The first gold rush in Australia began in May 1851 after prospector Edward Hargraves with others claimed to have discovered payable gold near Orange, at a site called Ophir. Hargraves had been to the Californian goldfields and had learned new gold prospecting techniques such as panning and cradling, so he was very successful with his early efforts.
Before the end of the year, the gold rush had spread to many other parts of the state where gold had been found, not just to the west but also to the south and north of Sydney.
The Australian gold rushes changed the convict colonies into more progressive cities with the influx of free immigrants. These hopefuls, termed diggers, brought new skills and professions, contributing to a burgeoning economy.
The gold rush lead to rapid growth of the banking network in Australia, with the Bank of NSW - the first bank in NSW (now Westpac) - growing more than others.
