arts. Tourism became a major industry, bringing still more foreign faces to Melbourne's streets. In 1956, the city became the first in the Southern Hemisphere to host the Olympic Games. Two new universities opened, Monash University in 1961 and La Trobe University in 1967, followed by others in the 1980s, maintaining Melbourne's place as a leader in tertiary education. 1980s–1990s Increasing urban sprawl spread from Werribee in the south-west to Healesville in the north-east and encompassing much of the Mornington Peninsula and Dandenong Ranges to the south and east. A program of freeway construction was fast tracked in the 1970s and 1980s, while the expansion of rail and tram networks were neglected, aside from the opening of the City Loop in 1981. These factors led to the rapid growth of the number and use of private cars. 1989 financial crash High interest rates and poor governance contributed to a financial crash in 1989. The collapse of merchant bank Tricontinental, Pyramid Building Society, businesses, property values and the forced sale of State Bank of Victoria led to a deep recession. Melbourne's population growth slowed during the early 1990s as employment contracted, with a rise in migration to other states such as Queensland. In turn this recession contributed to the fall of Joan Kirner's Labor government and the election in 1992 of a radical free-market Liberal government under Jeff Kennett. Kennett's team restored Victoria's finances by making sweeping cuts to public expenditure, closing many schools, privatising the tramways and electricity infrastructure, reducing the size of the public service, and local government restructuring. These reforms came at a high social cost, but ultimately restored confidence in Melbourne's economy and led to a resumption of growth. In 1999 Kennett was voted out of office, but key landmarks that his government commissioned, such as the Melbourne Convention & Exhibition Centre and the new Melbourne Museum, remain, and many of his reforms have been maintained. Partly as a result of the increasing difficulty of travelling across the city, the central business centre declined, and satellite suburbs such as Frankston, Dandenong and Ringwood, and further out Melton, Sunbury and Werribee, became centres of manufacturing, retailing and administration. As a result, industrial employment in the old working class inner suburbs declined, with these areas rapidly gentrifying in the 1990s and 2000s. By the end of the 20th century Melbourne had a population of 3.8 million people. 2000s In