The Victorian Government has approved plans for Australia's tallest building to be built in Melbourne's Southbank precinct.

Key points: The 101-storey building will be built on City Road and be partnered by a smaller 56-storey building

The 101-storey building will be built on City Road and be partnered by a smaller 56-storey building Two other developments in the CBD and Flemington have also been approved

Two other developments in the CBD and Flemington have also been approved The State Government has formed a taskforce to help keep the state's building and development industry operating during the coronavirus pandemic

The project is one of four — worth a total of $1.5 billion — to get the green light as the Government sets up a dedicated taskforce to fast-track construction projects in response to the coronavirus pandemic and its economic fallout.

The twisting 101-storey Green Spine building at 118 City Road will reach 356 metres high and stand about 30m taller than the Gold Coast's Q1 building, which currently holds the Australian record, and 35m taller than Melbourne's yet-to-be completed Australia 108 tower.

Designed by UNStudio and Cox Architecture, the $2 billion Beulah International mixed-use "lifestyle" development will also include a separate 56-storey tower with a matching twist design.

The site is currently occupied by a BMW dealership.

"It will be a place-making development holding luxury residential units, high-tech commercial offices, five-star hotel, a progressive entertainment centre, experiential technological display centres, a curated retail and cultural precinct, and public green spaces in a strategic location of Melbourne," Beulah's website says.

The other projects approved were a 35-level office building at 555 Collins St, a 26-storey office tower at 52-60 Collins St and a 300-apartment building at 550 Epsom Road, Flemington.

The building will include residential dwellings, a hotel, commercial offices and a retail precinct. ( Supplied: Beulah International )

Big building projects to be fast-tracked

Planning Minister Richard Wynne said the Building Victoria's Recovery Taskforce had been set up to help keep the state's building and development industry operating during the coronavirus pandemic.

"We've put together an expert taskforce to identify projects that can be fast-tracked through my department so we have a steady stream of work going forward," he said.

"We know that the building and construction industry is absolutely critical to the health of the Victorian economy — both direct jobs and the supply chain as well."

The taskforce will be co-chaired by senior LendLease executive Roger Teale, Victorian Planning Authority chair Jude Munro and Victorian Public Service chief executive Stan Krpan.

A steering committee will include representatives from industry peak bodies and unions, with advice from three industry working groups.

It will run for an initial period of three months and report back to the Government with recommendations.