When the Constitution of Australia came into force, on 1 January 1901, the colonies collectively became states of the Commonwealth of Australia. How were the new states funded? O States continued to coin their own money or notes States were guaranteed 75% of the amount they would normally have collected in Customs and Excise by the Commonwealth Government O Selling wheat and wool overseas at very high prices Nothing changed -states continued to fund themselves independently in the same way they did before the new Commonwealth initiatives