The Victorian government has given the go-ahead for the country's tallest residential tower and approved the immediate start of three other projects, as it ramps up work to boost a pandemic-hit economy.

Officials said Beulah's $2 billion mixed-use Southbank by Beulah project in Melbourne, along with Charter Hall's $1.5 billion office project at 555 Collins Street, Dexus' $650-million 52-60 Collins Street office project and Pace Development's $300 million, 300-apartment project at 550 Epsom Road in Flemington were not fast-tracked, but approved under normal processes.