As per a recent report by Deutsche Bank, Australia has been named as the world’s most expensive nation in the world fourth year in a row, while the United States remains the cheapest developed country.
New Zealand was named the second most expensive country in the world and the United Kingdom got the third position.
In the past few years, Australia dollar value has gone up too, which makes it worse for the people coming from outside to spend in Australia. Not to mention, this works as a bit repellent for tourists because high dollar value and high spendings always works out against the tourism of any country.
Recently, Australia was also named world’s most expensive place to buy real estate. Australia has one of the biggest and costliest houses in the world. Investment from China is making the properties even more costlier.
Talk to international students, travellers, or outsiders and they will tell you that Australia is very costly to live because of the high house rents, goods cost, transport cost which is again one of the highest in the world and the list goes on.
Luckily, fuel cost is still not that bad. However, recent announcements in the oil industry shows that even fuel cost may go up in future.
The United States has been the cheapest among developed nations. however, the report found “the strength of the US dollar has significantly narrowed the gap” between the US and Australia.
Exchange rate changes also mean “shopping in Europe and Japan now feels a lot cheaper than before”.