Melbourne Tops List as Most Expensive Night Out in World

The Oasis index, an annual metric from Deutsche Bank's research team, has named Melbourne as the city with the most expensive night out in the world.

The index tracks the cost of five beers and two packets of cigarettes, in US dollars, city by city. This year, Melbourne's Oasis basket comes to US$111.20 (about A$160), slightly ahead of Sydney at US$109.50 (A$157).

However, it's roughly double the equivalent basket in New York - US$54.10 (about A$78).

Economists have been using novelty metrics to track economic trends for decades. The Oasis index, like others such as the hemline index and lipstick index, can give us real economic insights beyond just the cost of a night out.