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What does squattocracy mean?

Looking for the meaning or definition of the word squattocracy? Here's what it means.

Noun
  1. (Australia, historical) Wealthy landowners (squatters) considered as a class.
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Examples
In Australia, squatters were large landholders and, like the large plantation owners of the Old South, a kind of aristocracy, referred to as the squattocracy.
The prejudices of the home counties squirearchy had clearly taken root among the Australian squattocracy.
Is it the squattocracy joyously celebrating the fact that the working man's club has been knocked back in its place, by it doesn't matter who?
You've also got the squattocracy in this novel, and the huge fortunes which were being made in the pastoral country around Melbourne and around Geelong.
He was born in London, but his family was of the Australian squattocracy.
For the next seven years, while Jack rode the wallaby track alone, she based herself with friends in Bathurst and cultivated the local squattocracy.

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