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Deutsche Bank has been conducting its annual ‘Mapping the World’s Prices’ report for four years now, and every report thus far has placed Australia as the world’s most expensive country.
Topping the purchasing parity index, an Australian dollar brings the least bang having Australians pay AU$1.12 for what Americans can purchase for US$1.00.
Australia is renowned for growing its own fruit and vegetables, producing some of the world’s best meat as well as being surrounded by seafood rich oceans. Yet, in comparison to other countries, Australia’s average grocery bill is still significantly higher than its counterparts. Australian families on average spend a minimum of $250 a week on groceries, which, according to the Economist, Food Security Index is a modest 10.2% of their total household expenditure. Grocery prices in the United States are 24.85 % lower than in Australia, placing food prices more expensive than most other developed countries as well, including the UK, France and Japan.
ABS data show that clothing prices fell at an average of 2% per year over the last five years due to pressure from global and online retailers such as asos and TopShop. Although, owing to a slump in the Australian dollar, suppliers are warning that significant price increases will be expected in the second half of calendar 2015. The first price rise in five years. In comparative to America, Australians pay more for a pair of Levis jeans or adidas runners, but generally less than many Europeans.
Getting from A to B in Australia has proved the most expensive in the world. In the list of Deutsche Bank’s report on developed countries, both Sydney and Melbourne take over first and second place in the minimum fair index. The minimum fair in Sydney is $2.92 and Melbourne $2.89 while close to all other developed countries are paying only $2.00 or even less, excluding New York City coming in at $2.75.
A house with a yard to hold some back yard cricket is supposedly a slice of the Australian dream. But with skyrocketing property prices, it is becoming a dream that is less and less attainable for our Gen Y group that have reached that first home buyer age. It is becoming more and more apparent that this Australian dream may be better placed elsewhere. Research from the Global House Price Index has discovered that prices globally have on average risen 0.3% in the past year. Whereas Australia’s increase was measured at a great 6.8%, although, not too far ahead of the UK and the US at 5.9% and 4.1% respectively.
Regardless of Australia dominating the position as the most expensive country for four years in a row, it apparently has its health and fitness industry in check. Gym memberships in Australian cities surveyed as around half the price of those in New York City. Although, those health benefits may be compensated seeing as Australian fast food outlets such as McDonalds come in at 10% cheaper than the United States.
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