<P> Since 1997, 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 more recently, South Wharf . According to the Australian Bureau of Statistics, Melbourne sustained the highest population increase and economic growth rate of any Australian capital city in the three years ended June 2004 . </P> <P> Despite lack of a progressive economy, general lack of government funding for public services such as public transport, and continued unsustainable urban growth, the city has seen sustained growth in its cultural institutions such as art, music, literature, performance, etc., as many contributors to and patrons of the arts relocate to Melbourne amongst excellent independent community support structures such as press and radio and a thriving cultural community . In 2003, Melbourne was named as a UNESCO City of Literature and the city hosts the majority of Australia's contemporary festivals, events and institutions, new galleries, music venues, museums, of all shapes and sizes are opening across the city . </P> <P> 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 . Melbourne survived the financial crisis of 2007 - 2010 better than any other Australian city . In 2009, more new jobs were created in Melbourne than any other Australian capital--almost as many as the next two fastest growing cities, Brisbane and Perth, combined . and Melbourne's property market remained strong, resulting in historically high property prices and widespread rent increases . </P> <P> In February 2010, The Transition Decade, an initiative to transition human society, economics and environment towards sustainability, was launched in the city . Melbourne has been voted the world's most liveable city for five consecutive years by the Economist Intelligence Unit since 2010 . </P>

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