Simplify the following text for a Grade 7 native English-speaking person.
Original: Captain Arthur Phillip assumed office as Governor of New South Wales on 7 February 1788 , when the Colony of New South Wales , the first British settlement in Australia , was formally founded .
Simplified: Captain Arthur Phillip became the first Governor of New South Wales on 7 February 1788 . The Colony of New South Wales was the first British settlement in Australia .