The announcement of the first Australian gold rush was made public by Edward Hargraves in May 1851, although the actual discovery had been made three months earlier in February. Hargraves discovered gold in the bed of Lewis Ponds Creek, located near Bathurst in New South Wales, and upon verifying the find, he capitalized on the opportunity to proclaim it to the world. His proclamation not only marked a significant turning point in Australian history but also initiated a mass migration of people drawn by the allure of wealth and opportunity. The news spread like wildfire, leading to increased activity in areas known or thought to hold gold. 

As prospectors flooded into the region, towns sprouted almost overnight, evolving from quiet villages to bustling hubs of commerce and cultural exchange. The rush wasn't limited to Australians; thousands came from abroad, including miners from Britain, Europe, and even the United States, all eager to seek their fortunes in the newfound goldfields of Australia. The government response was also swift, implementing systems to manage the influx of people and establish order among the rapidly growing settlements. Mining licenses were introduced, and soon the landscape was dotted with makeshift camps and mining operations that altered the Australian frontier forever.

The first Australian gold rush set the stage for subsequent discoveries and an enduring legacy of mineral wealth. It became a defining moment for Australia's economy, stimulating growth and leading to infrastructural development across various regions. The population dynamics shifted dramatically, with significant demographic changes as the population swelled, infusing various cultures into the fabric of Australian society. The prosperity attracted more businesses, transforming the Australian colonies into economically robust entities, fundamentally unconstrained by previous limitations. Gold mining thus became an integral part of Australia's national identity and economic foundation.