Taking the most expensive city in Australia, Sydney and comparing to London shows a mix bag. Depends on where the focus is.
OVERALL Indexes Difference
Consumer Prices in Sydney are 12.01% higher than in London
Consumer Prices Including Rent in Sydney are 8.13% higher than in London
Rent Prices in Sydney are 1.25% lower than in London
Restaurant Prices in Sydney are 5.65% lower than in London
Groceries Prices in Sydney are 29.98% higher than in London
Local Purchasing Power in Sydney is 9.54% higher than in London
Some details (London - Sydney - % difference)
Meal, Inexpensive Restaurant 21.32 $17.29 $-18.88 %
Milk (regular), 1 liter 1.50 $1.98 $+31.59 %
Fresh Cheese (1kg) 11.69 $10.11 $-13.50 %
One-way Ticket (local transport) 4.91 $ 4.40 $-10.46 %
Monthly Pass 159.68 $98.88 $-38.08 %
Taxi Start (Normal Tariff) 3.55 $3.52 $-1.02 %
Taxi 1km (Normal Tariff) 2.90 $2.35 $-18.78 %
Taxi 1hour Waiting (Normal Tariff) 72.39 $55.46 $-23.39 %
Gasoline (1 liter) 2.07 $1.39 $-32.89 %
Basic (Electricity, Gas, Water, Garbage) 222.71 $203.51 $-8.62 %
1 min. of Prepaid Mobile Tariff (no discounts or plans) 0.21 $0.79 $+267.83 %
Internet (6 Mbps, Flat Rate, Cable/ADSL) 30.54 $56.39 $+84.60
Rent Apartment
Apartment (1 bedroom) in City Centre 2,069.06 $2,079.61 $+0.51 %
Apartment (1 bedroom) Outside of Centre 1,452.07 $1,587.47 $+9.32 %
Apartment (3 bedrooms) in City Centre 4,060.13 $3,946.13 $-2.81 %
Apartment (3 bedrooms) Outside of Centre 2,666.05 $2,506.28 $-5.99 %
Buy Apartment
Price per Square Meter in City Centre 12,510.01 $9,843.28 $-21.32 %
Price per Square Meter Outside of Centre 7,818.53 $5,378.77 $-31.20 %
Salaries
Median Monthly Disposable Salary (After Tax) 3,418.12 $ 4,048.62 $+18.45 %