[6] The CBD is the core of Greater Melbourne's metropolitan area, and is a major financial centre in Australia and the Asia-Pacific region.

It is home to several major attractions in Melbourne, including the many of the city's famed lanes and arcades, the distinct blend of contemporary and Victorian architecture, the Queen Victoria Market, the Melbourne Botanical Gardens, the National Gallery of Victoria, the State Library, Parliament House, and Federation Square.

[8] In April 1835, John Batman, a prominent grazier and a member of the Geelong and Dutigalla Association (later Port Phillip Association),[9][10] sailed from Launceston on the island of Van Diemen's Land (now the State of Tasmania), aboard the schooner Rebecca, in search of fresh grazing land in the south-east of the Colony of New South Wales (the mainland Australian continent).

[11] After exploring the surrounding area, he met with the elders of the indigenous Aboriginal group, the Wurundjeri of the Kulin nation alliance, and negotiated a transaction for 600,000 acres (940 sq mi; 2,400 km2) which later became known as Batman's Treaty.

[12] The transaction, which is believed to have taken place on the bank of Merri Creek (near the modern day suburb of Northcote),[13] consisted of an offering of: blankets, knives, mirrors, sugar, and other such items; to be also tributed annually to the Wurundjeri.

The proclamation formally declared, under the doctrine of terra nullius, that The Crown owned the whole of the Australian continent and that only it alone could sell and distribute land.

[14] However, at the time the proclamation was being drawn up, a prominent businessman from Van Diemen's Land, John Pascoe Fawkner, had also funded an expedition to the area; which sailed from George Town aboard the schooner Enterprize.

[9] The settlement party aboard the Enterprize entered the Yarra River, and anchored close to the site chosen by Batman, on 29 August.

[15] The Association party aboard the Rebecca arrived in September after spending time at a temporary camp at Indented Head, where they encountered William Buckley – an escaped convict, believed dead, who had been living for 32 years with the indigenous Aboriginal group, the Wathaurong of the Kulin nation alliance.

[14] When Fawkner (who was noted for his democratic nature)[15] arrived in October, and following tense arguments between the two parties, negotiation were made for land to be shared equally.

As Fawkner had arrived after the two parties, he was aware of the Proclamation of Governor Bourke, which had gained approval from the Colonial Office in October.

Most of the arterial streets outside the Hoddle Grid were aligned almost north–south, Melbourne, at 8 degrees clockwise from true north–noting that magnetic north was 8° 3' E in 1900, increasing to 11° 42' E in 2009.

[25] According to the 2016 census, the population of the CBD (the Level 2 statistical area of Melbourne) was 37,321 residents, about half of which were overseas students.

[30] In common with Australian capital cities generally, especially Melbourne and Sydney, there has been remarkable growth in the CBD in the last 10 years to 2017.

[31] Prior to the 2010s, Australian CBD's were generally places workers would commute to from the suburbs and served little purpose beyond employment and shopping opportunity.

Bordering its north-east perimeter is the World Heritage-listed Royal Exhibition Building and Carlton Gardens as well as the Melbourne Museum.

The CBD, along with the adjacent Southbank area, has had comparatively unrestricted height limits in recent years, and has four of the six tallest buildings in Australia (or 5 of the top 10, excluding spires).

The Federation Square arts complex occupies a prime site on the corner of Flinders and Swanston Streets, and includes the Australian Centre for the Moving Image, the Australian art galleries of the National Gallery of Victoria, the Koorie Heritage Trust, and the Deakin Edge auditorium.

[citation needed] The headquarters of the world's largest travel guidebook publisher Lonely Planet is located just outside the CBD in Carlton.

[35] The Melbourne Football Club has recently made efforts to shed its suburban tag and be embraced by the whole metropolitan area.

It is also recognised for the substantial number of cultural and sports events and festivals it holds annually – many being the largest in Australia and the world.

A hybrid rapid transit and heavy rail project known as the Metro Tunnel is currently under construction, with two stations in the city centre at the State Library and Town Hall.

Trams also run along Flinders, Collins, Bourke, La Trobe, Spencer, Market, Elizabeth, and Spring Streets.

Most bus routes service suburbs north and east of the city given the lack of train lines to these areas.