The Cost of Living Index is 46.0, indicating an affordable cost of living compared to NYC. Groceries (55.1) and restaurant prices (33.7) are also relatively low.

The Property Price to Income Ratio is very high at 37.5 years, indicating a very expensive housing market for purchasing. The Rent Index is 26.6, suggesting rentals might be relatively more affordable than purchasing.

The Purchasing Power Index is 22.1, indicating a low average income and significantly lower purchasing power compared to NYC.

Papua New Guinea has a progressive income tax system for residents, ranging from 22% to 42%. A Goods and Services Tax (GST) of 10% applies, with some essential goods being zero-rated until mid-2026. Property taxes are levied locally on alienated land.

Papua New Guinea was ranked 120 out of 190 economies in the World Bank's 2023 Ease of Doing Business index. The regulatory environment is complex, and corruption remains a significant challenge. Government initiatives are underway to improve the business climate.

Papua New Guinea offers free primary healthcare through government facilities. Formal sector employees benefit from mandatory superannuation funds for old-age, disability, and survivor benefits. However, there is no broad national welfare system, and social security coverage is limited for the large informal sector.

The banking sector in Papua New Guinea is regulated by the Bank of Papua New Guinea and is considered robust and stable. However, no explicit, statutory deposit insurance scheme with a specified coverage limit for general depositors could be identified in recent information.