New research has revealed the City of Melbourne’s economy was worth $104 billion prior to the COVID-19 pandemic.
Lord Mayor Sally Capp said early data from the Census of Land Use and Employment (CLUE) for 2019 shows Melbourne reached a record $104 billion Gross Local Product (GLP) after passing the milestone $100.3 billion GLP for the first time in 2018.
“When Melbourne is strong we know that Victoria is strong. Before COVID-19 hit, our local economy was bigger than Tasmania, the Northern Territory and the ACT combined,” the Lord Mayor said.
“Our central city economy is usually home to almost 500,000 jobs. These jobs are substantially from professional workers across business services, professional services and research institutes.
“People are drawn to the city economy, with the CBD alone supplying more than 240,000 jobs. Docklands was really coming of age and is home to more than 72,000 jobs.”
The Lord Mayor welcomed the $20 million in targeted support for CBD businesses announced by the State Government but said further stimulus will be needed in the coming months to kick-start Melbourne’s recovery.
“We’re preparing a package of infrastructure projects to present to the Australian and Victorian governments. These shovel-ready projects would create jobs, stimulate our economy and protect Melbourne’s liveability,” the Lord Mayor said.
“We need a plan for recovery that allows the safe return to workplaces that is specific to different industries across the city.”
The Lord Mayor said many of Melbourne’s previous strengths had been hit hard by the necessary measures taken to slow the spread of the virus.
“Melbourne is a city that specialises in bringing people together for simple delights such as lingering over coffee and cocktails in tiny Bohemian bars, boutique shopping after a show, sharing joy or heartbreak in a pulsating stadium and getting amongst it for a late night with friends enjoying a few drinks and live music,” the Lord Mayor said.
“Residents and visitors can enjoy any number of amazing restaurants that grace our big and little streets. In good times, all of this has been an unmatchable strength.
“The central city is facing unique challenges so we need to make sure we are open for business as soon as the restrictions lift.”
The full CLUE report for 2019 will be released later this year.
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