 It is also recognised for the substantial number of cultural and sports events and festivals it holds annually – many being the largest in Australia and the World.The Melbourne City Centre is the transport hub of the city.Flinders Street station is the hub for Melbourne's suburban train network and the busiest station, Southern Cross station, which is the hub for regional and interstate transit located on Spencer Street, and the three underground stations of the Melbourne Underground Rail Loop–Parliament, Melbourne Central and Flagstaff stations are located on the east and north fringes.