Oceania is a geographic region that includes Australasia, Melanesia, Micronesia and Polynesia. When compared to the other continental regions it is the smallest in land area. Australia and New Zealand are the only developed nations in the region. The economy of Australia is by far the largest and most dominant economy in the region and one of the largest in the world. The majority of people living in Australia work in mining, electrical and manufacturing sectors also. In Australia, there are produced cars, electrical equipment, machinery and clothes.
Oceania is a popular expat destination, so many people thinks to move to Oceania continent for living. Before moving to Oceania continent, it is important to take in consideration the most important objective and subjective factors during the decision-making. One of the most important factors is definitely the cost of living and in this work, we are going to compare the cost of living (excl. rent) and cost of living plus rent in some of the Oceanian countries with the cost of living in New York City.
In all the Oceania countries, considered in this work, the cost of living (excl. rent) and cost of living plus rent are lower than in NYC. If we consider cost of living index (excl. rent), the most expensive country in Oceania is New Zealand, followed by Australia and Fiji.
If we consider cost of living plus rent index the rank changes. Australia is the most expensive country, followed by New Zealand and Fiji. Fiji is the cheapest country in Oceania in both of them.
About the data used in this work
Cost of living index (excl. rent) is a relative indicator of consumer goods prices. It includes groceries, restaurants, transportation and utilities, but it does not include accommodation expenses such as rent or mortgage. Cost of living plus rent index includes consumer goods prices and the rent.
These indices are relative to New York City, so it means that for NYC, each index should be 100%. If another country or city has, for example, cost of living index plus rent of 145, it means that on an average in that country or city cost of living plus rent is 45% more expensive than in NYC. If a country or a city has, a cost of living plus rent index of 45 that means on an average in that country or city cost of living plus rent is 45% less expensive than in NYC.
The data used in this work are provided by Numbeo and are relating to 2019.