No universal winner here — it depends on your house, your budget, and how long you're staying. The honest version:
On cost, they're closer than people think: in Sydney a Colorbond re-roof runs about $90–$205/m² supplied and installed, tile re-roofing about $115–$255/m². So metal is usually a touch cheaper to put on, and a lot cheaper to keep.
Tile has weight and a certain look that suits older Sydney homes, it's quiet in rain, and individual tiles are cheap to replace. The trade-offs: it's heavy, the ridge pointing needs upkeep every so often, and porous old tiles soak up water and grow moss.
Colorbond is light, fast to install, sheds water hard, and holds its colour for decades with almost no maintenance. It's noisier in a downpour without good insulation — which we fit as standard, so that's mostly a non-issue.
Rough rule: staying long-term and starting fresh, Colorbond usually wins on lifetime cost and hassle. Matching a heritage streetscape or working with a sound existing tile roof, a restoration keeps the character for less. We'll look at your actual roof and tell you which way we'd go if it were ours.
Figures are general guidance for Sydney and vary with your roof. The only accurate number is a documented on-site quote — which is free.