Mel­bourne drives na­tion’s growth

China Daily (Hong Kong) - - BUSINESS -

Mel­bourne is re­spon­si­ble for al­most a third of Aus­tralia’s eco­nomic growth, a re­port has found. Aus­tralia’s two most pop­u­lated cities, Mel­bourne and Syd­ney, were re­spon­si­ble for more than half of Aus­tralia’s gross do­mes­tic prod­uct growth in the fi­nan­cial year end­ing in 2016 while re­gional ar­eas con­tin­ued to lan­guish. The Aus­tralian Cities Ac­counts re­port, re­leased by Mel­bourne-based firm SGS Eco­nom­ics and Planning on Tues­day, found that Mel­bourne drove 28.4 per­cent of Aus­tralia’s GDP growth in 2015-16, the high­est fig­ure ever recorded for an Aus­tralian city. Terry Rawsley, an econ­o­mist at SGS Eco­nom­ics and Planning, said that while Mel­bourne con­tin­ued to thrive, re­gional Vic­to­ria’s growth fell by 1 per­cent, rep­re­sent­ing a fourth con­sec­u­tive year of de­cline.

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