New report says City of Melbourne’s night-time economy worth $3.5b a year

Melbourne has strengthened its reputation as Australia’s events and cultural capital with a new report revealing our CBD night-time economy is booming and the reason why is very close to Melburnian’s heart.

Inner Melbourne’s night-time economy has grown to $3.5 billion a year, driven mainly by increased activity in the food and entertainment sectors. Picture Jay Town.

Inner Melbourne’s night-time economy has grown to $3.5 billion a year, driven mainly by increased activity in the food and entertainment sectors.

But the number of bars and pubs in the City of Melbourne fell in 2018, says the latest Measuring the Australian Night Time Economy Report.

The Local Government Safe Cities Network report said that the inner city’s night-time economy turnover grew by $310 million last year to reach $3.5 billion.

The number of entertainment places rose by 6.2 per cent to 497 and the number of food establishments grew by 4.8 per cent to 1770.

Melbourne’s winter White Night event drew thousands of people. Picture: Jason Edwards

However, there was a two per cent drop in the number of bars and pubs to 243.

Lord Mayor Sally Capp said the overall turnover strengthened the city’s reputation as Australia’s events and cultural capital.

“Last year alone our food establishments contributed $2.2 billion to our night-time economy, while entertainment turnover grew by 19.5 per cent to $968.5 million,” she said.

Drinking venues contributed six per cent of the turnover, or $325.6 million.

The night-time economy workforce rose by 2.5 per cent to more than 31,000 employees.

Council’s prosperous city portfolio chairman, Cr Kevin Louey, said: “The transformation of Melbourne from the early 1990s to 2019 is incredible, and a testament to the

entrepreneurial spirit of our large and small business communities and our ongoing efforts to make Melbourne one of Australia’s premier destinations.”

Restaurants and bars have been booming. Picture: Visit Victoria

The report, which is an initiative of the Council of Capital City Lord Mayors, also looked at Port Phillip and Maroondah councils.

Port Phillip, which includes St Kilda and South Melbourne, had an 8.2 per cent drop in night-time economy jobs to 12,710, while sales turnover fell marginally to $1.58 billion.

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The number of food venues dropped by four per cent to 657, while entertainment places had a slight increase to 487 and drink venues up one per cent to 106.

In Maroondah, which includes Ringwood and Croydon, sales turnover increased by 2.5 per cent to $369 million.

It had increases in food venues to 276, entertainment places to 116 and drink establishments to 25.

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@JMasanauskas