Sydney 'seventh most expensive city in the world'

Debit card customers living in Sydney may find they get less for their dollars than people in other cities as it was recently named as the seventh most expensive metropolis in the world.

According to a UBS survey, only Geneva, Oslo, Zurich, Copenhagen, Stockholm and Tokyo have higher living costs.

"To some extent this development can be explained by the Australian dollar's continued appreciation against both the US dollar and the euro," the report stated.

However, despite the high prices Aussies with debit cards have to pay in Sydney, the wages in the city are also higher than in many other places.

Indeed, the study revealed that the domestic buying power of people living there is the second highest globally.

According to figures from the Economist's Intelligence Unit published earlier this month, Sydney and Melbourne are the sixth and seventh priciest cities in the world respectively, ahead of places such as London and New York.

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