Melbourne closes on Sydney as nation's economic powerhouse

Melbourne is driving national economic growth on the back of burgeoning finance, construction and health services, with forecasts it will challenge Sydney as the Australian economy’s most important city.

Melbourne contributed 40% of the nation's economic growth over the past year and is tipped to close the gap on Sydney as Australia's economic centre.Australian GDP expanded by 1.9 per cent but Melbourne’s own GDP lifted by 4 per cent. Sydney GDP at $461 billion grew by 2.6 per cent, its lowest rate since 2012-13, to account for a third of national growth.Adelaide’s GDP, though much smaller than Sydney's, grew substantially faster while Brisbane’s GDP lifted by 2.6 per cent.

“There was broad-based growth across Melbourne with healthcare and professional services the largest contributors.”In 1999, more than than 14 per cent of Melbourne’s GDP was attributable to the manufacturing sector. That has collapsed to just 6 per cent. The report follows separate analysis by British-based Oxford Economics which predicts Melbourne will continue to grow in financial importance while Sydney will ebb.

Go ahead and boom! Stock up on unsustainable debt. Live the lie of more towers and congestion.

Good and lets hope all they take the brunt of the population explosion and save poor old over crowed Sydney from more population squeeze and apartment 'living'.

Victoria has sold off most of Victoria's assets to help reduce our taxes.......prefer long term economics not State labor's Socialist Boom and Bust policy.........

Melbourne food sports entertainment lower crime rates spring summer autumn winter all mixed.

Haha all the Melbourne haters as usual from Shydney..never mind you still have your bridge!

We here in Melbourne are satisfied with being superior in meaningful ways, like coffee and sporting events.

It’s not and should not be a competition.

I knew decades ago this would happen.

Wow lots of non Melbournians commenting on the thread. This is what progress looks like, a government who delivers what they promise. We don’t take bull shit from others...

Melbourne imports slave labor from third world countries and calls it 'diversity' and 'showing empathy'. They are a Globalist example of what the NWO wants the world to be. Eliminate the borders, the family and the middle class. Give Sanctuary to non citizens and increase taxes.

Don’t know the health services part of your story...we’re short of at least 2 major public hospitals and the existing ones are always at full capacity. DanielAndrewsMP

melbourne's probably got the edge when it comes to number of folks sleeping rough

It’s debt is also booming which will impede future growth

Big shout out to all those people on the melbourne freeways today

Gridlocked roads...

melbourne has become the crime hotspot of australia

Australia Latest News, Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Sydney teens named as volcano victimsThe names of three more victims from last week’s volcanic disaster off the coast of New Zealand have been released but police reveal two bodies may never be recovered.
Source: newscomauHQ - 🏆 9. / 77 Read more »

Sydney father formally named as victim of deadly volcanoNew Zealand police today released the identities of four people killed in Monday&x27;s volcanic eruption on White Island.
Source: 9NewsAUS - 🏆 10. / 72 Read more »

Smoke reported and chutes deployed as Qantas plane evacuated at Sydney airportPassengers onboard a Qantas flight from Sydney to Perth have been forced to evacuate via slides after the cabin reportedly began filling with smoke. Wth is happening with Qantas! CEO needs to go Time for proper investigations ffs Are you waiting for the planes to fall out of the sky again?Qantas Is that how Sydney is getting rid of the smoke problem SydneyIsChoking
Source: SBSNews - 🏆 3. / 89 Read more »

Sydney set for a smoky Sunday, with temperatures of 40C predicted for week aheadBushfire smoke will again settle across the Sydney Basin, the RFS says, and temperatures are forecast to hit the high 40s in some parts of NSW later this week. yeah but Can you send summer down to Victoria? LilyCardis
Source: SBSNews - 🏆 3. / 89 Read more »

Sydney 'front and centre' of burgeoning co-living trendThe Australian market for co-living - a 21st century spin on boarding houses - has more than trebled in the past year | niltiac niltiac Co living ? 🙄 We called in boarding and flatting ... lived in a boarding house in Strathfield in my first year in Sydney, 1969 then a few of us got a flat . Great times. 😂 niltiac Yeah nah no thanks. niltiac Once upon a time 'co-living' people were called 'flatmates'. 😂🤣
Source: smh - 🏆 6. / 80 Read more »

Sydney and Melbourne's links to Hong Kong's troubled metro train systemMelbourne and Sydney's rail network both have franchises from Hong Kong's rail operator, MTR. Will the city's ongoing unrest derail our services? overreach
Source: abcnews - 🏆 5. / 83 Read more »