Melbourne is on track to turbocharge its economy, create thousands of new jobs and boost the city’s residential population, according to the City of Melbourne’s latest economic analysis.
At Tuesday’s Future Melbourne Committee meeting, councillors will consider the progress made against the Economic Development Strategy 2031.
If endorsed, Council will set ambitious interim targets for the 2023–24 financial year, including:
- a Gross Local Product (GLP) of $120 billion
- 525,000 jobs in the city
- a productivity measure of a $229,000 contribution to GLP for each job (on average) in the city
- a shopfront vacancy rate of less than 5 per cent
- Prior to the pandemic, the city’s economy was growing strongly – with GLP in 2019–20 up on the previous year, despite the early impacts of COVID-19.
Council’s work to entice people back to the city through a range of major events and activation initiatives has generated significant momentum, ensuring the city’s economy is in a strong position to recover and grow.
Melbourne’s shopfront vacancy rate has recovered from 31.2 per cent in November 2021 (including shops closed due to COVID-19) to 17 per cent in September 2022 – with initiatives such as the City of Melbourne’s Shopfront Activation Program, delivered in partnership with the State Government, building confidence in the city’s sustained bounce back.
Over the next 18 months, Council will continue its focus on city activation, as well as work to attract new investment and create jobs.
A number of key growth sectors will be targeted – including financial and insurance services; professional, scientific and technical services; and information, media and telecommunications.
Council will report back on its progress towards the Strategy’s interim targets next year.
Quotes attributable to Lord Mayor Sally Capp
“Our Economic Development Strategy 2031 sets out a range of ambitious but achievable targets to ensure we continue to grow our economy for the benefit of all residents and businesses.”
“We don’t just want to meet economic targets, we want to exceed them – because that means a stronger and more magnetic Melbourne.”
“Only in the city can you find the best jobs – from our renowned hospitality and retail scene, to new tech start-ups and big-brand headquarters.”
“Despite the significant challenges of COVID-19, we’ve showed our resilience and managed to strengthen our economy – a promising sign for the city’s ongoing recovery and future.”
“It’s clear the work we’re doing to attract new investment, create jobs and support traders is paying dividends – including the work of Invest Melbourne and our Business Concierge service.”
Quotes attributable to City Activation portfolio lead Councillor Roshena Campbell
“As a council, we are focused on city activation that boosts visitation, spending and activity across the city because we know this is critical to Melbourne’s economic performance.”
“We are committed to tracking our progress against economic targets to make sure we’re investing in the right programs and initiatives to attract more people into the city and support our local traders.”