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Melbourne in the lead

Peter Maltezos's picture
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http://www.theage.com.au/national/australias-economic-triumph-is-a-trium...

Australia's economic triumph is a triumph of cities, with Melbourne in the lead

OCTOBER 21 2017 - 12:01AM John Carroll

Melbourne has been transformed from two decades or so ago, when it was threatened with the rust-bucket status that has befallen equivalent declining manufacturing cities in the United States (notably Detroit). The car industry was contracting, as protective tariffs were reduced. The State Bank of Victoria and a large building society had also just collapsed.

A quarter-century on from 1990, the city is a much more vital and diverse place, with a flourishing economy. Melbourne hasĀ ended Sydney's 30-year run of faster population growth. In 2013, it possessed the four fastest-growing postcodes in the country. And the state has had the nation's healthiest government balance sheet.

Four conditions have combined to generate dynamism - a broad economy, high rates of multicultural immigration, topography, and a fusion of urban cosmopolitanism with suburban localism.

Melbourne in the lead

Greek entrepreneurs have flourished in Australia. Lukumades serves up Greek-style doughnuts with a twist in Melbourne.

Melbourne in the lead

The breadth and depth of the sport-industry cluster in Melbourne brings a competitive advantage.Photo: Wayne Ludbey

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