What long - lasting effects did the gold rush have on the Australian economy?

Answer 1

The discovery of gold had lasting effects on the Australian economy.

• Because major gold discoveries were made in Victoria, this newly separated state suddenly found itself very wealthy. Businesses boomed, together with the population, and more people settled further out from the established towns, sparking interest and enthusiasm in exploration. Victoria's newfound wealth was directly responsible for the well-equipped but badly managed exploration of Burke and Wills, which ultimately resulted in their deaths.
• Gold brought wealth to Australia, and with it, a new sense of identity, and the independence and confidence to push for Federation and the establishent of the Commonwealth of Australia in 1901. Basically, Australia no longer needed to be "piggybacked" by England any more.
• The goldrushes helped bring improvements in transportation. The famous "Cobb and Co Coaches" ran successfully for half a century, thanks to the goldrush. Train lines were built, linking the major centres, and roadways were improved. Transport companies and business flourished.