The Economist: Sydney, Melbourne in top 5 most expensive cities

From The Economist Intelligence Unit the following is the top cities in the 2012 global cost of living index:

David Llewellyn-Smith
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    • C’mon Aussie, c’mon, c’mon

      We’ve been bulking up all the global financial winter, and there’s not a team that’s fatter, and that’s the way it’s gotta be

      Cos’ we’re pretty sure we are the best you know, the global market owes us the best you know, and we’ve gotta beat the best the world has seen

      Manufacturing’s powering down like a machine, but Mining’s still making divots in the green…
      Retail spending’s turned to merde, deleveraging is the herd

      And the Real Estate sector’s eyes have got that feeble gleam

      Spinmasters and vested interests play havoc with the press
      The Torynuffs and ALParatchiks make our politics the best
      Private debt load has the nation with the runs, the RBA nonplussed
      And Dutch disease taking jobs out with an axe

      C’mon Aussie, c’mon, c’mon
      C’mon Aussie, c’mon, c’mon

    • Yes it could also be labelled a gauge of currency movements over the last 5 and 10 years.

      If they did it again today Tokyo would lose that top spot.

      • That’s what annoys me so much about all of these measures. How about using some kind of measure of wages, i.e. a basket of goods and services takes X hours at average rates to afford. That’s the important thing for anyone living and working in a country. I’m happy that importing things is cheap at the moment, and OS holidays are cheap as well, but if I were to live and work (on average, local wages) in Karachi, would I really be able to afford twice as much? Nah…

  1. hubris_and_hyperbole

    You notice this when you travel to other developed countries. Whereas in the good old days things seemed expensive OS nowadays they seem cheap compared to here.

  2. Is anyone else gob-smacked by the stellar cost of living in this country? We used to be the cheapest place in the Western world to set up house, now we’re more expensive than New York or London – what’s wrong with this picture?

      • I was told years ago by a real estate agent to avoid one bedders like the plague because the resale and market appeal is really limited.

        That article was nauseating – and the model they are using is totally predicated on prices continuing to go upwards. As discussed earlier Sydney ranks 3rd for most expensive places to reside – they want 5% minimum growth in average house prices this year to feed their greedy property addiction and need for capital growth. Who is going to be able to afford to live in Sydney (or Melbourne)?

  3. That’s what happens when the country is run by bankers.

    When are we going to hold accountable the CEO of banks who have grown their home loan books a greater than historical averages which by the way is supposed to be the RBA’s job (not so much).

    We need clawback provisions for the gross amounts of money bank CEOs have plundered whilst stuffing up the country in the process.

  4. “The Lucky Country” – lucky if you can afford to live here.

    ( quote from dinner party conversation)