Bank of Australia

Bank established in 1826 which failed in 1843 as the pastoral boom ended in an economic depression in the early 1840s. In 1828 it was the scene of Australia's first bank robbery, and following its collapse its directors organised Australia's first lottery to dispose of its assets.

Milestone
Opened
1826
Closed
1843
Position
1826 - 1833
Property
Occupied
1826 - 1833
Type

Robbing the Bank: Australia’s First Bank Robbery

CC BY-SA 2.0
,
2017

Sydney’s, and Australia’s, first bank robbery took place on 14 September 1828 when the Bank of Australia strongroom was breached by thieves entering through a sewer drain and stealing £14,000 mostly in notes but also some gold and silver coins. Most of this was never recovered.

Australia’s First Lottery

CC BY-SA 2.0
,
2017

Australia's first lottery, held in Sydney in 1849, was surrounded by controversy and was probably illegal. It was immensely popular however and the government turned a blind eye as it seemed the only way of averting the consequences of a financial disaster.