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Australians paying the highest prices in the G20
A recently released study by the World Bank has revealed that Australia is the world's fourth most expensive economy.
The country's price level index (PLI), a complex measure that weighs factors such as purchasing power and exchange rate, sits at 201.0 – putting it on the same level as expensive European countries such as Sweden, Switzerland and Norway.
On the other end of the table, Egypt, Pakistan and Myanmar's PLIs range from 35.1 to 37.0.
Related: The 15 most expensive cities in the world
Australian cities are frequently named among the world's most expensive, with The Economist's most recent cost of living survey placing Sydney and Melbourne in the top ten, ahead of London and New York.
Cost of living is at the top of Australian consumers' minds, with NAB's latest consumer anxiety index showing that one-third of respondents rating their worry over the issue as "high".
Confidence has tumbled in recent weeks, with Treasurer Joe Hockey expected to reveal dramatic spending cuts in tomorrow's Budget.
Transport and health costs – which are among the top factors impacting cost of living worries – are set to be affected by the cuts, with increased Medicare co-payments and a rise in the fuel excise both on the agenda.
Related: Just how expensive is Sydney?
The Commission of Audit has also recommended a cut in Australia's minimum wage, which at $32,039 per year is the highest in the OECD.
The commission, which called for the minimum wage to be cut to 44 per cent of average weekly earnings, argues that it's too high by international standards and a barrier to young jobseekers.
The government has ruled out the drastic proposal after massive backlash from unions.
