The Face of Modern Sydney

By Phin Upham

Modern Sydney is nothing like its past. The area was first discovered by the British explorer James Cook, but it became a penal colony in 1788. Times were dark for a long period, until the early 1800s when governor Lachlan Macquarie brought civilization to Sydney. Under his watch, the population built a thriving trade of wool and established modern infrastructure.

The 1840s would be considered Sydney’s turning point, as Britain finally ceased the convict trade and the city was allowed to grow of its own accord. It incorporated in 1842, and by 1851 has experienced a small gold rush. Thousands flocked to the land seeking the chance to get rich, which led to some significant losses during the Great Depression.

Like most places in the developed world, Sydney experienced a boon that brought it out of depression when World War II began. Australia had formally entered the war and Sydney was a designated production facility for arms. The mass unemployment that had crippled Sydney a mere ten years earlier was reversed, and a severe labor shortage pushed women into roles traditionally occupied by men.

Australia’s role in the war was minor compared to European allies, but it provided a key strategic point in the region. That caught the attention of Japan, which launched an attack on Sydney harbor on June 1, 1942. Sydney remained relatively unchanged during the war save for that attack, and it became a thriving center of culture afterward.

1973 brought the iconic opera house, and the area became a World Heritage Site in 2007.

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About the Author: Phin Upham is an investor at a family office/ hedgefund, where he focuses on special situation illiquid investing. Before this position, Phin Upham was working at Morgan Stanley in the Media & Technology group. You may contact Phin on his Phin Upham website or Twitter page.