Australian cities are becoming more affordable for expatriates,with Sydney, Melbourne and Perth experiencing falls in global rankings amid currency moves
Australian cities are becoming more affordable for expatriates due to currency fluctuations.
Sydney, Melbourne and Perth have experienced dramatic falls in the cost of living for foreigners moving to Australia for work during the past year, the Mercer 2014 cost of living survey found.
The nation’s most expensive city, Sydney, dropped from the world’s ninth most expensive city to number 26.
Melbourne fell 17 places to 33 while Perth dropped 19 spots to 37.
But Mercer’s Garry Adams said the drop in rankings does not mean that Australian cities have become cheaper for Australians.
“Changes in the value of the Australian dollar against the US dollar are the primary reasons for the drop in our rankings,” Mr Adams said.
He said the results mean Australia becomes more attractive for global talent.
Mr Adams added that the strengthening of the Chinese yuan and currencies in Western Europe against the US dollar had seen countries in these regions become more expensive, and this had driven Australian and New Zealand cities down the list.
Brisbane’s ranking fell to 52 followed by Canberra at 53 while Adelaide dropped five spots to 59.
Luanda in Angola is the world’s most expensive city while Karachi, Pakistan is the world’s cheapest major city for expatriates.
The survey measures the comparative cost of more than 200 items in 211 cities across five continents.