Brisbane’s 50 cents public transport fares have catapulted the Queensland capital to second in a global list of affordable cities.
An analysis by insurance comparison site Compare the Market found only the South Korean capital of Seoul was a more cost-effective place to live.
The survey looked at 11 different factors across 42 world cities.
It said Brisbane came out as the second-most cost-of-living friendly city with the help of the ultra-low 50 cents public transport fares trial, which was expected to continue indefinitely.
“Additionally, Australia’s average fuel prices were comparatively cheaper at $1.68 per litre for 95 RON unleaded petrol, rent prices have experienced a 17.70 percent increase since 2015, and the unemployment rate sits at only 4.20 percent,” the report stated.
“But the ‘River City’ was just sub-par for typical electricity costs, the cost of a milk bottle, bread loaf, and the cash rate.”
It said Seoul was ranked the most cost-effective city to live in, with the lowest unemployment rate out of all 42 cities studied at 2.50 percent.
“The combination of low 3.50 percent cash rate, 11.10 percent and 8.50 percent house and rent price increases respectively since 2015, and AU$0.194 per kilowatt-hour (kWh) average electricity rates allowed South Korea’s capital to be at the top.”
The European city of Luxembourg was third, thanks to it having the highest average annual wage ($126,690) of any city and free public transport, with Melbourne (7) and Sydney (13) the only other Australian cities analysed.
The basket of items used in the analysis were:
- Cash rate.
- Average Annual wage.
- Unemployment rate (country).
- Average fuel price (per litre).
- Average electricity price (per kWh).
- Typical public transport (one-way trip).
- Typical bread price (white 500g loaf).
- Typical coffee price (cappuccino).
- House price index (since 2015).
- Rent price index (since 2015).
Other key findings included:
- Lowest cash rate: Switzerland (1.25 percent).
- Lowest unemployment rate: South Korea (2.5 percent).
- Cheapest average fuel price (95 RON petrol): United States ($1.38 per litre).
- Cheapest average electricity rate: Türkiye ($0.071 per kWh).
- Cheapest milk bottle (1L): Türkiye ($1.52).
- Cheapest white bread loaf (500g): Türkiye ($1.29).
- Cheapest typical coffee price (cappuccino): Colombia ($2.23).
- Lowest house price increase (since 2015): Finland (2.5 percent).
- Lowest rent price increase (since 2015): Greece (2.7 percent).
