nsion then intensified, serviced by new indoor malls beginning with Chadstone Shopping Centre. The post-war period also saw a major renewal of the CBD and St Kilda Road which significantly modernised the city. New fire regulations and redevelopment saw most of the taller pre-war CBD buildings either demolished or partially retained through a policy of facadism. Many of the larger suburban mansions from the boom era were also either demolished or subdivided.
To counter the trend towards low-density suburban residential growth, the government began a series of controversial public housing projects in the inner city by the Housing Commission of Victoria, which resulted in demolition of many neighbourhoods and a proliferation of high-rise towers. In later years, with the rapid rise of motor vehicle ownership, the investment in freeway and highway developments greatly accelerated the outward suburban sprawl and declining inner city population. The Bolte government sought to rapidly accelerate the modernisation of Melbourne. Major road projects including the remodelling of St Kilda Junction, the widening of Hoddle Street and then the extensive 1969 Melbourne Transportation Plan changed the face of the city into a car-dominated environment.
Australia's financial and mining booms between 1969 and 1970 resulted in establishment of the headquarters of many major companies (BHP Billiton and Rio Tinto, among others) in the city. Nauru's then booming economy resulted in several ambitious investments in Melbourne, such as Nauru House. Nauru, which had become incredibly wealthy thanks to the selling of phosphate, began the Nauru Phosphate Royalties Trust (NPRT) to re-invest profits in international real-estate. Melbourne remained Australia's main business and financial centre until the late 1970s, when it began to lose this primacy to Sydney.
As the centre of Australia's "rust belt", Melbourne experienced an economic downturn between 1989 to 1992, following
