Aussie capital named top two city in the world
An Aussie capital has emerged as one of the top two cities in the world for a surprising reason.
Brisbane blitzed the worldwide line-up in the Compare The Market's latest Cost of Living Index, named second best in the world behind Seoul thanks to its 'ultra-cheap' public transportation charges at 50 cents a trip.
'The 'River City' claimed the spot for the second year in a row thanks to ultra-cheap 50-cent public transport fares, alongside Australia's relatively cheaper cost for petrol at $1.64 per litre on average, 19 per cent rent price increase since 2015, and $105,810 average annual wage,' the index found.
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'Despite the Reserve Bank starting to cut the cash rate to 4.1 per cent in February – the first time it has been cut for more than four years – the rate is still sub-par compared to other countries with a higher reported cost of milk, bread, and electricity prices on average.'
If the Reserve Bank moves on interest rates dramatically – as it is expected to do before August with a 100bp drop – Brisbane could come close to unseating Seoul to top the world.
Melbourne was named fifth best cost-of-living friendly city with Sydney a surprise entry to the top 10 in ninth place – improving their positions from seventh and 13th place in 2024.
'This improvement was thanks to the lower cash rate, higher average annual wage, and lowering average fuel and electricity prices,' the index found.
All Australian cities used the same national figures for fuel costs, rent and home price rises in the calculations.
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Compare the Market general manager of money, Stephen Zeller, said when it came to cost of living no city was perfect.
'While Seoul, Brisbane and Madrid ranked at the top of our updated index, no city received a score higher than seven out of 10 – demonstrating that no place is entirely perfect for those seeking cost-of-living relief.'
'However, there are ways to reduce cost-of-living pressures to ensure you're not paying a cent more than you need to on everyday bills. Whether it's your home loan, energy plan or insurance, shop around and compare what's on offer.'
He said it was worth shopping around to compare what's on offer, especially when it came to home loan rates – a major cost-of-living pressure.
The Index compared the cost of living across 42 capital cities, looking at 11 different factors from cash rates to annual wages, the unemployment rates, fuel and electricity prices, public transport, milk/bread/coffee prices, and increases in both rent and house prices.
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