The world's most expensive city is...

Stefanie Menezes, AAP

The wallet-burning cost of living in Australia’s largest cities has been highlighted again, with Sydney and Melbourne ranked among the most expensive in the world.

Both cities jumped six places in the Economist Intelligence Unit’s latest worldwide cost of living survey, which gauges the relative costs of living across 133 cities.

Sydney’s jump to 14th position and Melbourne’s rise to 15th was expected given the appreciation in the Australian dollar in the last year or so, the survey’s editor Job Copestake said.

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“This movement is in sync with a number of other Asian cities, which have come to dominate at the top of the ranking,” he said in a statement on Tuesday.

However, the rankings for Sydney and Melbourne are still lower than five years ago when both Australian cities were among the 10 most expensive in the world.

Singapore retained top spot in the 2017 report for the fourth year in a row and was followed by Hong Kong and Zurich.

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Australians looking for a cheaper lifestyle probably shouldn’t move across the pond either with Auckland and Wellington ranking joint 16th in the survey.

The New Zealand cities are now as expensive as China’s priciest – Shanghai.

Elsewhere in the world, Almaty in Kazakhstan and Lagos in Nigeria dropped sharply in the March survey to become the two cities with the cheapest day-to-day costs.

AAP