Australia is now the no longer dubbed the lucky country rather – has been branded the land of the great big rip-off.
Report done by a Centre for Independent Studies entitled Price Drivers: Five Case Studies in How Government is Making Australia Unaffordable has cited products like bananas, books, cars, housing and retail which are very expensive in Australia. The report states that, “Australia has become one of the most expensive countries in the world. Our cities’ consumer goods, retail space, and houses are now much less affordable than in the international cities of London, New York and Singapore.”
The think-tank which is pro-business had a few recommendations to help lower property prices which include, “increase supply by encouraging councils to take on more residents through local government finance reforms that reward councils for accepting more residents, abolish both negative gearing and first home buyers grants, abolish or at least reduce stamp duty on property transactions, cap infrastructure levies or replace them with funding streams based on income tax.”
According to a 2011 survey by the Economist Worldwide Cost of Living, Sydney is one of the most expensive cities in the world which is in the sixth rank when compared to 140 cities in terms of price on electricity, rent, public transport, domestic help and private schools. The findings were supported by Mercer’s Cost of Living Survey 2011and the Employment Conditions Abroad (ECA) 2011 ranking5.
A report from the Herald Sun stated, “That Australia is now one of the most expensive addresses on the planet was by no means unavoidable … what we got instead is a country in which both products and land are much more expensive than in most other countries,” as it blames the successive governments for making the basic necessities higher compared to cities like New York, London and Singapore.