Melbourne is preparing for a blockbuster week of entertainment and economic activity, with the Melbourne Cup Carnival, Oasis, and Metallica concerts expected to inject $110 million into the city’s economy.
According to NAB’s merchant data analysis, the back-to-back events will draw tens of thousands of visitors to the city, driving a 70% surge in weekly spending across hospitality, accommodation and retail.
The economic boost coincides with a broader lift in business sentiment nationally, with NAB’s Q3 2025 Quarterly Business Survey showing the strongest business conditions since mid-2024, driven by rising profitability and stronger employment.
“This is expected to be the biggest week and a bit of the year for Melbourne’s economy,” Rynski said.
“Events are part of Melbourne’s DNA, but three major events in just over a week is extraordinary and will supercharge business activity.”
The action kicks off with British rock legends Oasis opening their Australian tour at Marvel Stadium on Friday, 31 October, followed by the four-day Melbourne Cup Carnival, before wrapping up with Metallica’s only Melbourne show on Saturday, Nov. 8.
Rynski said more than 100,000 people are expected to fill Melbourne and its surrounds on each of the two Saturdays and on Cup Day.
“That means packed restaurants, busy hotels, and millions of dollars flowing into local businesses,” she said.
“We’ll also see flow-on benefits – more shifts for casual staff, more orders for suppliers, and a boost in confidence across the sector.”
The upbeat business mood mirrors national trends, with NAB reporting profitability rebounding from -4pts to +4pts in Q3 and forward orders turning positive for the first time in over a year — signalling strong momentum heading into summer.
Dean Grant, founder and CEO of Urban Alley Brewery, said his Docklands-based craft brewery and new $7 million Chadstone brewpub are gearing up for one of their biggest weeks yet.
“As soon as we realised there were so many major events happening back-to-back, we got organised to ensure we had the right team in place and we were well covered by our suppliers,” Grant said.
“We expect this to be just as big, if not bigger, than the Taylor Swift and Harry Styles tours.”
Grant said the timing couldn’t be better, coinciding with daylight savings and the start of summer festivities.
“We’re anticipating being busy from mid-morning right through to closing as people make a day of it and soak up the atmosphere,” he said.
Rynski also urged fans to remain vigilant against ticket scams targeting Oasis and Metallica concerts.
“Unfortunately, criminals will target fans desperate for tickets to the sold-out concerts at Marvel Stadium,” she said. “Tickets for sale on social media are a major red flag – only buy from authorised resellers.”
The trifecta adds to a stellar year for Melbourne’s event economy – which already includes the Australian Open, AFL Finals Series, and Formula 1 Grand Prix – collectively contributing over $1 billion to Victoria’s economy in 2025.
With business confidence back in positive territory for the first time since 2022 and capacity utilisation rising to 83%, NAB says Australian businesses are heading into the final quarter of 2025 with renewed optimism – momentum that Melbourne’s record events season is set to amplify.
For brokers, NAB’s findings also point to renewed confidence among small business owners and self-employed borrowers – key segments in the mortgage market. Stronger profitability and hiring across sectors could flow through to greater loan serviceability and business investment, providing positive momentum for credit demand heading into 2026.
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