Melbourne is the state capital and largest city in the Australian state of Victoria, and the second-largest city in Australia, with a population of approximately 3.7 million (2006 estimate). Melbourne is the southernmost city in the world to have a population of over one million people.
Melbourne has twice shared top position in a survey by The Economist of The World's Most Livable Cities on the basis of its cultural attributes, climate, cost of living, and social conditions such as crime rates and health care, once in 2002, and again in 2004. The US's Utne Reader puts it thus: "Add a long tradition of civic pride, communities of new immigrants from around the world, and the best food in Australia, and you have a recipe for what many claim is the hippest city in the Southern Hemisphere" (Nov/Dec 2001).
Melbourne is home to Australia's three largest corporations, Telstra, BHP Billiton and the National Australia Bank. It is also home to the Business Council of Australia, the Australian Council of Trade Unions and the majority of companies listed on the Australian Stock Exchange.
Melbourne hosts major Australian sporting events including: the Melbourne Spring Racing Carnival (including the 'race that stops the nation', the Melbourne Cup), the Australian Formula One Grand Prix, the Australian Tennis Open and the AFL Grand Final. Melbourne hosted the first Olympic Games in the southern hemisphere in 1956, as well as the 2006 Commonwealth Games.
Melbourne has undergone a major urban 'revival', such that it is sometimes classed as being in a second tier of "world cities"; the GaWC study group in the UK ranks Melbourne, on the basis of relative availability of specialised "advanced services," as a minor (or Gamma) "world city" comparable with cities such as Montreal, Osaka, and Prague. Melbourne ranks second among Australian cities in this list. It has one of the highest numbers of international students studying in its universities, after London, New York City, and Paris.
A person from Melbourne is referred to as a Melburnian.