Based on the real incidents that occurred on the Ballarat goldfields in Victoria during the early to mid 1850s, Eureka Stockade follows Peter Lalor, a boisterous prospector who leads a rebellion against the colonial authorities over excessive licences and restrictions. At first, the prospectors intend to use random mob violence, but Lalor organises the group into a strong, united front. The climax sees them take on the troops under the flag of the Southern Cross.
Lalor is portrayed in this version as a man of doubts and principles rather than as the charismatic rebel leader traditionally associated with the legend.