From top rankings in liveability, healthcare and higher education and a low ranking in economic risk, there are plenty of compelling reasons why Melbourne is a great place to do business in 2018.
- Global companies calling Melbourne home
Five of the top 10, and 32 of the top 100 Australian companies are headquartered in Melbourne. Foreign companies choosing Victoria for their Australian headquarters include BP, ExxonMobil, VIVA Energy Australia, Toyota, Cargill and Glencore Grain.
- Tech savvy
Tech giants Clique, CyberGym, Eventbrite, GoPro, Square, LiveTiles and Zendesk all have their regional headquarters in Melbourne.
- World’s most liveable city
The Economist Intelligence Unit’s 2017 Global Liveability Index, assessing living conditions in 140 cities globally, awarded Melbourne the top city for the seventh year running. The city has consistently ranked as one of the world’s three most liveable cities since the Index began in 2002.
- Higher education leader
A surge in global demand for education services will see over seven million tertiary students studying outside of their country of citizenship by 2020, and Melbourne is in prime position to capitalise on that demand. In 2017, QS Best Student Cities awarded Melbourne as Australia’s best student city and the fifth best in the world, while Times Higher Education World University Rankings awarded Melbourne the highest ranked university in Australia and the third highest in the Asia Pacific. Over half of all Victorians aged 15-64 hold some form of post-secondary qualification, while over one quarter have a university degree, according to the ABS.
- Strong demand for goods and services
Melbourne’s 4.6 million population is growing so rapidly that if trends continue as predicted, Melbourne could overtake Sydney as Australia’s largest city by 2030. At state level, Victoria has the 13th largest economy in the world – larger than the economy of Singapore, Hong Kong or New Zealand – and it welcomed over 83,000 new migrants in the year ended March 2017, predominantly from China and India. By 2051, it’s forecast to attract 2.7 million more people through net international migration.
- Low economic risk
Melbourne is projected to have low economic exposure risk compared to other major and regional financial cities according to Lloyd’s City Index 2015-2025, which measures 18 economic exposure threats including: market crash; cyberattack; flood; human pandemic; solar storm; power outage; wind storm; plant epidemic; freeze; sovereign default; heat wave; terrorism; earthquake; drought; oil price shock; volcano; tsunami; and nuclear accident. Melbourne has also received a perfect score for healthcare for each of the past five years by The Economist Intelligence Unit (EIU) Liveability Index.