In 1973 the faculty of Economics and Commerce brought together the Summer School of Business Administration and the department of Commerce and Business Administration to create the Graduate School of Business Administration under the Sidney Myer Chair of Business Administration held by F.J. Willett since 1962.
The nearby Melbourne Town House was purchased as a Residential Management Centre for the course in 1975. In 1982 the Ralph Committee recommended a second national management school be established at University of Melbourne on condition that it not be attached to an existing faculty.
Accordingly in 1983 the Graduate School of Management was formally established as a separate organisational unit with the University. In 1986 the Graduate School moved into a new building designed by Daryl Jackson south of the University in Leicester Street, and is now named the Melbourne Business School.