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91-433: AGC was registered as a public company on 18 June 1925 and listed on the stock exchange in 1928. Its business specialised in lending for cars and farm machinery and later expanded into personal loans and lending for non-farm business equipment. Most of the funding for AGC's loans came from issuing debentures to the public, offering attractive interest rates. The first Managing Director was Mr G K Bain who assumed control from

182-718: A southerly buster , a powerful southerly that brings gale winds and a rapid fall in temperature. Since Sydney is downwind of the Great Dividing Range , it occasionally experiences dry, westerly foehn winds typically in winter and early spring (which are the reason for its warm maximum temperatures). Westerly winds are intense when the Roaring Forties (or the Southern Annular Mode ) shift towards southeastern Australia, where they may damage homes and affect flights , in addition to making

273-400: A "big ticket" corporate financing business as AGC Corporate Finance, providing finance facilities for such purposes as commercial aircraft, public company preference shares and mining equipment. This operation was moved to Westpac Corporate Finance control in 1988. In general, lending through those years was conservative and risk was tightly controlled. Lending against real estate in particular

364-670: A borrower to take their line of credit up to their limit. Provided a line of credit secured by a mortgage, over residential real estate for amounts over $ 20,000. Maximum amount that could be lent to a customer could be up to 90% of their property's value. This type of credit facility is secured by a first or second mortgage. Providing funding to businesses for the acquisition of business-related assets such as motor vehicles and trucks, earth moving equipment etc. by way of purchase funding or leasing. Providing funding to businesses for cashflow purposes, as an alternative to traditional banking overdraft or term loans. Facilities were usually secured by

455-444: A consequent serious funding crisis. Westpac, although suffering similar situations with defaulting loans, agreed to support AGC through the provision of substantial funding lines. The ensuing period from 1991 onwards saw a complete restructure of the management operations and policies including exit from most property lending, sale of offshore subsidiaries (excluding AGC New Zealand), and updated lending policies. These actions resulted in

546-519: A feature of Sydney's topography. After Phillip's departure in December 1792, the colony's military officers began acquiring land and importing consumer goods from visiting ships. Former convicts engaged in trade and opened small businesses. Soldiers and former convicts built houses on Crown land, with or without official permission, in what was now commonly called Sydney town. Governor William Bligh (1806–08) imposed restrictions on commerce and ordered

637-696: A few areas of wet sclerophyll forests in the wetter, elevated areas in the north and northeast . These forests are defined by straight, tall tree canopies with a moist understory of soft-leaved shrubs, tree ferns and herbs. The predominant vegetation community in Sydney is the Cumberland Plain Woodland in Western Sydney ( Cumberland Plain ), followed by the Sydney Turpentine-Ironbark Forest in

728-434: A finance company let the banks get around that. All the major Australian banks ended up with finance company subsidiaries doing riskier lending than the banks themselves would. The Wales let AGC run as an independent business, and that included giving no guarantees on the debentures issued by AGC. Initially AGC operated through head office in Sydney, with state operations in each capital city. The first regional branch presence

819-421: A fixed rate of interest. The legal term "debenture" originally referred to a document that either creates a debt or acknowledges it, but in some countries the term is now used interchangeably with bond , loan stock or note . A debenture is thus like a certificate of loan or a loan bond evidencing the company's liability to pay a specified amount with interest. Although the money raised by the debentures becomes

910-511: A fresh water supply and a safe harbour, which Philip described as "the finest Harbour in the World ... Here a Thousand Sail of the Line may ride in the most perfect Security". The settlement was planned to be a self-sufficient penal colony based on subsistence agriculture. Trade and shipbuilding were banned in order to keep the convicts isolated. However, the soil around the settlement proved poor and

1001-472: A joint office with Westpac in London. Overall, by 1988 the very successful overseas operations involved 12 countries and employed more than 1,000 staff. Although most overseas businesses were very profitable, all were progressively sold in the early-1990s as part of the business rationalisation after the financial crisis of the late-1980s. Through the 1970s AGC expanded and increased profits. It avoided many of

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1092-476: A large percentage of Ford dealers business. Transport and General Insurance Insurance Company Ltd was formed in 1938 as a wholly owned subsidiary of AGC to provide insurance facilities for purchasers of vehicles from the motor dealer network, and for general insurance needs of the affiliated motor dealers. The name was changed to AGC (Insurances) Ltd in the mid 1970s to better identify with the AGC products. The business

1183-584: A loss of some $ 50m. The motto within AGC that "the first loss is the best loss" had been illustrated, but the experience didn't keep it out of much worse property forays like the Como development in later years. In the late-1980s and early-1990s, AGC found itself in severe difficulties having deviated from the traditional conservative lending policies towards "big ticket" property development loans. The economy turned against these borrowers, leaving AGC, and many similar financiers, with very substantial impaired loans and

1274-430: A part of the company's capital structure , it does not become share capital . Senior debentures get paid before subordinate debentures, and there are varying rates of risk and payoff for these categories. Debentures are freely transferable by the debenture holder. Debenture holders have no rights to vote in the company's general meetings of shareholders , but they may have separate meetings or votes e.g. on changes to

1365-607: A pattern of resistance that was to be repeated as the colonial frontier expanded . A military garrison was established on the Hawkesbury in 1795. The death toll from 1794 to 1800 was 26 settlers and up to 200 Darug. Conflict again erupted from 1814 to 1816 with the expansion of the colony into Dharawal country in the Nepean region south-west of Sydney. Following the deaths of several settlers, Governor Macquarie dispatched three military detachments into Dharawal lands, culminating in

1456-486: A planner to design the street layout of Sydney and commissioned the construction of roads, wharves, churches, and public buildings. Parramatta Road , linking Sydney and Parramatta, was opened in 1811, and a road across the Blue Mountains was completed in 1815, opening the way for large-scale farming and grazing west of the Great Dividing Range . Following the departure of Macquarie, official policy encouraged

1547-423: A rich ceremonial life, part of a belief system centring on ancestral, totemic and supernatural beings. People from different clans and language groups came together to participate in initiation and other ceremonies. These occasions fostered trade, marriages and clan alliances. The earliest British settlers recorded the word ' Eora ' as an Aboriginal term meaning either 'people' or 'from this place'. The clans of

1638-561: A severe dust storm towards the city . The Greater Sydney Commission divides Sydney into three "cities" and five "districts" based on the 33 LGAs in the metropolitan area. The "metropolis of three cities" comprises Eastern Harbour City , Central River City and Western Parkland City . The Australian Bureau of Statistics also includes City of Central Coast (the former Gosford City and Wyong Shire) as part of Greater Sydney for population counts, adding 330,000 people. The CBD extends about 3 km (1.9 mi) south from Sydney Cove . It

1729-410: A strong return to the traditional "mainstream" profitable performance by the mid-1990s. A retail finance card, which allowed the cardholder to make a purchase with extended interest-free and deferred payment options, allowing them to get what they want today, and pay it off before the promotion ends and not pay a cent in interest. The downside to this product for the consumer, is if they failed to repay

1820-739: A year have temperatures at or above 30 °C (86 °F) in the central business district (CBD). In contrast, the metropolitan area averages between 35 and 65 days, depending on the suburb. The hottest day in the metropolitan area occurred in Penrith on 4 January 2020, where a high of 48.9 °C (120.0 °F) was recorded. The average annual temperature of the sea ranges from 18.5 °C (65.3 °F) in September to 23.7 °C (74.7 °F) in February. Sydney has an average of 7.2 hours of sunshine per day and 109.5 clear days annually. Due to

1911-540: Is bordered by Farm Cove within the Royal Botanic Garden to the east and Darling Harbour to the west. Suburbs surrounding the CBD include Woolloomooloo and Potts Point to the east, Surry Hills and Darlinghurst to the south, Pyrmont and Ultimo to the west, and Millers Point and The Rocks to the north. Most of these suburbs measure less than 1 km (0.4 sq mi) in area. The Sydney CBD

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2002-451: Is characterised by narrow streets and thoroughfares, created in its convict beginnings. Several localities, distinct from suburbs, exist throughout Sydney's inner reaches. Central and Circular Quay are transport hubs with ferry, rail, and bus interchanges. Chinatown , Darling Harbour, and Kings Cross are important locations for culture, tourism, and recreation. The Strand Arcade , located between Pitt Street Mall and George Street ,

2093-494: Is secured by a charge against other assets of the company, the document is called a debenture; and where no security is involved, the document is called a note or "unsecured deposit note". There are two types of debentures: Sydney This is an accepted version of this page Sydney is the capital city of the state of New South Wales and the most populous city in Australia . Located on Australia's east coast,

2184-583: Is stipulated in the contract. In the United States , debenture refers specifically to an unsecured corporate bond, i.e. a bond that does not have a certain line of income or piece of property or equipment to guarantee repayment of principal upon the bond's maturity . Where security is provided for loan stocks or bonds in the US, they are termed "mortgage bonds". In the United Kingdom a debenture

2275-415: Is usually secured. In Canada, a debenture refers to a secured loan instrument where security is generally over the debtor's credit, but security is not pledged to specific assets. Like other secured debts, the debenture gives the debtor priority status over unsecured creditors in a bankruptcy. In Asia, if repayment is secured by a charge over land, the loan document is called a mortgage ; where repayment

2366-406: The 2003 Rugby World Cup Final , and the 2023 FIFA Women's World Cup Final . The city is among the top fifteen most-visited, with millions of tourists coming each year to see the city's landmarks. The city has over 1,000,000 ha (2,500,000 acres) of nature reserves and parks , and its notable natural features include Sydney Harbour and Royal National Park . The Sydney Harbour Bridge and

2457-523: The Appin massacre (April 1816) in which at least 14 Aboriginal people were killed. The New South Wales Legislative Council became a semi-elected body in 1842. Sydney was declared a city the same year, and a governing council established, elected on a restrictive property franchise. The discovery of gold in New South Wales and Victoria in 1851 initially caused economic disruption as men moved to

2548-461: The Australian raven , Australian magpie , crested pigeon , noisy miner and the pied currawong . Introduced bird species ubiquitously found in Sydney are the common myna , common starling , house sparrow and the spotted dove . Reptile species are also numerous and predominantly include skinks . Sydney has a few mammal and spider species, such as the grey-headed flying fox and

2639-465: The Cooks River into Botany Bay. There is no single definition of the boundaries of Sydney. The Australian Statistical Geography Standard definition of Greater Sydney covers 12,369 km (4,776 sq mi) and includes the local government areas of Central Coast in the north, Hawkesbury in the north-west, Blue Mountains in the west, Sutherland Shire in the south, and Wollondilly in

2730-496: The Garden Island Tunnel System , the only tunnel warfare complex in Sydney, and the heritage-listed military fortification systems Bradleys Head Fortification Complex and Middle Head Fortifications , which were part of a total defence system for Sydney Harbour . A post-war immigration and baby boom saw a rapid increase in Sydney's population and the spread of low-density housing in suburbs throughout

2821-659: The Middle East and Africa becoming major sources. By 2021, the population of Sydney was over 5.2 million, with 40% of the population born overseas. China and India overtook England as the largest source countries for overseas-born residents. Sydney is a coastal basin with the Tasman Sea to the east, the Blue Mountains to the west, the Hawkesbury River to the north, and the Woronora Plateau to

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2912-662: The Sydney funnel-web , respectively, and has a huge diversity of marine species inhabiting its harbour and beaches. Under the Köppen–Geiger classification , Sydney has a humid subtropical climate ( Cfa ) with "warm, sometimes hot" summers and "generally mild", to "cool" winters. The El Niño–Southern Oscillation , the Indian Ocean Dipole and the Southern Annular Mode play an important role in determining Sydney's weather patterns: drought and bushfire on

3003-682: The University of Sydney (1854–61), the Australian Museum (1858–66), the Town Hall (1868–88), and the General Post Office (1866–92). Elaborate coffee palaces and hotels were erected. Daylight bathing at Sydney's beaches was banned, but segregated bathing at designated ocean baths was popular. Drought, the winding down of public works and a financial crisis led to economic depression in Sydney throughout most of

3094-593: The "Aborigines of Australia" declared 26 January "A Day of Mourning " for "the whiteman's seizure of our country." With the outbreak of Second World War in 1939, Sydney experienced a surge in industrial development. Unemployment virtually disappeared and women moved into jobs previously typically reserved for males. Sydney was attacked by Japanese submarines in May and June 1942 with 21 killed. Households built air raid shelters and performed drills. Military establishments in response to World War II in Australia included

3185-627: The 1890s. Meanwhile, the Sydney-based premier of New South Wales, George Reid , became a key figure in the process of federation. When the six colonies federated on 1 January 1901, Sydney became the capital of the State of New South Wales. The spread of bubonic plague in 1900 prompted the state government to modernise the wharves and demolish inner-city slums. The outbreak of the First World War in 1914 saw more Sydney males volunteer for

3276-569: The CBD. In the warm season black nor'easters are usually the cause of heavy rain events, though other forms of low-pressure areas , including remnants of ex-cyclones , may also bring heavy deluge and afternoon thunderstorms. 'Snow' was last alleged in 1836, more than likely a fall of graupel , or soft hail; and in July 2008 the Upper North Shore saw a fall of graupel that was mistaken by many for 'snow'. In 2009, dry conditions brought

3367-596: The Credit Line product in 1984. With the GE acquisition of the retail and dealer lending segments of the AGC portfolio, Westpac integrated the Business Finance segments in Australia and New Zealand into its own operations under the banner of "Westpac Equipment Finance". Debenture In corporate finance , a debenture is a medium- to long-term debt instrument used by large companies to borrow money, at

3458-481: The Cumberland Plain. Immigrants—mostly from Britain and continental Europe—and their children accounted for over three-quarters of Sydney's population growth between 1947 and 1971. The newly created Cumberland County Council oversaw low-density residential developments, the largest at Green Valley and Mount Druitt . Older residential centres such as Parramatta, Bankstown and Liverpool became suburbs of

3549-932: The Inner West and Northern Sydney , the Eastern Suburbs Banksia Scrub in the coastline and the Blue Gum High Forest scantily present in the North Shore – all of which are critically endangered. The city also includes the Sydney Sandstone Ridgetop Woodland found in Ku-ring-gai Chase National Park on the Hornsby Plateau to the north. Sydney is home to dozens of bird species, which commonly include

3640-593: The Sydney area occupied land with traditional boundaries. There is debate, however, about which group or nation these clans belonged to, and the extent of differences in language and rites. The major groups were the coastal Eora people, the Dharug (Darug) occupying the inland area from Parramatta to the Blue Mountains, and the Dharawal people south of Botany Bay. Darginung and Gundungurra languages were spoken on

3731-442: The Sydney region are grassy woodlands (i.e. savannas ) and some pockets of dry sclerophyll forests, which consist of eucalyptus trees, casuarinas , melaleucas , corymbias and angophoras , with shrubs (typically wattles , callistemons , grevilleas and banksias ), and a semi-continuous grass in the understory . The plants in this community tend to have rough, spiky leaves due to low soil fertility . Sydney also features

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3822-627: The Union Jack 165 years earlier, commencing her Australian Royal Tour . It was the first time a reigning monarch stepped onto Australian soil. Increasing high-rise development in Sydney and the expansion of suburbs beyond the "green belt" envisaged by the planners of the 1950s resulted in community protests. In the early 1970s, trade unions and resident action groups imposed green bans on development projects in historic areas such as The Rocks. Federal, State and local governments introduced heritage and environmental legislation. The Sydney Opera House

3913-769: The Westpac Banking Corporation regarding the possible sale of the Personal Finance and Motor Dealer finance parts of AGC's business in Australia and New Zealand. This was completed in June 2002 at a reported price of $ 1.7b and from that point GE started integrating the AGC businesses into the GE Consumer Finance Australian arm. The personal finance segment of the business included the Credit Line product which had commenced business in 1968 as AGC Household Finance, and moved to

4004-571: The World Heritage-listed Sydney Opera House are major tourist attractions. Central Station is the hub of Sydney's suburban train, metro and light rail networks and longer-distance services. The main passenger airport serving the city is Kingsford Smith Airport , one of the world's oldest continually operating airports. In 1788, Captain Arthur Phillip , the first governor of New South Wales, named

4095-481: The armed forces than the Commonwealth authorities could process, and helped reduce unemployment. Those returning from the war in 1918 were promised "homes fit for heroes" in new suburbs such as Daceyville and Matraville. "Garden suburbs" and mixed industrial and residential developments also grew along the rail and tram corridors. The population reached one million in 1926, after Sydney had regained its position as

4186-568: The arrival of the British, there were 4,000 to 8,000 Aboriginal people in the greater Sydney region. The inhabitants subsisted on fishing, hunting, and gathering plants and shellfish. The diet of the coastal clans was more reliant on seafood whereas hinterland clans ate more forest animals and plants. The clans had distinctive equipment and weapons mostly made of stone, wood, plant materials, bone and shell. They also differed in their body decorations, hairstyles, songs and dances. Aboriginal clans had

4277-507: The balance of a particular interest free plan, it would revert to a high interest rate. These cards could also be used through EFTPOS and ATM terminals, but these would automatically bear high interest. The card has since been superseded by GE CreditLine. Provided a line of credit up to $ 15,000. Enabled customers to obtain home improvements, motor vehicles, debt consolidation or use the line of credit for any other worthwhile purpose. Cash advances were also available under this product allowing

4368-401: The business assets such as stock and debtors. Providing funding to motor dealer clients for the purchase of motor vehicles from the dealership. Providing funding to motor dealers for carrying floor plan of motor vehicle stock, or loans to dealers for the establishment and expansion of dealer businesses. On 26 November 2001, it was announced that GE Money had made an unsolicited approach to

4459-590: The city are colloquially known as "Sydneysiders". The estimated population in June 2023 was 5,450,496, which is about 66% of the state's population. The city's nicknames include the Emerald City and the Harbour City . Aboriginal Australians have inhabited the Greater Sydney region for at least 30,000 years, and their engravings and cultural sites are common. The traditional custodians of

4550-422: The coastal region. The rising sea level between 18,000 and 6,000 years ago flooded the rias to form estuaries and deep harbours. Port Jackson, better known as Sydney Harbour, is one such ria . Sydney features two major soil types: sandy soils (which originate from the Hawkesbury sandstone) and clay (which are from shales and volcanic rocks ), though some soils may be a mixture of the two. Directly overlying

4641-450: The company commencement until his retirement in 1956. Having a strong association with Ford Motor Company, which had just opened an Australian office and was establishing a dealer network, AGC incorporated Traders Finance Corporation (TFC) on 10 July 1925 to provide financing exclusively for the Ford dealer sales network. TFC was wound down in the late-1970s although AGC continued to maintain

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4732-532: The cove where the first British settlement was established Sydney Cove after Home Secretary Thomas Townshend, 1st Viscount Sydney . The cove was called Warrane by the Aboriginal inhabitants. Phillip considered naming the settlement Albion , but this name was never officially used. By 1790 Phillip and other officials were regularly calling the township Sydney. Sydney was declared a city in 1842. The Gadigal (Cadigal) clan, whose territory stretches along

4823-413: The creditors, as a hedge against inflation, bankruptcy, or other risk factors. A sinking fund makes the bond less risky, and therefore gives it a smaller "coupon" (or interest payment). There are also options for "convertibility", which means a creditor may turn their bonds into equity in the company if it does well. Companies also reserve the right to call their bonds, which mean they can call it sooner than

4914-546: The demolition of buildings erected on Crown land, including some owned by past and serving military officers. The resulting conflict culminated in the Rum Rebellion of 1808, in which Bligh was deposed by the New South Wales Corps . Governor Lachlan Macquarie (1810–1821) played a leading role in the development of Sydney and New South Wales, establishing a bank, a currency and a hospital. He employed

5005-488: The disasters that befell others in that time, though it did indulge in the diversification strategies that were in vogue, ending up for a time with a majority interest in Budget Rent a Car and in property developer Mirvac , plus minority interests in all sorts of things from entertainment business ("AGC Paradine" in partnership with well-known entertainment personality David Frost), winemaking, brickworks to caravans. On

5096-522: The emigration of free British settlers to New South Wales. Immigration to the colony increased from 900 free settlers in 1826–30 to 29,000 in 1836–40, many of whom settled in Sydney. By the 1840s Sydney exhibited a geographic divide between poor and working-class residents living west of the Tank Stream in areas such as The Rocks , and the more affluent residents living to its east. Free settlers, free-born residents and former convicts now represented

5187-404: The finance related side AGC continued to expand overseas, and in Australia acquired Bill Acceptance Corporation (BAC) in 1977 (which it ran as an independent business). In the early-1980s AGC also acquired a number of competitor retail financier companies, notably General Credits, Standard Chartered Finance Australia, Associated Midland and Amev-UDC. From the late-1970s until 1988 AGC also operated

5278-717: The first crops failed, leading to several years of hunger and strict rationing. The food crisis was relieved with the arrival of the Second Fleet in mid-1790 and the Third Fleet in 1791. Former convicts received small grants of land, and government and private farms spread to the more fertile lands around Parramatta , Windsor and Camden on the Cumberland Plain . By 1804, the colony was self-sufficient in food. A smallpox epidemic in April 1789 killed about half

5369-466: The fringes of the Sydney area. The first meeting between Aboriginals and British explorers occurred on 29 April 1770 when Lieutenant James Cook landed at Botany Bay (Kamay ) and encountered the Gweagal clan. Two Gweagal men opposed the landing party and one was shot and wounded. Cook and his crew stayed at Botany Bay for a week, collecting water, timber, fodder and botanical specimens and exploring

5460-700: The goldfields. Melbourne soon overtook Sydney as Australia's largest city, leading to an enduring rivalry between the two. However, increased immigration from overseas and wealth from gold exports increased demand for housing, consumer goods, services and urban amenities. The New South Wales government also stimulated growth by investing heavily in railways, trams, roads, ports, telegraph, schools and urban services. The population of Sydney and its suburbs grew from 95,600 in 1861 to 386,900 in 1891. The city developed many of its characteristic features. The growing population packed into rows of terrace houses in narrow streets. New public buildings of sandstone abounded, including at

5551-409: The idea of the rich "clipping their coupons", which means that a bondholder will present their "coupon" to the bank and receive a payment each quarter (or in whatever period is specified in the agreement). There are also other features that minimize risk, such as a "sinking fund", which means that the debtor must pay some of the value of the bond after a specified period of time. This decreases risk for

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5642-505: The inland location, frost is recorded early in the morning in Western Sydney a few times in winter. Autumn and spring are the transitional seasons, with spring showing a larger temperature variation than autumn. Sydney experiences an urban heat island effect. This makes certain parts of the city more vulnerable to extreme heat, including coastal suburbs. In late spring and summer, temperatures over 35 °C (95 °F) are not uncommon, though hot, dry conditions are usually ended by

5733-581: The land on which modern Sydney stands are the clans of the Darug , Dharawal and Eora peoples. During his first Pacific voyage in 1770, James Cook charted the eastern coast of Australia, making landfall at Botany Bay . In 1788, the First Fleet of convicts , led by Arthur Phillip , founded Sydney as a British penal colony , the first European settlement in Australia. After World War II, Sydney experienced mass migration and by 2021 over 40 per cent of

5824-571: The main body of insurgents were routed by about 100 troops and volunteers at Rouse Hill . At least 39 convicts were killed in the uprising and subsequent executions. As the colony spread to the more fertile lands around the Hawkesbury River , north-west of Sydney, conflict between the settlers and the Darug people intensified, reaching a peak from 1794 to 1810. Bands of Darug people, led by Pemulwuy and later by his son Tedbury , burned crops, killed livestock and raided settler stores in

5915-422: The maturity date. Often there is a clause in the contract that allows this; for example, if a bond issuer wishes to rebook a 30-year bond at the 25th year, they must pay a premium. If a bond is called, it means that less interest is paid out. Failure to pay a bond effectively means bankruptcy. Bondholders who have not received their interest can throw an offending company into bankruptcy, or seize its assets if that

6006-591: The metropolis surrounds Sydney Harbour and extends about 80 km (50 mi) from the Pacific Ocean in the east to the Blue Mountains in the west, and about 80 km (50 mi) from the Ku-ring-gai Chase National Park and the Hawkesbury River in the north and north-west, to the Royal National Park and Macarthur in the south and south-west. Greater Sydney consists of 658 suburbs, spread across 33 local government areas. Residents of

6097-462: The metropolis. Manufacturing, protected by high tariffs, employed over a third of the workforce from 1945 to the 1960s. However, as the long post-war economic boom progressed, retail and other service industries became the main source of new jobs. An estimated one million onlookers, most of the city's population, watched Queen Elizabeth II land in 1954 at Farm Cove where Captain Phillip had raised

6188-531: The most famous. The Nepean River wraps around the western edge of the city and becomes the Hawkesbury River before reaching Broken Bay . Most of Sydney's water storages can be found on tributaries of the Nepean River. The Parramatta River is mostly industrial and drains a large area of Sydney's western suburbs into Port Jackson. The southern parts of the city are drained by the Georges River and

6279-544: The most populous city in Australia. The government created jobs with massive public projects such as the electrification of the Sydney rail network and building the Sydney Harbour Bridge. Sydney was more severely affected by the Great Depression of the 1930s than regional New South Wales or Melbourne. New building almost came to a standstill, and by 1933 the unemployment rate for male workers

6370-554: The navy. The First Fleet of 11 ships under the command of Captain Arthur Phillip arrived in Botany Bay in January 1788. It comprised more than a thousand settlers, including 736 convicts. The fleet soon moved to the more suitable Port Jackson where a settlement was established at Sydney Cove on 26 January 1788. The colony of New South Wales was formally proclaimed by Governor Phillip on 7 February 1788. Sydney Cove offered

6461-641: The older Hawkesbury sandstone is the Wianamatta shale , a geological feature found in western Sydney that was deposited in connection with a large river delta during the Middle Triassic . The Wianamatta shale generally comprises fine grained sedimentary rocks such as shales, mudstones , ironstones , siltstones and laminites , with less common sandstone units. The Wianamatta Group is made up of Bringelly Shale , Minchinbury Sandstone and Ashfield Shale . The most prevalent plant communities in

6552-569: The one hand, and storms and flooding on the other, associated with the opposite phases of the oscillation in Australia . The weather is moderated by proximity to the ocean, and more extreme temperatures are recorded in the inland western suburbs because Sydney CBD is more affected by the oceanic climate drivers than the western suburbs. At Sydney's primary weather station at Observatory Hill , extreme temperatures have ranged from 45.8 °C (114.4 °F) on 18 January 2013 to 2.1 °C (35.8 °F) on 22 June 1932. An average of 14.9 days

6643-610: The population was born overseas. Foreign countries of birth with the greatest representation are mainland China, India, the United Kingdom, Vietnam and the Philippines. Despite being one of the most expensive cities in the world, Sydney frequently ranks in the top ten most liveable cities . It is classified as an Alpha+ city by the Globalization and World Cities Research Network , indicating its influence in

6734-413: The region and throughout the world. Ranked eleventh in the world for economic opportunity, Sydney has an advanced market economy with strengths in education, finance, manufacturing and tourism . The University of Sydney and the University of New South Wales are ranked 18th and 19th in the world respectively. Sydney has hosted major international sporting events such as the 2000 Summer Olympics ,

6825-604: The region's Indigenous population. In November 1790 Bennelong led a group of survivors of the Sydney clans into the settlement, establishing a continuous presence of Aboriginal Australians in settled Sydney. Phillip had been given no instructions for urban development, but in July 1788 submitted a plan for the new town at Sydney Cove . It included a wide central avenue, a permanent Government House, law courts, hospital and other public buildings, but no provision for warehouses, shops, or other commercial buildings. Phillip promptly ignored his own plan, and unplanned development became

6916-570: The rights attached to the debentures. The interest paid to them is a charge against profit in the company's financial statements . The term "debenture" is more descriptive than definitive. An exact and all-encompassing definition for a debenture has proved elusive. The English commercial judge, Lord Lindley , notably remarked in one case: "Now, what the correct meaning of 'debenture' is I do not know. I do not find anywhere any precise definition of it. We know that there are various kinds of instruments commonly called debentures." Debentures gave rise to

7007-519: The south-west. The local government area of the City of Sydney covers about 26 square kilometres from Garden island in the east to Bicentennial Park in the west, and south to the suburbs of Alexandria and Rosebery . Sydney is made up of mostly Triassic rock with some recent igneous dykes and volcanic necks (typically found in the Prospect dolerite intrusion , west of Sydney). The Sydney Basin

7098-534: The south. Sydney spans two geographic regions. The Cumberland Plain lies to the south and west of the Harbour and is relatively flat. The Hornsby Plateau is located to the north and is dissected by steep valleys. The flat areas of the south were the first to be developed; it was not until the construction of the Sydney Harbour Bridge that the northern reaches became more heavily populated. Seventy surf beaches can be found along its coastline, with Bondi Beach being

7189-442: The southern shore of Port Jackson from South Head to Darling Harbour , are the traditional owners of the land on which the British settlement was initially established, and call their territory Gadi ( Cadi ). Aboriginal clan names within the Sydney region were often formed by adding the suffix "-gal" to a word denoting the name for their territory, a specific place in their territory, a food source, or totem. Greater Sydney covers

7280-533: The surrounding area. Cook sought to establish relations with the Aboriginal population without success. Britain had been sending convicts to its American colonies for most of the eighteenth century, and the loss of these colonies in 1783 was the impetus to establish a penal colony at Botany Bay. Proponents of colonisation also pointed to the strategic importance of a new base in the Asia-Pacific region and its potential to provide much-needed timber and flax for

7371-439: The temperature seem colder than it actually is . Rainfall has a moderate to low variability and has historically been fairly uniform throughout the year, although in recent years it has been more summer-dominant and erratic. Precipitation is usually higher in summer through to autumn, and lower in late winter to early spring. In late autumn and winter, east coast lows may bring large amounts of rainfall, especially in

7462-509: The traditional lands of 28 known Aboriginal clans. The first people to inhabit the area now known as Sydney were Aboriginal Australians who had migrated from southeast Asia via northern Australia. Flaked pebbles found in Western Sydney's gravel sediments might indicate human occupation from 45,000 to 50,000 years ago, while radiocarbon dating has shown evidence of human activity in the region from around 30,000 years ago. Prior to

7553-480: The vast majority of the population of Sydney, leading to increasing public agitation for responsible government and an end to transportation. Transportation to New South Wales ceased in 1840. In 1804, Irish convicts led around 300 rebels in the Castle Hill Rebellion , an attempt to march on Sydney, commandeer a ship, and sail to freedom. Poorly armed, and with their leader Philip Cunningham captured,

7644-401: Was 28 per cent, but over 40 per cent in working class areas such as Alexandria and Redfern. Many families were evicted from their homes and shanty towns grew along coastal Sydney and Botany Bay, the largest being "Happy Valley" at La Perouse . The Depression also exacerbated political divisions. In March 1932, when populist Labor premier Jack Lang attempted to open the Sydney Harbour Bridge he

7735-467: Was New Zealand which operated relatively autonomously as AGC (New Zealand) Ltd from 1938. Papua New Guinea was established in 1958. The 1960s saw AGC move into South East Asia with Singapore, Malaysia and Brunei all opened as joint ventures with Standard Chartered Bank of England. By the mid-1980s AGC had extended its overseas presence, generally with a local joint partner, into countries such as Thailand, Hong Kong, Taiwan, Solomon Islands, Fiji, Portugal and

7826-411: Was also controversial for its cost and disputes between architect Jørn Utzon and government officials. However, soon after it opened in 1973 it became a major tourist attraction and symbol of the city. The progressive reduction in tariff protection from 1974 began the transformation of Sydney from a manufacturing centre to a "world city". From the 1980s, overseas immigration grew rapidly, with Asia ,

7917-627: Was capped at 30% of the loan book and spread by type and geography. The head office in Sydney at the time was devoid of luxuries, in a way reflecting in its environment the discipline applied to the business. One property position that did spiral away in that time though was the Kooralbyn resort development started by prominent businessmen Peter Abeles and Arthur George in 1975. They put up $ 2m and AGC put up $ 4m, but costs increased and after advancing $ 12m AGC took it over. AGC then spent yet more over subsequent years until finally exiting in 1987 for

8008-693: Was established in Toowoomba in 1958 under the management of Keith Jack who would later become the Managing Director in 1980. Further branch expansion quickly followed in all states and by the mid-1970s AGC operated more than 100 branch offices with over 3,000 staff. With advancing technology in the mid-1980s most suburban and regional branches were closed and the business operations were again centralised in large state operations, servicing clients statewide by local resident sales staff or electronically from state centres. AGC's first offshore operation

8099-514: Was formed in the early Triassic period. The sand that was to become the sandstone of today was laid down between 360 and 200 million years ago. The sandstone has shale lenses and fossil riverbeds. The Sydney Basin bioregion includes coastal features of cliffs, beaches, and estuaries. Deep river valleys known as rias were carved during the Triassic period in the Hawkesbury sandstone of

8190-551: Was sold to AMP Society in 1989 and operated as AMP United Insurances Ltd. In 1957 the Bank of New South Wales (later called the Wales, the forerunner of today's Westpac ) bought 40% of AGC and over the years progressively increased its interest to a majority stake of 76% and then acquired all remaining shares in 1988. Banking regulations at the time prevented banks from doing the sort of lending finance companies like AGC did, but buying

8281-550: Was upstaged by Francis de Groot of the far-right New Guard , who slashed the ribbon with a sabre. In January 1938, Sydney celebrated the Empire Games and the sesquicentenary of European settlement in Australia. One journalist wrote, "Golden beaches. Sun tanned men and maidens...Red-roofed villas terraced above the blue waters of the harbour...Even Melbourne seems like some grey and stately city of Northern Europe compared with Sydney's sub-tropical splendours." A congress of

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