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The best option that describes the results of British colonization of Australia is: Australia is a modern, independent country, but it still has a few ties with Great Britain

From 1788 to 1890 British colonized Australia, since then the Queen of UK ruled Australia for very long, controlling trading business and other issues. Australia was very dependent on British for investments and for exportation of their goods. With time Australia started to trade with US and other countries becoming independent of British, but only on 3 March 1986 the Australia Acts gave independency for the nation. Today The Independence Day is celebrated on the 11th of December.

But even after having achieved the status of a Sovereign, Independent and Federal Nation Australia still has Elizabeth II as the head of the state, not with the same function as she has in UK, so technically Australia is an independent state and as country being ruled by Monarchy is considered old-fashion Australia is a modern country, because legally she is ruling under Governor-General with ‘Reserve Powers’ as Australia is a country of the Commonwealth of Nations.