollar in November 2010 and hit a peak of 110.11 US cents on May 3, its highest since being floated on the foreign exchange market in 1983. It is currently trading around 107 US cents.
"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," Mr Copestake said in a statement on Thursday.
The survey also found Australian cities were among the most expensive for business trips.
In Melbourne, 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).
Mr Copestake warned visitor numbers could be hit if Australia's cost of living continued to escalate.
"Australia has long been an attractive destination, with Melbourne and Sydney becoming international cities in their own right," he 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.
The UK-based Economist Intelligence Unit provides economic and business research, forecasting and analysis.
Its bi-annual Worldwide Cost of Living survey uses more than 400 individual prices to compare cost of living expenses.
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