Published on 3/14/2021
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Melbourne's economy and COVID
Concrete Broker examines COVID 19 and its impact on the Melbourne economy
Source : Melbourne.vic.gov.au
The COVID-19 led recession is sharper and deeper than any other in living memory and is having a disproportionate effect on Melbourne’s economy.
To begin planning the local economy’s recovery, the City of Melbourne sought data on the substantial impact of COVID-19.
A prosperous, liveable Melbourne - before the pandemic
Prior to March 2020, the City of Melbourne’s economy was recognised as one of the world’s most competitive and resilient, with a record Gross Local Product (GLP) of
$104 billion in 2019.
This equated to 37 per cent of the Greater Melbourne economy; 24 per cent of the Victorian economy; and 7 per cent of the Australian economy.
Then came the COVID led Recession
This COVID-led recession is comparable to the impacts from the concurrence of WWI and the Spanish Flu pandemic.
The City of Melbourne and Victoria as a whole are significantly impacted by COVID-19, with monthly job losses threefold higher than those of the 1990s recession.
Victoria lost 128,000 jobs in April 2020, compared to 38,000 jobs in March 1991 (the largest single month job reduction in Victoria in the 1990s recession).
Where to now?
In response to the pandemic, the City of Melbourne moved swiftly to support business and continue delivering essential services. Council has invested $188 million in rapid response initiatives designed to support ratepayers, strengthen the community and rebuild the local economy.
• These initiatives include: $50 million COVID-19 Economic Support Package including a zero net increase in rates this year.
• our Business Concierge Service has had more than 11,000 contacts with small businesses helping them access COVID-19 grants and advice
• $5.5 million in financial support for small to medium sized businesses to invest in online and e-commerce capabilities, take part in training and professional development, and undertake capital works projects
• a $175.8 million capital works budget, including the Queen Victoria Market renewal project, climate action initiatives and community and cycling infrastructure
• free temporary parking permits for up to 15,000 frontline workers
• fast-tracking the delivery of 40 kilometres of protected bike lanes to help people travel safely into the city once restrictions allow
• 150,000 new trees and shrubs planted throughout the municipality, as part of our Greening the City program, which has created 64 jobs
• cleaning to improve public hygiene, including a focus
on sanitisation, cleaning surfaces that are touched often, removing litter and increasing street sweeping
• $17 million investment in arts grants and arts organisations
• extended hours for construction activity to fast-track the completion of projects and protect jobs.
These substantial investments provide solid foundations for the city’s recovery, and we are proud of our hard work. However, local government is facing an unprecedented task. Stimulating a broad and enduring recovery in a major capital city will require support from and partnerships with all levels of government.
If we jointly accelerate the economic recovery, Melbourne will again be one of the world’s most prosperous and liveable cities.
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