• Projected population growth

    • Melbourne
    • Sydney
    Economy $ US billions
    Victoria 313
    Singapore 295.7
    New Zealand 181.3

    Source: ABS Cat 3222.0 Population Projections, Australia, 2012 (base) to 2101

    Melbourne is predicted to become Australia's largest city as early as

    1.03.A-v01r02-ChartLarge.png

    4.9 million people and growing

    Melbourne is a thriving market, rapidly growing in size. We have an affluent society of over 4.9 million people with a strong demand for goods and services.
    Melbourne's population has grown more quickly than any other Australian city over the past 10 years. If trends continue as predicted, Melbourne could overtake Sydney as Australia's largest city by 2030.

  • Size of economy in US$

    Economy US$ billions
    Victoria 374.736
    Singapore 296.966
    New Zealand 185.017

    Source: ABS cat. no. 5220.0, AustralianNational Account , State account 2016-17 and World bank GDP ranking table 2016

    1.03.B-v01r03-ChartLarge.png

    An economy larger than Singapore or New Zealand

    Victoria is a key contributor to Australia's status as the 13th largest economy in the world.

    Outstripping national economies such as Singapore, Hong Kong and New Zealand, in 2016-17, our state economy generated A$399 billion or US$ 347.7 in Gross State Product (GSP). As a state economy, Victoria is larger than most South East Asian nations.

  • The heart of economic activity

    Melbourne is in the middle of the Australian south east triangle—a heavily concentrated area of economic prosperity—with access to 71% of Australia's population and 70% of economic activity. The Australian south east triangle has a combined economic output of over A$1 trillion. The Asia Pacific is home to over 4.5 billion people and a total economy of over US$27.1 trillion.8

  • Permanent settlers to Victoria 2016/17*

    Back
    Country Permanent settlers to Victoria 2014/15*
    India 9625
    China 9017
    United Kingdom 3525
    Philippines 2094
    Pakistan 1960
    Vietnam 1949
    Sri Lanka 1384
    Malaysia 843
    Ireland 755
    Iran 724
    Afghanistan 621
    Thailand 452
    United States 409
    Other countries 11949

    Sources: State and Territory migration summary, June 2017.

    1.03.D-v02r03-ChartLarge.png

    More than 183,000 international migrants in the year ended March 2017

    Victoria is the fastest growing state in Australia, recording population growth of 2.4 per cent during the year ended 31 March 2017.3 Underpinning this rapid increase is strong international migration flows into the state, with over 183,000 new migrants3 welcomed in the 2016/17, predominately from India, China and United Kingdom.4 Victoria is forecast to attract an additional 2.7 million people through net international migration over the period to 2051.5

The Victorian economy is one of the largest in South East Asia, with an increasing population and strong international migration inflows supporting a regionally significant and growing market for goods and services.

Melbourne is a thriving city of over 6.4 million people. Our population has grown faster than any other Australian city over the past 10 years.1 If trends continue as predicted, Melbourne could overtake Sydney as Australia's largest city by 2030.2

We are also the fastest growing state in Australia, recording population growth of 2.4 per cent during the year ended 31 March 2017.3 Underpinning this rapid increase is strong international migration flows into the state, with over 83,000 new migrants3 welcomed in the year ended March 2017, predominately from China and India.4 Victoria is forecast to attract an additional 2.7 million people through net international migration over the period to 2051.5

Our growing population sits in the centre of Australia's bustling geographic cluster, the Australian south-east triangle. It's a heavily concentrated area of economic prosperity with access to 71 per cent of Australia's population and 70% of economic activity. The Australian south-east triangle has a combined economic output of over A$1 trillion.6

Victoria is a key contributor to Australia's status as the 13th largest economy in the world.7 A key player in the world's fastest growing region, the Asia Pacific is home to over 4.5 billion people and a combined economy of over US$27.2 trillion.8

In the year to September 2017, Victoria has seen an increase in total construction work done of $1.37 billion (up 13 per cent) while Australia has seen an increase in total construction work done over the same period of $14.3 billion (up 30.1 per cent).9

Melbourne will soon have Australia's tallest skyline, with more than 140 skyscrapers higher than 100 metres completed, planned or under construction.  Melbourne has about a third more land within a 3.5 km radius of the city centre than Sydney, allowing for more development.10


Source:

  1. ABS, cat. no. 3218.0, March 2017
  2. ABS, cat. no. 3222.0, November 2013
  3. ABS, cat. no. 3101.0, September 2017
  4. State and Territory migration summary, June 2016.
  5. DELWP, Victoria in Future 2016.
  6. ABS, cat no. 3101.0, September 2017 and cat. no. 5220.0, November 2017
  7. IMF, World Economic Outlook Database, 2017.
  8. United Nations, Economic & Social Commission for Asia and the Pacific, May 2018.
  9. ABS, cat. no. 8755.0 – Construction Work Done, September 2017.
  10. Skyscraper Centre as at 6 December 2017.