How did the gold rush affect Australia's economy?

Answer 1

It could be said that the Californian gold rush was the catalyst to the Australian gold rushes. Edward Hargraves was the one who found the first "official" major strike in Australia, and he brought with him his knowledge of geology, tools and methods which then influenced prospecting in Australia. Possibly Hargraves' greatest influence was seen in his implementation of the "cradle". The first cradle in Australia was made by William Tom Jr, based on directions given by Hargraves, according to the styles of cradles (also called rockers) he had observed being used in California.

Answer 2

initially, the Californian goldrush led to a loss of manpower in Australia. Men left Australia in droves to try and strike it rich on the goldfields of California. The colonial governments responded by offering a reward for the discovery of payable gold in Australia, hoping to stem the tide of people leaving Australia.

It could certainly be said, therefore, that the Californian gold rush was the catalyst to the Australian gold rushes. Edward Hargraves was the one who found the first "official" major strike in Australia, and he brought with him his knowledge of geology, tools and methods which then influenced prospecting in Australia.

Possibly Hargraves' greatest influence was seen in his implementation of the "cradle". The first cradle in Australia was made by William Tom Jr, based on directions given by Hargraves, according to the styles of cradles (also called rockers) he had observed being used in California.

Answer 3

Due to the numbers of immigrants entering Australia for the goldrush, there were huge increases in the population. In 1851, Australia's population was 437,655. By the end of the gold rush, 1861, Australia's population had more than doubled and Victoria's, the site of the main goldrush, had increased seven-fold. With more people came greater numbers of businesses, and business generates economic growth.

After the goldrush, many of the new towns shrank to just a fraction of their former size, resulting in ghost towns in many areas. Thus, various parts of the country experienced economic growth and bust.

The wealth of the newly-formed state of Victoria caused rivalry with New South Wales. There was a new boom of Victorian architecture in cities such as Melbourne, and the richness of this architecture can still be seen today. Unfortunately, the bust that inevitably follows a boom contributed to the general deflation of prices from 1860-1900 which caused multiple depressions in Australia's economy.

Answer 4

Similarities between the two goldrushes are:

• Hundreds of thousands of people flocked to the goldfields to find their fortune
• Many of these immigrants left as the gold gradually ran out, leaving ghost towns in their wake
• The goldrushes devastated the landscape of the countryside

Answer 5

There were certainly some Australians at the California gold rush. No doubt they returned to Australia once the goldrushes started here.