Overview
It's no secret that Australia's two biggest cities are perpetually in a popularity contest. So far, Sydney has the best burgers, but you'd travel to Melbourne for its Lonely Planet-ranked food scene and vinyl stores.
This time, they've both won a dubious title: a 2026 cost-of-living report has found that punters in both cities might be nursing the world's most expensive beers, possibly alongside the costliest darts.
Released in July, Deutsche Bank's 'Oasis Index' is an economic yardstick measuring the cost of five beers and two packets of cigarettes in US dollars, cheekily named after the 1994 Oasis hit 'Cigarettes and Alcohol'.
Melburnians might not necessarily want to win this one, but the city has topped the list with a figure of US$111.20 (or A$154) — an 89 percent jump over the past decade. Sydney comes in a close second on the Oasis Index at US$109.50 (or A$152). Auckland and Wellington take third and fourth place on the Oasis Index respectively.
Local bottled brews in Melbourne top the charts, with the average bottle costing 42.8 percent more now than it did seven years ago. When it comes to wine, though, Melbourne and Sydney tie in 21st place – a mid-range bottle here costs 30 percent less than it would in New York.
In 2016, a pack of cigarettes in Melbourne and Sydney both cost around US$19 (or $A26). A decade on, Sydney smokers fork out US$44.50 (or A$62) for a pack — the steepest anywhere in the world — while Melburnians pay US$42.50 (or A$59). Either way, prices in both cities are more than double what you would see in New York. The report put the numbers down to "Australia's relentless application of sin taxes".
Get the full report on the Deutsche Bank Research Institute website.
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Images: Supplied.