History of Sydney
With the inauguration of the Commonwealth of Australia on 1 January 1901, Sydney ceased to be a colonial capital and became the capital of the Australian state of New South Wales. With industrialisation, Sydney expanded rapidly, and by the early 20th century it had a population well in excess of one million.
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.