MELBOURNE might be the world's most livable city, but research has found it is almost 50 per cent costlier than New York. The strong dollar is being blamed for squeezing Aussie wallets, with five of the nation's capitals ranked more expensive than destinations such as London, Hong Kong and Berlin.
Melbourne was named the eighth most expensive city, one place behind Sydney, in the Worldwide Cost of Living Survey.
The survey found the cost of a loaf of bread in Melbourne almost doubled in the past decade, while petrol prices rose three-fold and rice almost quadrupled.
Report editor Jon Copestake said the cost of living in Melbourne was up dramatically compared with 10 years ago when it was more than 25 per cent cheaper than the Big Apple.
"Exchange rates have been the greatest influence, with the Australian dollar seeing its value relative to the US dollar double," Mr Copestake said.
"Local price inflation, especially last year, has also played a part."
HSBC chief economist Paul Bloxham said 20 years of economic growth had helped fuel the increases.
"The cost base does tend to increase when that happens," Mr Bloxham said. "In some ways, it's the cost of success."
But inflation remained in check and income growth outpaced price increases.
"That's supporting our ability to meet local costs," Mr Bloxham said.
"And then, of course, the strength of the Aussie dollar is also meaning that we can afford to buy more things from overseas."
The survey, conducted by the Economist Intelligence Unit, compared the price of 160 products and services in 130 cities.
Zurich was the world's most expensive city, overtaking Tokyo. Perth (12th), Brisbane (equal 13th) and Adelaide (equal 17th) also made the top 20.
In a separate study, Melbourne rated best in the nation in the world's top 50 university cities.
The inaugural QS Best Student Cities survey said Paris was the world's best location for education with Melbourne fourth and Sydney sixth.
heraldsun.com.au 15 Feb 2012
Another report from credible sources, that puts Melbourne in the list of the most expensive cities to live in the world.
Politicians lawmakers and fianciers are responsible for the financial climate of the nation.
If the report is to be believed then this is an assault on the average citizen to put them into financial slavery at the mercy of the banking elite.
High unemployment, large unskilled migrant labour influx, together with a lack of infrastructure compounds to the daily struggle that Melbournians face.
A direction that is tightly controlled by the ruling elite.
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