A great place to do business
Ideally positioned for both US companies and Asian markets
Melbourne is 17 hours ahead of PST: while today in San Francisco is drawing to a close, tomorrow is just beginning here - and that means US firms with operations here get to double their daily productivity.
Melbourne is the fastest growing city in the sizeable and affluent Australian market, and two to three hours ahead of Asia. Firms with operations here are closer to their Asia Pacific customers and markets.
It's easy to set up business in Melbourne with simple, transparent government processes. Low costs and a stable governmental and economic environment, provide a sound foundation on which your business can thrive.
A global city
AT Kearney positions Melbourne as a significant and rapidly developing centre in their eighth Global Cities Report2. The report assesses world cities’ current capability and future potential. Against criteria such as business activity, innovation, governance, wellness and lifestyle, Melbourne’s global ranking has improved by 15 places over the last 6 years – the most dramatic increase of any of the 135 cities. The report also includes Melbourne in its nine ‘fastest cities’ on the basis of its ranking across the 13 criteria. Most notably Melbourne leads the fastest nine for personal well-being.
Legal and governance frameworks
Australia's sound legal and governance framework and political stability, provides a secure investment and business environment. Australia ranks in the top 10 countries globally for rule of law3 and ranks highly for fair administration of justice, safeguard of personal security and protection of property rights.2
Australia ranks in the top seven percent of countries for overall ease of doing business1 and has one of the most transparent and well-regulated business environments in the world. We are one of the top countries for finance and banking regulation, regulatory compliance, and management of financial system risk.2
A sizeable market
Victoria is a key contributor to Australia's status as the 13th largest economy in the world. As Melbourne's population is growing faster than Sydney, by 2030 Melbourne will be the largest city in Australia.
Melbourne's economy is bigger than those of 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).
Low cost of doing business in Melbourne
Melbourne's office leasing costs, land prices and utilities costs are amongst the lowest in Australia. Meanwhile, Australia's tax burden is among the seven lowest of all OECD countries and the lowest in the Asia Pacific region and the state-defined payroll tax in Melbourne is the second lowest of all Australian states.
General security environment
Melbourne is projected to have low economic exposure and risk compared to other major and regional financial cities according to Lloyd's City Index which measures 18 economic exposure threats, including market crash, cyber attack, flood, human pandemic, solar storm, power outage, wind storm, plant epidemic, freeze, sovereign default, heat wave, terrorism, earthquake, drought, oil price shock, volcano, tsunami and nuclear accident.7
Ease of investing
We have a rich history of welcoming foreign-owned companies. Foreign companies choosing Victoria as the location for their Australian headquarters include BP, Toll Holdings, Exon Mobil, Energy Australia, Toyota, Daimler Australia, BUPA, Holden, Cargill and Asahi Holdings.
Five of the top 10, and 36 of the top 100 Australian companies chose to establish their headquarters in Melbourne.
Australia has well established open-market policies, and large global trade and investment flows. We are ranked fifth highest on the Index of Economic Freedom, reflecting Australia's high trade, investment and financial freedoms.6
Access to world markets
Australia's free trade agreements provide Victorian businesses and greater and more profitable access to world markets such as Japan, China, Korea, ASEAN countries, Thailand, Singapore and Chile, Peru and parties to the Trans Pacific Partnership Agreement.
And when it comes to getting product to international markets, Melbourne's transport infrastructure including Australia's only major 24/7 airport. the country's largest seaport and low cost and efficient road and rail networks all come together to make logistics another reason for establishing business in Melbourne.
What to do now
Start a conversation with our investment team about the potential of Australia's tech city for your company.
- ATKearney Global Cities Report 2017
- IMD World Competitiveness Yearbook 2017.
- World Bank, Worldwide Governance Indicators 2016.
- Austrade, Why Australia: Benchmark Report 2018.
- Reserve Bank of Australia, as at July 2017.
- The Wall Street Journal & Heritage Foundation, Index of Economic Freedom 2018.
- Lloyd's City Risk Index 2015-2025