Apart from the obvious, Tokyo, Geneva etc, In Hong Kong a flat that an Australian homeless person wouldn't live in is 1,000,000 AUD, western style groceries are on average 30% more expensive than Oz and fuel is nearly 2$ a litre, I think Australia has a ways to go. Don't even go down the tax road, as an expat in HK you get almost nothing for your 16%, not even clean air.
I should add, I'm not the slightest bit happy with the tax system and yes, the cost of living is getting ridiculous by Oz standards.