Story of silver in an Australian state (4)
I believe the answer is:
saga
'story' is the definition.
(saga is a kind of story)
'silver in an australian state' is the wordplay.
'silver' becomes 'Ag' (Ag is the chemical symbol for silver).
'in' is an insertion indicator.
'an australian state' becomes 'sa' (I can't explain this - if you can you should give a lot more credence to this answer).
'ag' placed into 'sa' is 'SAGA'.
'of' acts as a link.
Can you help me to learn more?
(Other definitions for saga that I've seen before include "Body of legend" , "Long heroic, family, story" , "Icelandic or Norse story" , "Soap opera" , "Tale of heroes" .)