Economy
Melbourne has a highly diversified economy with particular strengths in finance, manufacturing, research, IT, education, logistics and transportation and tourism.Melbourne is headquarters for many of Australia's largest corporations, including five of the ten largest in the country (based on revenue), and five of the largest six in the country (based on market capitalisation) (ANZ, BHP Billiton (the world's largest mining company), the National Australia Bank, Rio Tinto and Telstra); as well as such representative bodies and thinktanks as the Business Council of Australia and the Australian Council of Trade Unions. The city is home to Australia's largest and busiest seaport which handles more than $75 billion in trade every year and 39% of the nation's container trade. Melbourne Airport provides an entry point for national and international visitors, and is Australia's second busiest airport.
Melbourne is also an important financial centre. Two of the big four banks, NAB and ANZ, are headquartered in Melbourne. The city has carved out a niche as Australia’s leading centre for superannuation (pension) funds, with 40% of the total, and 65% of industry super-funds including the $40 billion-dollar Federal Government Future Fund. The city was rated 34th within the top 50 financial cities as surveyed by the MasterCard Worldwide Centers of Commerce Index (2007), between Barcelona and Geneva, and second only to Sydney (14th) in Australia.
Melbourne is Australia's industrial centre. It is the centre of Australia's automotive industry, which includes Ford and Toyota manufacturing facilities, and the engine manufacturing facility of Holden and parts suppliers. It has the Australian automotive headquarters and design centres. It is also home to a very wide variety of other manufacturers, ranging from petrochemicals, aircraft parts and pharmaceuticals to fashion garments, paper manufacturing and food processing.
It is a major international centre for biotechnology, and is the base of such companies as CSL and Biota. Melbourne has an important ICT industry that employs over 60,000 people (one third of Australia's ICT workforce), with a turnover of $19.8 billion and export revenues of $615 million. In addition, tourism also plays an important role in Melbourne's economy, with approximately 7.6 million domestic visitors and 1.88 million international visitors in 2004 In 2008, Melbourne overtook Sydney with the amount of money that domestic tourists spent in the city. accounting for around $15.8 billion annually Melbourne has been attracting an increasing share of domestic and international conference markets. Construction began in February 2006 of a $1 billion 5000-seat international convention centre, Hilton Hotel and commercial precinct adjacent to the Melbourne Exhibition and Convention Centre to link development along the Yarra River with the Southbank precinct and multi-billion dollar Docklands redevelopment.
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Famous quotes containing the word economy:
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)