Australian Economies
Examines the economic history of Australia.
The story of Australia’s modern economy begins in 1788. At this time, a fleet of British convicts, officers, livestock, and materials arrived in modern Sydney Harbour. They claimed a section of promising land and began construction. Conditions in the penal colony ranged from meagre to sometimes desperate. Supply shipments were few and far between, and convicts saw a low quality of life at best. Local soils proved poorly suited to European farming methods, though choice tracts of land were given out for development. This land was taken from indigenous populations, often without compensation. The convicts arriving via boat came from a range of backgrounds. While most had few useful skills and worked as laborers, others were trained in valuable trades like smithing and masonry. The penal colony established its own small economy. This grew and expanded as convicts served their sentences and gained their freedom.
From this humble beginning, the colony of New South Wales came to flourish in the 19th century. Land stripped from its original owners provided abundant opportunities for those willing to work it. Pastoralism became a common lifestyle, particularly the raising of merino sheep. Between 1820 and 1830, the number of sheep in Australia increased from 100,000 to 1 million. The discovery of gold fields near modern Melbourne brought further wealth and migrants to the growing colony. With support from the British, Australia’s cities boomed and occasionally busted. Wool production thrived in rural pastures once shaped by Aboriginal people. Its inhabitants enjoyed a relatively high standard of living, particularly compared to other expanding economies like the United States. The 1890s, however, saw a market collapse that brought new labor tensions to the forefront of Australian politics.
The 20th century saw more diverse industries and agriculture develop in Australia, as well as a major depression in the 1930s. Since then, its economy has steadily modernized despite periodic setbacks. In 1973, work finished on the nation’s most iconic building, the Sydney Opera House, which has since been recognized as a landmark piece of world architecture. Modern Australia boasts a healthy export- and service-based economy, and its citizens continue to rank among the most prosperous in the world. Its major industries include mining, agriculture, manufacturing, and energy.
References
Bourke, Colin, Eleanor Bourke, and Bill Edwards, eds. Aboriginal Australia: An Introductory Reader in Aboriginal Studies. University of Queensland Press. 1994.
Broome, Richard. Aboriginal Australians: A History Since 1788. Allen & Unwin. 2010.
Clancy, Laurie. Culture and Customs of Australia. Greenwood Press. 2004.
Clarke, Francis Gordon. The History of Australia. Greenwood Press. 2002.
Macintyre, Stuart. A Concise History of Australia. Cambridge University Press. 2009.
“The World Factbook: Australia.” Central Intelligence Agency, Central Intelligence Agency, 6 June 2018, www.cia.gov/library/publications/the-world-factbook/geos/as.html.
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