Lexi Webster
Australia's industrialization was influenced by its history as a British colony, with the Industrial Revolution reaching its shores in 1788. The country's economic growth in the 1800s was driven by wool production and other rural commodities traded with Britain and Northwestern Europe. The gold rushes of the mid-1800s accelerated industrialization, with immigrants bringing knowledge and skills in railway construction, factory work, and mining. By 1900, the Ballarat region was dotted with steam-powered machinery, enabling mass production and access to affordable goods. The country's first stock exchange opened in Melbourne in 1861, and economic reforms in the 1980s led to a contraction in the manufacturing sector. More recently, Australia has experienced economic growth, low inflation, and relatively low unemployment until the COVID-19 pandemic and other global events shifted the focus back towards local manufacturing and national security.
| Characteristics | Values |
|---|---|
| Economic growth | Based on production of fine wool and other rural commodities for markets in Britain and the industrializing economies of Northwestern Europe |
| Migration | Migration from Britain to Australia due to the invention of steam ships |
| Population | Rapid growth in cities and towns |
| Social | Transformation of society |
| Trade | Seal skins, whale oil, baleen (whalebone), wool and wheat |
| Manufacturing | Use of steam-powered machines |
| Employment | More jobs in farming |
| Labour | Labour shortage in Victoria |
| Wages | Wages in Victoria were the highest in the world |
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What You'll Learn
Australia's first stock exchange
Australia's journey towards industrialization began with the founding of the colony in 1788. The transportation of convicts to Australia peaked in 1833, with nearly 7000 people arriving in a single year. These convicts, along with free settlers, contributed to the labour force and helped establish new settlements. From the 1820s onwards, the economic growth of the colony was fueled by the production of fine wool and other rural commodities for export to Britain and Northwestern Europe.
During this period of economic expansion, Australia's first stock exchange was established in Melbourne in 1861. This development came about a decade after the official start of the Gold Rush, which saw Victoria's population surge from 80,000 in 1851 to 540,000 in 1861. The Melbourne Stock Exchange, also known as the Stock Exchange of Melbourne, was housed in a rented space on Collins Street until 1880. The establishment of this exchange was a significant milestone in Australia's economic history, enabling people to buy and sell shares in companies, facilitating capital raising for businesses, and providing investors with opportunities for financial growth.
The Melbourne Brokers Association Exchange, which operated the first stock exchange, later moved to a purpose-built location on Collins Street in 1891. The economic landscape of the 1870s and 1880s, marked by an influx of British capital, provided a conducive environment for the exchange's growth. The behaviour of brokers, company listing requirements, and trading processes were codified during this period, laying a foundation for the exchange's operations.
In the following decades, additional stock exchanges were established in other state capital cities, including Sydney (1871), Hobart (1882), Brisbane (1884), Adelaide (1887), and Perth (1889). These exchanges met informally until 1937 when they collectively formed the Australian Associated Stock Exchanges (AASE). The AASE played a crucial role in standardizing listing rules, brokerage practices, and commission rates across the different exchanges.
Over time, Australia's stock exchanges evolved and underwent various transformations. In 1987, the Australian Parliament passed legislation enabling the amalgamation of six independent stock exchanges operating in the state capital cities, leading to the formation of the Australian Stock Exchange Limited (ASX). This marked a significant step towards centralization and uniformity in Australia's securities trading landscape.
Today, the ASX, also known as the Australian Securities Exchange, is a prominent multi-asset class exchange, facilitating the trading of shares, futures, options, and various other financial products. With an average daily turnover of approximately AUD 4.685 billion and a market capitalization of around AUD 1.6 trillion, the ASX stands as one of the world's leading exchange groups and the largest in the southern hemisphere.
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The Snowy Mountain River Project
The Snowy Mountains Scheme was a pioneering project that involved the diversion of water from the Snowy River and some of its tributaries, which previously flowed southeast into the Bass Strait of the Tasman Sea. The water was captured at high elevations and redirected inland to the Murray and Murrumbidgee Rivers' irrigation areas. The scheme included two major tunnel systems constructed through the continental divide of the Snowy Mountains, also known as the Great Dividing Range, which runs from Victoria to Queensland.
The project was first proposed in 1937 by the British engineering consultancy Rendel, Palmer & Tritton, who recommended building a 250-megawatt hydro-electric project on the Snowy River. However, the outbreak of World War II delayed the proposal. In 1944, a scheme was proposed to use the area's water for power and irrigation, leading to the formation of the Commonwealth and States Snowy River Committee, which began negotiations over water usage between the states. The project faced opposition due to concerns about environmental issues and the diversion of river systems.
The Snowy Mountains Scheme officially launched in 1949 with the support of Prime Minister Ben Chifley, Governor-General Sir William McKell, and Minister for Works and Housing Nelson Lemmon. The project required the development of new tunnelling, electricity generation, and transmission technologies. It consisted of sixteen major dams, nine power stations, two pumping stations, and 225 kilometres of tunnels, pipelines, and aqueducts. The Guthega power station commenced power production in 1955, and the total installed capacity of the scheme is 4.073 gigawatts. The largest dam in the scheme is the Talbingo Dam, while the Khancoban Dam is the longest. Lake Eucumbene is the largest reservoir, and Deep Creek Reservoir is the smallest.
The Snowy Scheme's primary function is water management, and it plays a significant role in providing water security to the Murray-Darling Basin, generating approximately 67% of all renewable energy in the mainland National Electricity Market. The scheme also contributes to the agricultural industry, providing additional water for irrigated agriculture worth about A$3 billion per annum.
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The end of free land
In the early 1800s, the British colonial government began to encourage free settlement in Australia, offering free land to those who migrated. These settlers, known as
However, the availability of free land was limited to specific areas. From 1826, free settlers could only take up land within the Nineteen Counties of the Sydney settlement. This restriction on land tenure led to uncertainty, and some squatters ran their sheep and cattle beyond the designated boundaries. In 1836, they were legally allowed to do so by paying an annual fee.
The end of convict transportation to the eastern mainland in 1840 also played a role in the transition to an end of free land. With the decline in convict labour, the colonial governments had to subsidize the costs of immigration to attract skilled workers, particularly from the United Kingdom. This large-scale immigration contributed to the establishment of free colonial societies, fostering economic growth and social transformation.
As the economy expanded and industrialized, the demand for workers increased, especially in the mining and agricultural industries. The gold rushes in Victoria and the need for labour in the wool and wheat industries attracted many migrants, leading to a rapid growth in population and urbanization. This influx of people required social infrastructure, political representation, employment, and land, challenging the availability of free land.
By the 1850s and 1860s, technological advancements and the use of steam-powered machines further transformed the local economies and job markets. Cities like Ballarat and Bendigo transitioned from mining to manufacturing, and the production of goods became faster and more efficient. The need for vast tracts of land for mining gave way to the establishment of factories and urban infrastructure.
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The eight-hour workday
The first industrial action in Australia took place in 1791 when convicts went on strike, demanding daily rather than weekly food rations. In 1822, the convict shepherd James Straighter was sentenced to 500 lashes, solitary confinement, and five years of penal servitude for inciting his master's servants to combine for better wages and rations. Between 1830 and 1833, the first Australian unions were formed by skilled workers, but they faced stiff opposition from employers and the government.
On April 21, 1856, stonemasons in Melbourne, Victoria, staged a walk-off and marched to the Parliament building to demand a reduction in their work hours. This pivotal action succeeded in establishing an eight-hour workday for stonemasons and set a precedent for other building trade unions. The eight-hour workday for stonemasons was celebrated with a parade and other festivities on May 12, 1856, drawing hundreds of people from various building trades. This tradition continued for over ninety years.
In 1866, the International Workingmen's Association took up the demand for an eight-hour day at its Congress in Geneva, declaring that the legal limitation of the working day was necessary for the emancipation of the working class. Karl Marx also saw it as vital to workers' health, writing in Das Kapital (1867) that extending the working day led to the deterioration of human labour power.
In the late 19th and early 20th centuries, large-scale demonstrations and strikes led to the introduction of the eight-hour workday in several countries, including former Czechoslovakia (now the Czech Republic and Slovakia), Finland, France, and Hungary. By 1919, the Hours of Work (Industry) Convention had been ratified by 52 countries.
In 1916, Victoria and New South Wales passed the Eight Hours Act, guaranteeing all workers in those states the right to an eight-hour workday. By 1948, the national government officially recognised the eight-hour day. The eight-hour workday movement in Australia faced many challenges, but it ultimately succeeded in improving working conditions and empowering workers to stand their ground and demand fair treatment.
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The transition to manufacturing
Australia's industrialization was influenced by its history as a British colony, with the Industrial Revolution reaching its shores in 1788, coinciding with the arrival of the first convict ships from Britain. This period marked a shift from manual labor and simple tools to new manufacturing processes and machines.
During the Industrial Revolution, Australia's economy was primarily based on agriculture and the production of commodities such as wool and wheat. The country also had a significant whaling industry, which, along with sealing, contributed greatly to the colonial economy until the 1830s. From the 1820s onwards, economic growth became increasingly reliant on the production of fine wool and other rural commodities for export to Britain and the industrializing economies of Northwestern Europe.
The influx of migrants during the Victorian gold rushes in the mid-1800s further propelled Australia's industrialization. Immigrants brought with them knowledge, experience, and skills from the Industrial Revolution in Britain. They had worked with steam-powered machines and believed in the potential of steam technology to revolutionize Australia. By the 1860s, steam-powered machines were being used in gold extraction, and by 1900, the Ballarat region was dotted with such machines, enabling mass production and the availability of affordable goods.
The Industrial Revolution led to significant population shifts, with people moving from rural areas to cities in search of work in the new factories. This urbanization caused overcrowding and social issues, similar to what had occurred during Britain's earlier industrialization. However, it also contributed to economic growth and the expansion of local industries.
In the late 19th century, cities like Ballarat and Bendigo transitioned from mining to manufacturing, leveraging the skills and experience of immigrants who had worked in similar industries in Britain. This shift helped these cities continue to grow and thrive, even as the importance of mining diminished over time.
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Frequently asked questions
Australia's major exports after industrialization included wool, wheat, seal skins, whale oil, and baleen (whalebone).
After industrialization, Australia's main industries included wool production, mining, and manufacturing.
Industrialization led to rapid growth in Australia's cities, with families migrating from Britain and rural areas, resulting in overcrowding.
The Industrial Revolution led to the development of new factories, which became mass employers. However, workers often lived in poor and crowded conditions, and some resorted to crime to survive.
During industrialization, Australia adopted steam-powered machines for mining and manufacturing, improving production efficiency and enabling the mass production of goods.
