Exclusive: 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 | swrighteconomy
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.
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