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Port Jackson. The European settlement of Australia began on 26 January 1788 at Port Jackson (modern Sydney, New South Wales), when the First Fleet arrived with more than 1,000 convicts, marines and a few free settlers, plus a vast quantity of stores to establish a penal colony in New South Wales.
The history of Australia from 1788 to 1850 covers the early British colonial period of Australia's history. This started with the arrival in 1788 of the First Fleet of British ships at Port Jackson on the lands of the Eora, and the establishment of the penal colony of New South Wales as part of the British Empire.
Over the next few decades, the colonies of New Zealand, Queensland, South Australia, Van Diemen's Land (later renamed Tasmania), and Victoria were created from New South Wales, as well as an aborted Colony of North Australia. On 1 January 1901, these colonies, excepting New Zealand, became states in the Commonwealth of Australia.
Australia and the other self-governing British dominions won the right to become full members of the new League of Nations, and Australia obtained a special League of Nations mandate over German New Guinea allowing Australia to control trade and immigration. Australia also gained a 42 per cent share of the formerly German-ruled island of Nauru ...
Inter-colonial imports were a deterrent to inter-colony trade and, more importantly in the debate before federation, a major irritant in inter-colony relations. From the point of view of the form and structure of tariffs, the colonial systems had developed features which carried over to the first Australian customs tariff.
Australia's economy is strongly intertwined with the countries of East and Southeast Asia, also known as ASEAN Plus Three (APT), accounting for about 64% of exports in 2016. [46] China in particular is Australia's main export and import partner by a wide margin. [47] Australia is a member of the APEC, G20, OECD and WTO.
Peers of the Realm have been associated with Australia since early in its history as a British settlement. Many peers served as governors of the Australian colonies (states following Federation), and in the days when the practice of appointing British governors-general was current, the great majority were peers.
Australian government debt, about $963 billion in June 2022, exceeds 45.1% of the country's total GDP, and is the world's eighth-highest. [263] Australia had the second-highest level of household debt in the world in 2020, after Switzerland. [264] Its house prices are among the highest in the world, especially in the large urban areas. [265]