This Cost of Living Report Says Sydney Is No Longer One of the World's Ten Most Expensive Cities

It turns out you can loosen that grip on your wallet and breathe a little easier — Sydney has abandoned its position in the Economist Intelligence Unit's (EIU) list of the world's top ten most expensive cities.

As reported by the Age, in 2019's Worldwide Cost of Living Survey, our Harbour City fell from its 2018 standing of tenth place, in the most expensive cities index, to 16th. Melbourne, meanwhile, dropped eight spots down to 22nd position from 2018's number 14 ranking.

For the first time, three international cities have shared the not-so-enviable top position, with Singapore, Hong Kong and Paris all clocking in scores of 107. The rankings are determined by price comparisons across more than 150 products and services, with the EIU looking at things like food, transport, utilities, clothing and rent in all the major cities.

There are now no Aussie names in the top ten, with Brisbane, our third most expensive city, at number 41. In fact, Adelaide (which shuffled 21 spots down to 51st position) and Perth (now in 64th place, having dropped 18) are among the index's top 10 biggest downward movers, along with cities like Wellington and Istanbul.

According to the EIU Global Chief Economist Simon Baptist, much of Sydney and Melbourne's drops were thanks to the weaker Australian dollar, with currency fluctuations having a hefty impact across the board worldwide. New York, Los Angeles, Osaka all increased this year, re-entering the top ten and knocking out Sydney.

Via: theage.com.au