The City of Melbourne’s investment body is eclipsing its job creation and economic targets, further cementing Melbourne’s reputation as a world-leading destination to start and grow a business.
In the 2022–23 year, the number of jobs created and capital expenditure generated were 220 and 215 per cent above City of Melbourne targets respectively.
Invest Melbourne supported a pipeline of around 70 major projects which are set to create more than 1,650 jobs and contribute $430 million in capital expenditure to the city.
Invest Melbourne’s support is forecast to generate a $500 million estimated increase in gross local product (GLP) for the city through new jobs, the establishment of new businesses and headquarters, and capital expenditure.
Successful investment projects include:
- Gaia Project – a tech start-up designing innovative solutions for food security in the agtech sector, which has opened a Docklands headquarters employing 5 full-time staff.
- Meals with Impact – a social enterprise providing training and opportunities for culturally and linguistically diverse women, creating 95 placements each year with administrative staff.
- Homm Dessert at Heart – a Thai dessert café working with MasterChef Thailand winner Nuntawat Max Chanyalikit, employing 28 full-time staff.
- MiiLK Cake Studio – an Asian-inspired cake shop on Swanston Street set to open in late July with 10 to 15 full-time staff.
Sixty per cent of the projects supported by Invest Melbourne were in the hospitality and retail sectors, with Council’s Business Concierge service providing assistance to manage permits and licensing applications, as well as general business advice.
Invest Melbourne is currently working across more than 140 projects – which could create or fast-track an estimated 8,000 new full-time jobs across the city and generate around $1.3 billion in capital expenditure.
Within Invest Melbourne, Council’s Business Concierge service is working to make it even easier for traders to operate in the city – with fast-tracked permit approvals, business and marketing support and industry contacts.
For more information on Invest Melbourne, visit City of Melbourne.
Quotes attributable to Lord Mayor Sally Capp
“We’re building momentum as the best place to do business, with Invest Melbourne facilitating three times as many jobs and capital expenditure over the past 12 months than originally predicted. That’s more than 1,600 new jobs and $430 million in capital expenditure.”
“We welcome the ongoing investment from local and international businesses and entrepreneurs signalling confidence in Melbourne’s economy.”
“From the beginning, the Invest Melbourne Board, headed up by chair Amanda Coombs, has been dedicated to supporting businesses to succeed and delivering these positive outcomes for our city.”
“Melbourne is now Australia’s largest capital city and ranks highly on the global scale – seventh in this year’s Global Best to Invest metropolitan locations.”
Quotes attributable to City Activation portfolio lead Councillor Roshena Campbell
“We are doing all we can to make it easier to start and grow a business in Melbourne. Invest Melbourne is working towards halving the time it takes for a new business to open its doors in Melbourne.”
“Our newest investors are joining the many successful, innovative companies choosing to invest in Melbourne’s future.”
Quotes attributable to Business and Global Opportunities portfolio lead Councillor Kevin Louey
“Invest Melbourne is successfully targeting and working collaboratively with new and potential investors from around Australia and across the globe – from small to medium enterprises, through to major capital city projects.”
“We want to amplify Melbourne’s global reputation as a vibrant place for investment and innovation, and the best place to start and grow a business.”