ALCOHOL has become cheaper than bottled water in New Zealand, a study showed on Friday, with researchers warning there could be major implications for public health. Otago University researchers found wine cost as little as NZ$0.62 (S$0.54) per standard drink, compared to NZ$0.67 for 250ml of bottled water and NZ$0.43 for the equivalent amount of milk. The study, published in the New Zealand Medical Journal, also found the relative price of alcohol had plummeted over the past decade as average wages increased.