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Australia became an independent nation on 1 January 1901 when the British Parliament passed legislation allowing the six Australian colonies to govern in their own right as part of the Commonwealth of Australia.
During the war Australia's international trade and investment position also began to change. In 1944 Australia became a part of the Bretton Woods system with major world currencies maintaining fixed exchange rates relative to each other, and with the U.S. dollar being pegged to gold.he economic history of Australia traces the economic history of Australia since European settlement in 1788.