It’s official. Australia is the most expensive country in the world.
We’ve long bemoaned the price of houses, dinners out and weekends away, but a new study shows that even innocuous items like a litre of Coke are most expensive here too.
The study of the cost of everyday items around the world by Deutsche Bank has taken The Economist‘s famous ‘Big Mac index’ and supercharged it, comparing everything from hotel rooms to public transport fares.
For the fourth consecutive year, Australia has been rated the world’s most expensive country, while America remains the cheapest developed country.
Our neighbour New Zealand was the second most expensive country, while the United Kingdom came in third.
The gap between Australia and America has narrowed in recent years however, with Australian prices now 112 per cent of US levels.
Three years ago the difference was 163 per cent.
From the cost of a night in a five star hotel, to a trip on public transport, the study found the land down under was the most expensive.
In Sydney, a night in a five star hotel will set you back $US 880 – a whopping 32 per cent more than New York prices.
A two litre bottle of Coca Cola is also most expensive in Sydney at $3.36 – 51 per cent more than New York.
Not to be left out, Melbourne boasts the world’s most expensive public transport, with minimum fares starting at $2.89.
A packet of cigarettes is also most expensive in Melbourne, at $18.45.
Spare a thought for places like Switzerland though, where a simple Big Mac will set you back $7.54.
Kiwis also pay the second highest prices in the world for a pair of Levi jeans, forking-out $97.8.
Brazilians wanting to buy the latest iPhone are also out of luck, with the local price of an iPhone 6 at a staggering $1,254.
In America, the handset will only set you back $650.
Before you bemoan the price of European cars in Australia too, spare a thought for Singapore.
A basic model Volkswagen Golf costs $US 26,739 in Melbourne, while Singaporeans pay $112,818.
Funnily enough, romance also costs the most in San Francisco, with a cheap date night of movies, a few beers and dinner at McDonalds (so romantic), coming in at $104.