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Two Aussie cities have been named among the most expensive in the world to live in, with a new report ranking Sydney third behind Japan's Tokyo and Osaka.

The Economist Intelligence Unit worldwide cost of living index 2013 placed Melbourne fifth after the Norway's capital, Oslo.
"Australian cities have been rising very quickly up the rankings as economic growth has supported inflation and currency swings to make them costly," the report says.

Two years ago Australian cities began to be ranked among the top 10, but just a decade ago there weren't even any Australian cities among the 50 most expensive reports Stuff.com.au.

Tokyo resumed its place as the world's most expensive city, after Zurich had been pushed to the top of the ladder last year due to currency swings.

"This is a familiar position for the Japanese capital, which has been the world's most expensive city for all bar a handful of the last 20 years," said the report.

image via Getty


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Sydney labelled the world's third most expensive city
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