Pete, not sure how much you're posting that tongue in cheek, but it's a growing discrepancy. Was recently in Europe for two months. Even putting aside the cheaper locations (Turkey, Montenegro, etc) and only considering say France, Switzerland and so on, we get seriously screwed here in Australia on price. You step outside your office here to buy lunch and you're down $10 for a roll and drink in most places. Over in France, near Chamonix (not known as cheap!), we grabbed food as we started the Tour du Mont Blanc - I think it was the equivalent of $5 for a roll made in front of us with gourmet smallgoods. We had dinner at a fairly decent restaurant in Barcelona where the menu was so cheap we ordered entree, two mains and a large dessert each. Four courses would've been AU$25-28. First night at the pub when I got back to Adelaide, the cheapest schnitzel (sans salad and sauce) was something like $22. Add $2 for sauce, $3 for salad or whatever it was.
With dollar parity with the US, it's even more noticeable over there. Even with tips and tax, food and the like is dirt cheap in the US compared to here. Not to mention that I would hate being a hopeful homeowner right now, even in Adelaide. Would be tough entering the market.
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Slightly related - friend and I were talking the other day about the Silverdome 30 mins from Detroit. Was built at some point for the modern equivalent of $200m+. Sold recently for under $600k. Capacity of over 90,000. As recently as this or last year, it was holding major events (Euro soccer teams touring, boxing bouts, etc). Now, 30 minutes out of Detroit is hardly paradise, but that's a 90k seat stadium for less than many houses! Forget sea- and tree-change.