Wielding the axe, literally speaking, was an act first carried out in Australia according to archaeologists, who have discovered part of the world's oldest axe in a remote corner of the Kimberley.

The Stone Age find pre-dates the arrival of agriculture and is evidence that the first Aboriginal people were far more sophisticated with their tool-making and use than previously thought.

"We are re-writing history here," said Sydney University archaeologist Peter Hiscock. "We need to give the ancestors of Aboriginal people credit for being clever, adaptable and successful."

Estimated to be between 46,000 and 49,000 years old, the basalt axe fragment is significant as it shows axes were in use when or very soon after humans arrived in Australia – between 50,000 and 55,000 years ago.

"For decades people have talked about how unsophisticated the early technologies were, and now all of a sudden we've got the most sophisticated stuff at the earliest date anywhere in the world," Professor Hiscock said.

The axe fragment, no bigger than a thumbnail, would have broken off an axe head of about five to seven centimetres during use. While no longer useful to the original owners, the fragment, excavated in the early 1990s, has proved historically and scientifically invaluable for archaeologists internationally.

"This may be small but it's information-rich," Professor Hiscock said.

The world's previous oldest axe was discovered in Arnhem Land in 2010 and is about 34,000 to 35,000 years old. By comparison, the earliest ground-edge axes from Europe, west Asia and Africa are about 8500 years old.

The Kimberley axe – literally cutting-edge technology for its time – is evidence of the ingenuity of the newly arrived Aboriginal people, who were able to adapt and exploit the resources of their new environment.

Australian National University archaeologist Sue O'Connor found the fragment in the early 1990s in a large rock shelter known as Carpenter's Gap – one of the oldest radiocarbon-dated locations in the country.

"Nowhere else in the world do you get axes at this date," Professor O'Connor said. "In most countries in the world [axes] arrive with agriculture after 10,000 years ago."

Monash University archaeologist Bruno David, a member of the team that found and dated the Arnhem Land axe fragment, said uncertainty remained as to whether axes were developed before or after humans arrived in Australia.

Regardless, he said tools would have been both functional and desirable "just like other items of material culture are across the world today".

Kimberley Land Council chief executive Nolan Hunter said the discovery, published in the journal Australian Archaeology, showed technologically innovative people had lived in the region for 50,000 years.

"These are the direct ancestors of today's Kimberley Indigenous people, and the evidence of the world's earliest ground-edge stone axe shows that our people were leaders in technological innovation," Mr Hunter said.

The traditional owners of the land where the fragment was found are the Bunuba people.

Bunuba leader June Oscar said the find was further confirmation of her people's ancient and enduring connection to the land.

"Bunuba country is rich in historical and scientific items as well as traditional culture. We must all work to keep it strong and healthy and continue the work that has led to this outstanding discovery."

Professor Hiscock said there could be older axes in Australia that are yet to be discovered, with the northern part of the country the most likely place to look, given that was the entry point for people arriving from southern Asia.