A training group for entrepreneurs

The Market also serves as an informal training ground for service workers and aspiring business owners. By fostering new skills and entrepreneurship, it adds to the city’s human capital and business ecology. This is a valuable economic development service but neither the traders nor the Market operators are rewarded for delivering them.

Why the Market needs support

Only a fraction of the market’s value can be captured through direct commercial revenue. What sets infrastructure—such as public transport, community pools, neighbourhood halls, performing arts centres, and galleries—apart from regular businesses is that much of their value to the community cannot be commercially monetised. If infrastructure were left entirely to the private sector, there wouldn’t be enough of it unless subsidies were provided to close the financial gap for investors.

The Market is a classic example of essential infrastructure because of the scale and scope of the non-commercial benefits it generates. If we want to sustain the food security, cultural and economic development benefits the Market provides alongside its commercial function, financial support for stallholders like subsidised lease fees and utility bills, should be considered. Ratepayer and taxpayer contributions could help bridge any financial shortfalls.

Learning from international models

In the European Union, farmers are directly paid to maintain treasured rural landscapes and traditional agricultural methods. Without this support, these environmental and cultural benefits would disappear. Similarly, Melbourne risks losing the Queen Victoria Market’s unique contributions to the city.

To preserve the Market’s essential role, we must recognise its broader value and ensure it remains viable for future generations.