Our new Economic Development Strategy – The Melbourne Advantage – proposes a bold ambition: to make Melbourne the Asia-Pacific's city of choice for innovation, talent and opportunity.

Melbourne’s economy created $127 billion in value during 2023-24 and its 22 per cent share of Victoria’s economy continues to increase.

With a strong knowledge-based innovation economy, world-class retail and hospitality, leading universities, and a vibrant cultural scene, the city has maintained an average growth rate of almost 5 per cent over the last two decades.

The time is right to capitalise on Melbourne’s strengths and embrace our current and future opportunities. The Melbourne Advantage, through its focus on innovation, talent and business attraction, ramping up our already vibrant central city and prioritising our competitiveness and liveability will advance the city both locally and globally.

Developed through extensive consultation with industry and government stakeholders, we asked for community feedback on the draft during April and May 2025. Your contributions were invaluable and helped shape both our short and long-term goals, ensuring that everyone is included in the benefits of the city’s continued growth.