City of Melbourne economy tops $100bn a yr

The City of Melbourne claims it now an economy bigger than Tasmania, NT and the ACT combined.
The City of Melbourne claims it now an economy bigger than Tasmania, NT and the ACT combined.

The City of Melbourne claims it now an economy bigger than Tasmania, Northern Territory and the ACT combined, after topping $100 billion for the first time.

Its Gross Local Product (GLP) grew more than five per cent to $100.3 billion, according to 2018 Census of Land Use and Employment complied by the council and released on Monday.

"Incredibly our $100.3 billion GLP is more than the gross state product of Tasmania, the Northern Territory and the ACT - a combined $96 billion," Melbourne Lord Mayor Sally Capp said in a statement.

There were more than 479,200 jobs in Melbourne across 16,8000 businesses in 2018. An extra 51,600 jobs have been generated in Docklands in the 10 years to 2018.

"Despite the well-known teething problems with such an ambitious urban renewal project, Docklands is now a crucial hub for job creation in our city," Ms Capp said.

"The employment growth in Docklands shows confidence in the future of the city's economy."

An extra 12,620 new dwellings have also been added to the CBD in the past decade, the report said.

Australian Associated Press