History of Sydney
From 1788 to 1900 Sydney was the capital of the British colony of New South Wales. An elected city council was established in 1840. In 1900, Sydney became a state capital, when New South Wales voted to join the Australian Federation. Sydney today is Australia's largest city and a major international capital of culture and finance. The city has played host to many international events, including the 2000 Summer Olympics.
Sydney
The Bank of New South Wales exists to this day as Westpac. The Commonwealth Bank of Australia was formed in Sydney in 1911 and began to issue notes backed by the resources of the nation. It was replaced in this role in 1959 by the Reserve Bank of Australia which is also based in Sydney. The Australian Securities Exchange began operating in 1987 and with a market capitalisation of $1.6 trillion is now one of the ten largest exchanges in the world.