Cressy was founded in the 1850s and today is a small rural town which depends on agriculture for its prosperity.

The town was part of a land grant owned by the Van Diemens Land Company(PEP) in 1826, and was farmed until the break up of the estate in 1856. The site of the present day town was founded near the former company's headquarters in 1855.

A research farm was founded by the Government in 1937 and the Longford - Cressy irrigation scheme was opened 10 years later, leading to an improvement in the agricultural yields of the area.

Once one of the richest wheat growing areas in Tasmania, present day activities include the cultivation of poppies for the pharmaceutical industry and grain crops such as oats and barley. Peas and beans are also produced in the area.

Attractions in the area include excellent fishing on Lake Macquarie and the Liffey River, and Brumby's Creek, named after James Brumby who was granted an estate which he named Richmond in 1809.

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