What will be Australia’s tallest building, towering more than 360 metres above Melbourne’s CBD at Southbank, has been approved by the state Labor government.

The government says the building – on the BMW site on City Road – and three other major construction jobs also approved on Thursday, will pump a desperately needed stimulus of more than $1.5 billion in building costs alone into Victoria’s economy as it faces the unprecedented impact of the COVID-19 crisis.

The Victorian Government has approved a planning permit for the $2 billion Southbank by Beulah project.

Planning Minister Richard Wynne says a newly formed taskforce will bring the state government and the building industry together to look at other private building projects which can be fast-tracked in an effort to keep the vital sector afloat in the looming recession.

Three other major construction projects were granted major approval on Thursday, including a 35-floor office tower at 555 Collins Street, and a 26-storey building, also for upmarket offices at 52-60 Collins Street.