A new financial survey has confirmed what Australians already know . We live in the most expensive country in the world . The annual survey from Deutsche Bank has shown that for the fourth consecutive year , Australians pay higher prices for a range of consumer goods and services than are paid in any other place . A survey has shown Australia to be most expensive country in the world for the fourth year in a row . A luxurious hotel room in Sydney will set you back around $ 1126 per night , $ 640 more than in New York . The survey uses the purchasing power parity index to determine the relative price levels to the US dollar . It found that Australian prices are at 112 per cent of the US , meaning that we pay $ 1.12 to every $ US1 . The United States remains the world 's cheapest developed country . New Zealand came in as the second most expensive country in the world and the United Kingdom was third . The index used a wide-ranging scale of differently priced items to judge the most costly country in the world . Sydney has the most expensive five star hotel rooms in the world which cost an 132 per cent more than their equivalent in New York . A luxurious Sydney hotel room will set you back $ 1126 per night with New York being much more reasonable at $ 485 . A two-litre bottle of Coca Cola also tops the charts in Australia at $ 4.30 , 51 percent more than New York . While Brazil has the most expensive iPhone 6 's at nearly double the price of the United States , Australia 's iPhone 's still cost over $ 151 more than America . The report found that Australian prices are at 112 percent of the US , meaning that we pay $ 1.12 to every $ US 1 . Our public transport , petrol , cigarettes and taxi services also weigh in as more costly than America . Our public transport , petrol , cigarettes and taxi services also weigh in as more costly than America . However , on the flip side , a monthly gym membership in Sydney and Melbourne are nearly half the cost of New York prices . Sydney Business School is also more than half the cost of Harvard Business School in Boston . And when going to the movies is concerned , Australians will break even with it costing the same to see a movie in Sydney as it does in Hong Kong , Shanghai and New York .
Deutsche Bank survey confirms what Australians already know . For the 4th year straight Australia ranked as the world 's costliest country . A 2-litre bottle of Coke costs 112 percent more than in New York . Biggest difference is hotel rooms , which are double the price of New York .