And though it may seem like the insane cost of goods and services are solely ours to bear in Australia, the reality is that they are far more expensive places to live—and no matter what your geographic postcode, it's likely you'll find common ground with your neighbour as you moan about how expensive things are.
Switzerland. Unsurprisingly, Switzerland is one of the most expensive countries to live in. The country's cost of living index was ranked the highest in the world in 2020 at 122.4. For comparison, notoriously costly New York City has a cost-of-living index of 100.
1. Singapore. Rent in Singapore is $3,016.21 per month, but its cost-of-living is only slightly more than 14% higher than the U.S. average.
Housing cost of living comparison
The most expensive place for housing in Australia is Sydney.
2nd most expensive country: Switzerland (114.2)
On the plus side, the country boasts high purchasing power, so many enjoy a comfortable lifestyle.
According to Expatistan, this means Australia is one of the most expensive places to live (ranked 13 out of 74). Generally, a higher cost of living means that basic expenses have become – well, expensive.
The cheapest countries in the world are generally located in Asia, Africa, and South America, with a few exceptions in Europe. Pakistan tops the list of the cheapest countries in the world, with a cost of living index of $294.
Cheapest Aussie cities to rent
So what about renters? Well, Adelaide is actually Australia's most affordable capital city for renters ($534), while Sydney is the most expensive ($711), according to the latest CoreLogic rental data.
Australia currently has the 12th highest cost of living in the world, with the USA and UK well behind at 21 and 23rd place respectively. The overall cost of living in Australia is 9% higher than the USA, but 10% cheaper than London.
According to Numbeo, Australia ranks 14th for highest cost of living in the world. This places this warm nation higher on the list than the United States, United Kingdom and even Canada (at least when you exclude rent costs). If you do include rent costs, Australia drops down slightly to 15th.
Algeria, one of the world's cheapest countries, has a mild climate that runs from the Sahara Desert to the Mediterranean coast.
Denmark. Denmark should be at the top of the list for expats searching for the best standard of living available. This small Nordic country consistently ranks highly in international surveys on factors like happiness, income equality, safety, and access to education. It's also a global leader in social welfare.
South Africa
Possibly the cheapest English-speaking country to live in is South Africa. Not only can you get by without having to go to language school, but most South African cities also have a high standard of living, similar to Western cities, which will make the transition much easier.
The critically acclaimed Mercer Quality of Life Survey placed Melbourne and Sydney in the top 17 cities based on quality of life in 2022. One thing is clear, Australia excels when it comes to a high quality of life, looking at aspects such as life expectancy, health, standard of living and educational standard.
Housing Costs In Australia
Housing in Australia is much more expensive than the UK. Gathering sufficient funds for a deposit before securing an Australian salary can challenging.
Australia has a much better quality of life. Sydney is considered the most beautiful and one of the most livable cities in the world. 4 of the States capital cities: Perth, Melbourne, Sydney, Adelaide are all in the top 10 most livable cities in the world. Whilst no cities of America are on that list.
After maintaining the highest standard of community well-being for seven consecutive years, it comes as no surprise that the Australian Capital Territory (ACT) cemented itself as the best place to live in Australia. WATCH NOW: Wombats are itching to death in Canberra.
While Tasmania may be the Australian state that is cheapest to buy a house right now, there is another state that may be more affordable, when you consider employment opportunities and income levels compared to home prices and cost of living.
The Netherlands has the most affordable groceries. Average monthly earnings are high – almost $5,000 – and the estimated monthly spending on groceries is less than $100 (ranking about middle of the 35 countries considered in terms of the price of groceries).
The answer is: wheat.