Sydney
Under the reign of Queen Victoria federation of the six colonies occurred on 1 January 1901. Sydney, with a population of 481,000, then became the state capital of New South Wales. The Great Depression of the 1930s had a severe effect on Sydney's economy, as it did with most cities throughout the industrial world. For much of the 1930s up to one in three breadwinners was unemployed. Construction of the Sydney Harbour Bridge served to alleviate some of the effects of the economic downturn by employing 1,400 men between 1924 and 1932. The population continued to boom despite the Depression, having reached 1 million in 1925.
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.