The minimum wage in Australia is one of the highest in the world at $17.70 per hour.
The exchange rate is $1,000 US to 1,36.60 AUD.
That is the equivalent of $12.96 in US dollars.
With me so far?
So, the price of fast food in Australia must be a lot higher than it is in the USA, right?
Cost of a big mack in Australia: $4.95. Cost of a big mack in the USA: $3.99. Cheaper, right? Oh, wait, that exchange rate again: $3.99 x 1.3660 = $5.45 in Australian dollars.
So, using the official exchange rate, a big mack costs 45 cents more in the USA, where the minim wage is $7.25, than it does in Australia, where the minimum wage, in US dollars, is $12.96 per hour.
OK, those are the facts. What is your opinion?