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A brash boosterism that had typified Melbourne during this time ended in the early 1890s with a severe economic depression, sending the local finance- and property-industries into a period of chaos, during which 16 small "land banks" and building societies collapsed, and 133 limited companies went into liquidation.The Melbourne financial crisis was a contributing factor in the Australian economic depression of the 1890s and in the Australian banking crisis of 1893.The city is home to many of the best-known cultural institutions in the nation, such as the Melbourne Cricket Ground, the National Gallery of Victoria and the World Heritage-listed Royal Exhibition Building.It is also the birthplace of Australian impressionism, Australian rules football, the Australian film and television industries and Australian contemporary dance. For the city centre or central business district (CBD), see Melbourne City Centre. The city occupies much of the coastline of Port Phillip bay and spreads into the hinterlands towards the Dandenong and Macedon ranges, Mornington Peninsula and Yarra Valley.For the local government area within which the Melbourne City Centre is situated, see City of Melbourne. It has a population of 5 million (19% of the population of Australia), and its inhabitants are referred to as "Melburnians".More recently, it has been recognised as a UNESCO City of Literature and a global centre for street art, live music and theatre.
This spurred the construction of numerous hotels, including the 500-room Federal Hotel, The Palace Hotel in Bourke Street (both since demolished), and the doubling in size of the Grand (Windsor).At least twenty nationalities took part in the rebellion, giving some indication of immigration flows at the time.With the wealth brought in from the gold rush and the subsequent need for public buildings, a program of grand civic construction soon began.It also has the most extensive freeway network in Australia and the largest urban tram network in the world.The first British settlement in Victoria, then part of the penal colony of New South Wales, was established by Colonel David Collins in October 1803, at Sullivan Bay, near present-day Sorrento.