City of Melbourne Council says its draft Budget 2025–26 will attract businesses, empower and celebrate local diverse multicultural communities, and deliver blockbuster events the city is famous for.
The Budget provides $150,000 to explore ways to create pocket precincts in the city’s neighbourhoods – which could include community markets, a seafood precinct and business grants for festive decorations.
“This Budget delivers on our promise of a better Melbourne – with the nation’s best events calendar, stronger support for our multicultural communities, and less red tape for local businesses,” said Lord Mayor, Nick Reece.
“The City of Melbourne’s events calendar attracts four million people to the city each year, sending cash registers ringing with nearly $327 million in economic activity.”
“Melbourne is home to one of the world’s most culturally diverse communities – and this year, we are exploring new ways to activate and elevate our unique and diverse neighbourhoods.”
Council will also look to establish a Little India precinct in Docklands to drive business and activity in the waterfront neighbourhood.
Around 13% of Docklands residents are of Indian descent, and across greater Melbourne, the Indian community is the second-largest diaspora. In 2022, more international students from India studied in Victoria than from any other country.
The initiative builds on the recent establishment of Koreatown (pictured) in the CBD – with grand traditional Korean totem poles, or jang seung, to be unveiled this weekend at the entrances to the precinct.
“Creating Melbourne’s first-ever Koreatown and establishing a Little India precinct will add new vibrancy and diversity to our city’s business landscape,” said City Economy and Business portfolio head Councillor, Kevin Louey.
“As Australia’s most multicultural city, we’re excited to explore even more ways to celebrate and enhance that diversity.”
With world-class food, unbeatable shopping and top-tier entertainment central to Melbourne’s appeal, Council says it will continue to support the expanded Business Concierge service.
Now the largest of its kind run by any council in Australia, the service helped more than 110 new businesses open in 2024 – an average of six businesses every week. Over the next two years, Business Concierge is expected to support more than 1,000 new jobs and generate more than $50 million in capital investment in the city.
This Budget invests more than $26 million to deliver and support more than 80 events – from New Year’s Eve and Melbourne Fashion Week to Christmas celebrations, major sporting events and food festivals.
Banner poles will also be upgraded with a $2 million investment for events like the Australian Open and Formula 1 Grand Prix, which to generate a festival atmosphere across the city. These will be available for bookings by events taking place in the city, generating additional revenue for Council.
“We will back the Melbourne International Comedy Festival, with $130,000 as it gears up for its 40th anniversary – bringing the world’s best comedians to our city and attracting even larger crowds that boost our local businesses,” Council said.
“We will also add to Melbourne’s identity as a creative powerhouse and open-air gallery – a key drawcard for culture-loving visitors – with $6.2 million to support our vibrant arts sector.”
Feedback on the draft Budget 2025–26 can be provided on Participate Melbourne from 6pm today until 5pm on Monday 2 June.
