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Melbourne's Second Speed Economy

December 2006

Bob Birrell, Ernest Healy and T. Fred Smith

Could Melbourne be left behind as the resource rich states of Western Australia and Queensland siphon off capital and manpower? So far it has not happened. Melbourne has ridden on the back of a property and associated construction and business services boom. The Victorian Government has successfully pursued policies of high population growth and cheap land and housing in order to keep the boom going. The report questions whether these policies will continue to work.

While the property boom has been bubbling, Melbourne's manufacturing industries have experienced a severe contraction in the face of international competition. What is there to take replace this loss? The Bracks Government has a vision of Melbourne as a global centre for innovative hi-tech industries. It has invested heavily in scientific infrastructure, including the $157 million Australian National Synchrotron. The prospects for this vision are explored through case studies of key industries located in Melbourne. The report documents the successes and failures.

The analysis builds on unpublished labour force data. Its ideas are tested via a systematic comparison with Sydney. It concludes that Melbourne could well follow Sydney's recent pathway into troubled economic waters.

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