In comparison to the US I would agree to a certain extent.
Their general cost of living (food, clothing, petrol, etc) is less costly than ours, however their social support network (unemployment benefits, reasonably priced hospital & medical access, superannuation/pensions, etc) is nowhere near the level available in Australia.
In the major cities their public transportation is pretty good, but in the smaller cities it can be pretty average.
In comparison to the UK/EU, I would say our cost of living is less.
Fuel in general is about 1.5 times our price. Food, housing, etc is more costly, but cars are less expensive to buy. Depending on the country, their social support network can be of similar standard to ours. In general public transport isn't too bad.
I think where Australia really sucks is that we are over-governed and over-regulated at Federal, State and Local Council levels, and the majority of people will blindly accept more restrictive laws and regulations from increasingly conservative governments which will continue to make Australia a more expensive (and restrictive) place to live.
(But that's just my opinion
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