As an expert in economic and social studies, I have a profound understanding of the cost of living across various countries, including Australia. Living in Australia can be quite expensive, but the cost varies depending on the city and lifestyle choices. Australia currently has the 12th highest cost of living in the world, which positions it as a relatively costly place to reside compared to other countries. The United States and the United Kingdom, for instance, are ranked at 21 and 23 respectively, indicating that they are less expensive than Australia in terms of living costs.

The overall cost of living in Australia is 9% higher than that of the USA, suggesting that residents may find the cost of daily necessities and services to be more expensive in Australia. However, when compared to London, which is one of the most expensive cities in the world, Australia is 10% cheaper, offering a more affordable living option for those looking to move from or compare with the UK capital.

Sydney, often considered the most expensive city in Australia, ranks at 42 on the Cost of Living Index. This ranking reflects the high costs associated with living in the city, including housing, food, transportation, and utilities. The high cost of living in Sydney can be attributed to its status as a global financial hub, as well as the demand for housing and the quality of life it offers.

When considering the cost of living in Australia, it's important to take into account several factors. Housing is typically the most significant expense, especially in major cities like Sydney and Melbourne. Rent or mortgage payments can consume a large portion of one's income. Additionally, the cost of utilities, groceries, and transportation should be considered. Public transport in Australia is generally reliable but can be costly, especially in larger cities.

Education and healthcare are also important considerations. Australia offers a high standard of education, but private schooling can be expensive. The healthcare system is robust, with universal coverage provided by Medicare, the national public healthcare scheme. However, out-of-pocket expenses for certain treatments and medications can add to the overall cost.

Lifestyle choices also play a significant role in determining the cost of living. Dining out, entertainment, and leisure activities can vary greatly in price. For those who enjoy an active social life, the costs can add up quickly, especially in cities known for their vibrant nightlife and cultural offerings.

In summary, while living in Australia can be expensive, particularly in cities like Sydney, the cost of living is influenced by a variety of factors. It's essential to consider individual circumstances, including housing, lifestyle choices, and access to public services, when assessing the affordability of living in Australia.

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Australia currently has the 12th highest cost of living in the world, with the USA and UK well behind at 21 and 23rd place respectively. The overall cost of living in Australia is 9% higher than the USA, but 10% cheaper than London. ... Australia's most expensive city, Sydney sits at 42 on the Cost of living index.Jan 12, 2017read more >>