City of Melbourne Council has reported its investment body, Invest Melbourne, is eclipsing local job creation and economic targets.
In the 2022–23 year, the number of jobs created and capital expenditure generated were 220 and 215% above Council targets respectively, said Lord Mayor, Sally Capp.
The Council’s investment arm supported a pipeline of around 70 major projects which it says are set to create more than 1,650 jobs and contribute $430 million in capital expenditure to the city.
“We’re building momentum as the best place to do business, with Invest Melbourne facilitating three times as many jobs and capital expenditure over the past 12 months than originally predicted. That’s more than 1,600 new jobs and $430 million in capital expenditure,” said Lord Mayor Capp.

“We welcome the ongoing investment from local and international businesses and entrepreneurs signalling confidence in Melbourne’s economy.”
“From the beginning, the Invest Melbourne Board, headed up by chair Amanda Coombs, has been dedicated to supporting businesses to succeed and delivering these positive outcomes for our city.”
“Melbourne is now Australia’s largest capital city and ranks highly on the global scale – seventh in this year’s Global Best to Invest metropolitan locations.”
Invest Melbourne’s support is forecast to generate a $500 million estimated increase in gross local product (GLP) for the city through new jobs, the establishment of new businesses and headquarters, and capital expenditure.
“We are doing all we can to make it easier to start and grow a business in Melbourne. Invest Melbourne is working towards halving the time it takes for a new business to open its doors in Melbourne,” said City Activation portfolio lead Councillor, Roshena Campbell.
“Our newest investors are joining the many successful, innovative companies choosing to invest in Melbourne’s future.”
Investment projects include:
- Gaia Project – a tech start-up designing innovative solutions for food security in the agtech sector, which has opened a Docklands headquarters employing 14 full-time staff.
- Meals with Impact – a social enterprise providing training and opportunities for culturally and linguistically diverse women, creating 95 placements each year with administrative staff.
- Homm Dessert at Heart – a Thai dessert café working with MasterChef Thailand winner Nuntawat Max Chanyalikit, employing 28 full-time staff.
- MiiLK Cake Studio – an Asian-inspired cake shop on Swanston Street set to open in late July with 10 to 15 full-time staff.
Council says 60% of the projects supported by Invest Melbourne were in the hospitality and retail sectors, with Council’s Business Concierge service providing assistance to manage permits and licensing applications, as well as general business advice.
Invest Melbourne is currently working across more than 140 projects – which the Council says could create or fast-track an estimated 8,000 new full-time jobs across the city and generate around $1.3 billion in capital expenditure.
“Invest Melbourne is successfully targeting and working collaboratively with new and potential investors from around Australia and across the globe – from small to medium enterprises, through to major capital city projects,” said Business and Global Opportunities portfolio lead, Councillor Kevin Louey.
“We want to amplify Melbourne’s global reputation as a vibrant place for investment and innovation, and the best place to start and grow a business,” he said.