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Australian Gold Rush Research Paper

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History Essay: The Australian Gold Rush

The Australian Gold Rush was often described as the “making of a country.” The Gold Rush was undeniably one of the most significant events in the history of Australia. In May 1851, the first grain of gold was discovered in Australia (Australian Government, 2015). This discovery led to the boom of Australia's economy. Prior to the discovery, Australia was a lawless unknown prison colony because of committed crimes from England. The Australian Gold Rush also brought in multiculturalism and population, it also created the wealth of Australia’s economy of today. If the Australian Gold Rush did not exist, Australia would have been a whole different nation. The Gold Rush also played a major role, leading to …show more content…

The Gold Rush was often described as the making of a country, as it was the leading factor of wealth to Australia’s economy. According to the Australian Government, Victoria contributed to one-third of the world’s gold output, which meant that just the gold industry accumulated to more than 18 million dollars to the Australian economy (Australian Government, 2015). In January 1925, Australia economy was halted by a gold standard known as the Bretton-Woods gold-US dollar exchange system to restrict money supply. Given that many of the world’s countries were operating on a gold standard, the gold in Australia was largely controlled by central banks which limited individuals to buy and sell gold. It was not until 1971, with the collapse of the gold system, which formed a new growth …show more content…

It also brought multiculturalism, racism which all contribute Australia’s identity; the making of a country. It is clear that Australia would not have a high and successful status if the Gold Rush did not occur. To this day, the one imperative discovery of gold by Edward Hargraves was the beginning of this country to shape a new

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