quality:corruption, structural:scholar_edition
Contemporary Melbourne

Since the mid-1990s, Melbourne has maintained significant population and employment growth. There has been substantial international investment in the city's industries and property market. Major inner-city urban renewal has occurred in areas such as Southbank, Port Melbourne, Melbourne Docklands and South Wharf. Melbourne sustained the highest population increase and economic growth rate of any Australian capital city from 2001 to 2004.

From 2006, the growth of the city extended into "green wedges" and beyond the city's urban growth boundary. Predictions of the city's population reaching 5 million people pushed the state government to review the growth boundary in 2008 as part of its Melbourne @ Five Million strategy. In 2009, Melbourne was less affected by the Great Recession in comparison to other Australian cities. At this time, more new jobs were created in Melbourne than any other Australian city—almost as many as the next two fastest growing cities, Brisbane and Perth, combined, and Melbourne's property market remained highly priced, resulting in historically high property prices and widespread rent increases.

Beginning in the 2010s the State Government of Victoria initiated a number of major infrastructure projects designed to reduce congestion in Melbourne and encourage economic growth, including the Metro Tunnel, the West Gate Tunnel, the Level Crossing Removal Project and the Suburban Rail Loop. New urban renewal zones were initiated in inner-city areas like Fisherman's Bend and Arden, while suburban growth continued on the urban periphery in Melbourne's outer west and east in suburbs like Wyndham Vale and Cranbourne. Middle suburbs like Box Hill became denser as a greater proportion of Melburnians began living in apartments. A construction boom resulted in 34 new skyscrapers being built in the central business district between 2010 and 2020. In 2020, Melbourne was classified as an Alpha city by the Globalization and World Cities Research Network.

Out of all major Australian cities, Melbourne was the worst affected by the COVID-19 pandemic and spent a long time under lockdown restrictions, with Melbourne experiencing six lockdowns totalling 262 days. While this contributed to a net outflow of migration causing a slight reduction in Melbourne's population over the course of 2020 to 2022, Melbourne is projected to be the fastest growing capital city in Australia from 2023–24 onwards, overtaking Sydney as the nation's largest city in 2029–30 at just over 5.9 million, exceeding 6 million people the following year.