Residents in Melbourne's north-west will have access to thousands more jobs, which will be unlocked by the delivery of Melbourne Airport’s third runway.

The runway has been approved by the Federal Minister for Infrastructure, Transport, Regional Development and Local Government, and will secure 51,000 jobs and add almost $6 billion to the state economy every year.

As part of the approval, Melbourne Airport will establish the most comprehensive brownfields noise attenuation program in Australian aviation history to support the delivery of its third runway.

The program will be delivered for the residential dwellings and childcare and education facilities most affected by aircraft noise and will be developed in consultation with local councils, communities, and state and federal government agencies.

Melbourne Airport Chief Executive Officer Lorie Argus said the program responds to comments from community members during the 104-day public consultation period.

“The third runway will deliver jobs and economic growth for the state of Victoria and incredible opportunities for the people of Melbourne’s north-west,” she said.

“It will also give airlines the room they need to grow, which will provide travellers with more choice.

"Melbourne Airport was specifically designed to be Victoria’s primary 24-hour international gateway, and we’ve been safeguarding for this expansion for decades.

“We've heard the concerns from some residents about noise, and we’ve worked closely with the government throughout the approval process to develop terms for a comprehensive noise attenuation program that will support the people most affected by aircraft noise.

“We know the community will have more questions and we look forward to working through those over the coming years as the project progresses.”

In response to community feedback, the length of the existing east-west runway will be restored to maximise opportunities for noise sharing.

Melbourne Airport will also undertake a long-term study into health impacts of aircraft noise on the community in areas surrounding the airport. The details of the study, including the draft terms of reference, will be developed with input from the Melbourne Airport Community Aviation Consultation Group.