It was founded in the early 1850s when gold was discovered there, and, with a huge influx of population and wealth, was for a time Victoria's largest city. The legacy of the wealth generated is still visible in a large number of fine stone buildings in and around the city, especially in the Lydiard Street area which contains some Victoria's finest examples of Victorian era buildings many of which are classified by the National Trust of Australia.
Ballarat is notable as the site for Australia's only armed uprising, the Eureka Stockade which took place in 1854. The site contains a historical park and a memorial to commemorate the event.
Today, Ballarat's major industries include tourism, food products, brick and tile manufacture, and information technology services.