Construction would start around 2000 and take an expected four years, developer Bruno Grollo told reporters.

The tower would surpass the 452-metre Petronas Towers in Malaysia, which wrested the world's highest building title from Chicago's Sears Tower in 1996.

Grollo's building is part of a A$1.5 billion (US $922 million) development of the city's docklands.

``For a moment in time it will be the tallest tower on the planet and I think that could make us proud here in Victoria and in Melbourne, that we've done it,'' Grollo told Reuters.

Melbourne, Australia's second largest city with a population of 3.3 million, has long sought a landmark that would have the type of international recognition of Sydney's Opera House.

``It will be a fabulous landmark,'' Grollo said. ``I don't think we are trying to copy anything. Itis just something that has evolved in my mind and in the publics.''

Grollo said the tower would be ``beautiful'' and not be out of place in the city, despite being twice the size of Melbourne's current tallest structure.

The tapering design will house around 450 apartments, a hotel, office space, ground level shopping centre and observation deck.