Australia is now one in a list of countries with the most expensive essentials from food to housing, according to a study.

In fact, key essentials are now pricier in Australia than in London, New York and Singapore, prompting Aussies to call Australia as the land of the great big rip-off, reports the Herald Sun.

A report by the Centre for Independent Studies cites staples such as fruits and vegetables to be more expensive in Australia than in Europe. Even the same cars are bought for twice its price offshore.

The report estimated car prices would drop by up to 50 per cent if import duties, the luxury car tax and bans on used vehicle imports were abolished.

The same report also says housing in Australia is less affordable than in some of the world's biggest cities.

Pro-business think-tank claims property policies in Australia are not helping the Aussies amid housing affordability crisis. They are saying stamp duty should be axed or slashed.

"That Australia is now one of the most expensive addresses on the planet was by no means unavoidable ... what we got instead is a country in which both products and land are much more expensive than in most other countries," says the centre report.

As this developed, the Victorian Government reduced stamp duty for first home buyers by 20 per cent in July. The cuts will steadily increase over the next three years.