Melbourne is one of the richest cities in the world today. It was initially built up to be a pastoral town, but by 1965, it has become one of the largest and most important cities in Australia. Its increase in importance was mostly because of the rush of people brought about by the Victorian gold rush and immigration. Today, it is considered a gamma city and is home to two of Australia's big four banks as well as other important financial, cultural, and economic institutions.

The economy in Melbourne is centered on seaports and the manufacturing industry. Large automotive companies such as Toyota and Ford have manufacturing facilities in Melbourne. The city also has on of the largest ICT (Information and communication technology) industry in Australia and employs a third of the country's ICT workforce. The seaport in Melbourne is Australia's largest and amounts for nearly 40% of the country's total container trade.

The city has hosted many international and national conferences. They are most notable for the 1956 Summer Olympics, the 2006 Commonwealth games, the World Economic Forum in 2000 and the G20 Summit of 2006. The city has also been constantly ranked as the most livable cities in the world.