The Rise and Fall of Marvellous Melbourne

Abstract

The Exhibition of 1880-1 marks, and was partly intended to stimulate, recovery from a sharp and painful recession in the late 'seventies, when unemployment and social distress had been exacerbated by the party warfare of the constitutional crisis.'*" From this time, however, there was a steady rise in 2 most indicators of economic activity. In particular, there was accelerated investment, both public and private, in what may be described as 'urban' sectors of the economy: housing, transport and 'essential services'. The population of Melbourne itself increased from 284,874 to 491,700 over the following decade. Per capita imports rose from 18 in 1879 to 22 in I889. There was a large inflow of overseas, and especially British, capital which, however, was increasingly diverted to speculative transactions, particularly in urban and suburban real estate. Real wages and employment were also maintained at high levels.

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