The Bureau of Statistics predicted Melbourne’s population will overtake Sydney’s by 2053. Other forecasters reckon the Victorian capital’s numerical ascendancy could arrive by the late 2030s or even earlier.
Via dilaycock
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It's all about geography, planning and the location of the CBD.
Melbourne's business district is more centrally located and therefore a shorter commute for anyone that lives in the city. In order for Sydney to be able to compete they will probably have to establish a second business district in the West to attract people that live on that side of the city.