Simplify the following text for a Grade 8 native English-speaking person.
Original: At Australia 's request , the United Kingdom transferred sovereignty to Australia ; in 1957 , the Australian government paid the government of Singapore Â # 2.9 million in compensation , a figure based mainly on an estimated value of the phosphate forgone by Singapore .
Simplified: Australia asked the United Kingdom to allow them to rule the island ; in 1957 , the Australian government paid the government of Singapore Â # 2.9 million in compensation .