Melbourne's economy

Australia's No. 1 Seaport

Melbourne is home to Australia's busiest seaport with international freight as an important industry. The city's port handles more than $75 billion in trade every year and 39% of the nation's container trade.

Manufacturing

Much of Australia's automotive industry which include Ford and Toyota manufacturing facilities, and the engine manufacturing facility of Holden is based in Melbourne. It is home to many other manufacturing  industries.  

Technology Hub

Melbourne is also a major technology hub, with an ICT industry that employs over 60,000 people (one third of Australia's ICT workforce), has a turnover of $19.8 billion and export revenues of $615 million.

An Asia-Pacific Financial Centre

Melbourne retains a significant presence of being a financial centre for Asia-Pacific. Two of the big four banks, NAB and ANZ, have their headquarters in Melbourne. The city has carved out a niche as Australia’s leading centre for superannuation (pension) funds, with 40 per cent of the total, and 65 per cent of industry super-funds. Melbourne is also home to the $40 billion-dollar Federal Government Future Fund.

Melbourne rated 34th within the top 50 financial cities as surveyed by the Mastercard Worldwide Centers of Commerce Index (2007), between Barcelona and Geneva, and second only to Sydney (14th) in Australia.

Tourism

Tourism plays an important role in Melbourne's economy, with approximately 7.6 million domestic visitors and 1.88 million international visitors in 2004. In 2008, Melbourne overtook Sydney as the nation's leading tourism destination.

Headquarters

The city is headquarters for many of Australia's largest corporations, including five of the ten largest in the country (based on revenue) (ANZ, BHP Billiton, the National Australia Bank, Rio Tinto and Telstra); as well as such representative bodies and thinktanks as the Business Council of Australia and the Australian Council of Trade Unions.

Recent Infrastructure Projects

Most recent major infrastructure projects, such as the redevelopment of Southern Cross Station (formerly Spencer Street Station), have been centred around the 2006 Commonwealth Games, which were held in the city in March 2006. The centrepiece of the Commonwealth Games projects was the redevelopment of the Melbourne Cricket Ground, the stadium used for the opening and closing ceremonies of the Games. The project involved rebuilding the northern half of the stadium and laying a temporary athletics track at a cost of $434 million.

More recently, EastLink the new tollway between Mitcham and Frankston connecting the Eastern, Monash and Frankston Freeways, and bypasses more than 45 traffic lights was completed.

International Conferences

Melbourne has also been attracting an increasing share of domestic and international conference markets. Construction began in February 2006 of a $1 billion 5000-seat international convention centre, Hilton Hotel and commercial precinct adjacent to the Melbourne Exhibition and Convention Centre to link development along the Yarra River and the Southbank precinct  and multi-billion dollar Docklands redevelopment.

                                                                                    

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