The 1880s saw extraordinary growth: consumer confidence, easy access to credit, and steep increases in land prices led to an enormous amount of construction. During this "land boom", Melbourne reputedly became the richest city in the world, and the second-largest (after London) in the British Empire.
The discovery of gold in Victoria in 1851 led to the Victorian gold rush, and the city grew rapidly. By 1865, it had overtaken Sydney as Australia's most populous city. This economic boom peaked during the 1880s and Melbourne had become the richest city in the world.
Sydney. Sydney rounds out the top 10, with 126,900 millionaires. This makes the city Australia's wealthiest.
as the city with the most residents in Australia. In the 1880s, when this economic expansion was at its height, Melbourne became the world's wealthiest major metropolis. In 1891, the city's economy collapsed, putting an end to the brazen optimism that had defined it.
With 126,900 millionaires, Sydney made it to number 10 with the report noting especially strong growth in wealth in the Harbour City over the past 20 years, making it Australia's wealthiest city.
Mungallala Methodist Church was built in 1964. It has now closed. In 2016, the Australian Taxation Office listed Mungallala as having the lowest mean taxable income by postcode, making it the poorest town in Australia, which led the ABC to do a documentary on the town for their online "storyhunters" program.
Sydney regains the top spot as Australia's largest city for 2021, but Melbourne is close on its heels.
Released by the Economist Intelligence Unit, the title is awarded to the city with the highest score for stability, healthcare, culture and environment, education and infrastructure. Melbourne achieved a perfect score for education (100/100) and infrastructure (100/100).
The Australian Bureau of Statistics rankings, released on Thursday, are based on the latest Socio-Economic Indexes for Areas (SEIFA), compiled using data from the 2021 census. The list of the most advantaged suburbs is dominated by locations in Melbourne's inner east, such as Toorak, Brighton and Malvern.
Melbourne had many unofficial names in its first years, including Batmania, Barebrass, Bearport, Dutergalla, Bareheep and most popularly "the Settlement".
Australia's most liveable city
The Economist Intelligence Unit (EIU) assessed more than 170 cities across categories such as stability, health care, culture, environment, education and infrastructure. Melbourne achieved a perfect score for education (100/100) and infrastructure (100/100).
Queensland has the best-performing economy in Australia, according to CommSec's latest State of the States report. The Sunshine State has been named the top-performing state economy, thanks to strong population growth, a solid job market and overseas demand for energy resources, such as coal and natural gas.
Melbourne and St Petersburg established the partnership in 1989, when the Russian city was still known as Leningrad and before the collapse of the Soviet Union in 1991. Councillor Rohan Leppert also condemned the war in Ukraine but said the decision to end the sister city relationship was a challenging one.
Establishment of Melbourne
Both Batman and Fawkner settled in the new town, which had several interim names, including Batmania and Bearbrass, before being officially named Melbourne on 10 April 1837 by Governor Richard Bourke in honour of the British Prime Minister, Lord Melbourne.
Top millionaire hotspots
New York City wears the crown as the world's top city with the most millionaires in 2023.
These are the reasons why it seems expensive
Melbourne provides quite large area zones of living. This spreads nearly 10,000 km2 (3,800 sq miles), which comprises the broader metropolitan areas. The outer suburbs are often managed with poor and/or limited infrastructure.
Toorak. Big surprise, right? Toorak has long been one of Melbourne's most affluent suburbs, with wealthy entrepreneurs and athletes calling it home.
Melbourne has some of the richest suburbs in the country and Toorak is considered the most expensive one. The median price for units and houses is highest in Toorak. The market average price for houses and units is higher in Toorak, East Melbourne, Main Ridge, Brighton, and Middle Park.
So… is Melbourne better than Sydney? Melbourne is good for culture, sport, food, nightlife and day trips. Yet, Sydney's weather is more consistent, the beaches are nowhere near as good (thankfully there's plenty of other ways to spend a summer weekend in Melbourne) and the transport links to the airport kinda suck.
Melbourne is one of the most cosmopolitan and multi-cultural cities in the world. We have outstanding arts, food and wine, Australia's best shopping, and diverse sporting and leisure opportunities.
We're here to answer the question, Should I Visit Melbourne or Sydney? Both cities offer a unique Australian flavour, yet they are so different. Melbourne is considered the cultural capital of the country, while Sydney's undeniable landscapes, weather and nature always remains an allure to travellers.
There are also a number of terms for Australia, such as: Aussie, Oz, Lucky Country, and land of the long weekend.
Australia ranks amongst the highest in the world for quality of life, health, education, economic freedom, civil liberties and political rights.