"The Australian colonies became self-governing while undergoing great changes caused by the discovery of gold in 1851. Gold was, in fact, a cause for the change in attitude of the British government, which considered that the increasing wealth as well as the growing population of the colonies justified their assumption of political responsibility. The discovery of gold, first in New South Wales and soon afterward in the new colony of Victoria, led to an influx of newcomers, including professional and skilled people.

In the 1850s, Victoria produced more than one-third of the world’s gold. Between 1852 and 1870, gold’s export value was greater than that of wool."

From nationsonline