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Background Aboriginal settlers arrived on the continent from Southeast Asia about 40,000 years before the first Europeans began exploration in the 17th century. No formal territorial claims were made until 1770, when Capt. James COOK took possession in the name of Great Britain. Six colonies were created in the late 18th and 19th centuries; they federated and became the Commonwealth of Australia in 1901. The new country took advantage of its natural resources to rapidly develop agricultural and manufacturing industries and to make a major contribution to the British effort in World Wars I and II. In recent decades, Australia has transformed itself into an internationally competitive, advanced market economy. It boasted one of the OECD's fastest growing economies during the 1990s, a performance due in large part to economic reforms adopted in the 1980s. Long-term concerns include climate-change issues such as the depletion of the ozone layer and more frequent droughts, and management and conservation of coastal areas, especially the Great Barrier Reef. Geography world's smallest continent but sixth-largest country; population concentrated along the eastern and southeastern coasts; the invigorating sea breeze known as the "Fremantle Doctor" affects the city of Perth on the west coast and is one of the most consistent winds in the world Government type 6 states and 2 territories*; Australian Capital Territory*, New South Wales, Northern Territory*, Queensland, South Australia, Tasmania, Victoria, Western Australia Population 21,515,754 (July 2010 est.) Education expenditures 4.5% of GDP (2005) Economy - overview Industries 239.9 billion kWh (2007 est.) Electricity - production 0 kWh (2008 est.) Stock of money $NA (31 December 2008) Exchange rates WebCam