Rebels swore an oath to the flag as a symbol of defiance at its first flying at Bakery Hill and 22 were killed at the Eureka Stockade defending the original flag (now held at the Museum of Australian Democracy at Eureka, on loan from the Art Gallery of Ballarat).
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Today the Eureka Flag has been adopted by a variety of groups, including the Builders Labourers Federation and the Australia First Party.
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It flew for the first (recorded) occasion on Bakery Hill as a symbol of the resistance of the gold miners during the Eureka Stockade rebellion in the year 1854.
The suburb takes its name from the Eureka Lead the gold mining lead of the Eureka Mining Company and is most notable as the site of the historic event of the Eureka Rebellion and the flag flown by the rebels known as the Eureka Flag both of which have national significance to Australia.
The "Rebel flag" referred to in the poem is the Eureka Flag that was first raised at the Eureka Stockade in 1854, above the Shearers' strike camp in 1891 and carried on the first Australian May Day march in Barcaldine on 1 May 1891.
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