Australia most expensive G20 country to live in
Research released by the World Bank last week shows Australia is the most expensive G20 country in the world to live in. Aussies pay the highest prices for goods and services and rate as the fourth most expensive economy, according to the Price Level Index (PLI) measure, which takes into account Australia's purchasing level and exchange rate out of 177 countries.
Other countries that topped the list included Switzerland, Norway, Bermuda and Denmark, while the United States only listed as the 25th most expensive economies in the G20 world after France, Germany and Japan. The cheapest economies included Egypt, Pakistan, Myanmar and Ethiopia.
Echoing these findings, NAB's latest Australian consumer anxiety report showed Aussie consumers rate the cost of living as their biggest source of anxiety, specifically utility bills, education and housing. Households with 3 or more occupants added transport and medical costs to the list of cost of living anxieties. However, travelling, holiday expenses and entertainment costs were not rated as a negative impact to living costs.
With coffee creeping up around the $4 mark, these findings may come as no surprise to you. Try Mozo's budget calculator tool to get on track with your savings today.