The Financial and Banking System Of Australia - Essay Example

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The Financial and Banking System Of Australia

Due to a rise in the sea level, The Tasmania was separated from other islands that were offshore (Gup, p.46).
The Malaysian, Chinese, Indonesian along with Arab traders are estimated to have come to the northern part of Australia in the year 1500AD. The western countries only came to know about the Australian continent in the 17th century. The continent was the last discovery of new land that the western world made but was colonized by their powers (Weerassoria, p.23). Portuguese sailors are believed to have reached the eastern coast of the continent at around the 15th century when they were looking for a sea route connecting Africa and India. Spanish sailors led by Luis Vaez de Torres in the 16th and 17th century first saw the Australian continent but did not get there as their interests were further north in the Philippines (Gup, p.56). It is the Dutch who were using more advanced sailing ships who were responsible for making the discovery of the continent a reality during the 17th century. This occurred when they creating trading centers between Africa and Indonesia. They did not however settle in the continent as they found nothing of interest for their businesses (Miller, Vandrome & John, p.67).
Their voyages and discovery of the Australian continent thus brought the British into the land. This came during the Enlightenment age that occurred in the 18th century with the stressing of scientists along with philosophers on the importance of worldwide exploration (Verdier, p.19). ...Show more


The first occupants of the Australian continent were the aborigines who are believed by anthropologists to have migrated into the continent some fifty thousand years ago (Verdier, p.13). They are also believed to have settled and occupied the majority of the continent about thirty thousand years ago…
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