Victoria is a state located in the south-eastern corner of Australia. It is the smallest mainland state in area but the most densely populated and urbanised. Victoria began in the 1830s as a farming community. The discovery of gold in 1851 transformed it into a leading industrial and commercial centre. Victoria is the second most populous Australian state, after New South Wales, with an estimated population of 5,037,700 as at September 2005. Melbourne is Victoria's capital and largest city, with more than 70% of all Victorians living there.