A recent study by Compare the Market has placed Brisbane as the second most cost-effective city to live in globally. The study indexed 11 economic factors across 42 capital cities, with Brisbane's ranking boosted by elements such as the 50-cent public transport trial, lower petrol prices, and a reduced unemployment rate.

It wasn't also positives however: The city also had a higher typical cost for milk and bread, and lower average annual wages compared to other countries.

Melbourne and Sydney, Australia's other major cities, ranked seventh and 13th respectively in the cost-of-living friendly cities index. The study was topped by Seoul, South Korea, which boasted the lowest unemployment rate of 2.5%, a low cash rate (3.5%), minor house and rent price increases since 2015, and relatively cheap average electricity rates.

Luxembourg ranked third, with free public transport and high average wages ($126,690 per year), alongside a low cash rate, rent price increase, and house price increases since 2015. On the other end of the spectrum, Reykjavík, San José, and Copenhagen were named the least cost-of-living friendly cities.

Stephen Zeller, Compare the Market’s General Manager of Money, stated, “While Seoul, Brisbane and Luxembourg ranked at the top of the index, no city received a score higher than 6.70 out of 10 – demonstrating that no place is entirely perfect for those seeking cost-of-living relief.”

“However, there are ways to reduce cost-of-living pressures to ensure you’re not paying a cent more than you should on everyday bills. Comparison is the key. The power is in consumers hands’ to actively compare options that are available – including home loan lenders – to look for a better deal and make the switch.”