Australia's fastest-growing city, Melbourne, has again been recognised as the best city in the world to live, topping the Economist Intelligence Unit's (EIU) Global Liveability Index for the fifth year in a row.

The EIU's Liveability Ranking assesses living conditions in 140 cities across the globe by assigning a rating across five broad categories, including: stability; healthcare; culture and environment; education; and infrastructure.

Melbourne has consistently appeared in the top five cities since the ranking's inception in 2002, and has taken out the top spot in the index for the past five years in a row.

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The five most liveable cities are:

Rank City Overall Rating (100=ideal)
1 Melbourne 97.5
2 Vienna 97.4
3 Vancouver 97.3
4 Toronto 97.2
=5 Adelaide 96.6
=5 Calgary 96.6

Source: Economist Intelligence Unit

The report is derived from an extensive economic, financial, political and business risk analysis of over 203 countries worldwide.

Victorian Commissioner to China, Tim Dillon said Melbourne's much vaunted liveability was largely due to consistent investment in infrastructure.

"Over the past decade, Government investment in infrastructure has doubled, with increased investment in roads, public transport, health, schools and other infrastructure.  In 2015-2016, the government will invest A$5.4 billion in the state's health and education system, further enhancing our world-leading reputation,"  Mr Dillon said.

"In the 2015-2016 Victorian State budget, A$22 billion has been committed to infrastructure investment including the commencement of the Melbourne Metro Rail project, removal of 50 dangerous railway level crossings and the Fishermans Bend* development zone to undergo further expansion with the addition of a new "employment precinct - A$570 million in apartments have been approved."

"Melbourne's quality of life is world-renowned and we will continue to work closely with Australian and international businesses to facilitate new investments that will create more jobs and build an even better, more prosperous Victoria," Mr Dillon said.

Melbourne has recently undergone a branding overhaul, allowing it to more effectively showcase its attractions nationally and overseas as Victoria competes for trade and investment, tourism, migration, major events and education.  Best of everything perfectly describes Victoria's many strengths – the world's most liveable city, the best sports and major events, the best artists and creative minds, the best universities and schools, the best entrepreneurs and ideas, and the best regions and natural wonders – all in one place.

* Fishermans Bend is located on the south of the Yarra River near the suburb of Port Melbourne.