Raine arrived in Australia from England as Elizabeth Fulloon with her children John, Charles, Eliza, Maria and Matilda in 1823.
Her spouse died during the trip to Australia, but Elizabeth Fulloon became the first superintendent or "matron" of the Paramatta Female Factory, and was recommended for her efficiency.
The governor called her "a woman of extraordinary bodily strength and energy of character", and she was reportedly able to manage the factory with such discipline that it was unnecessary with punishments.
In 1828, her daughter Matilda Fulloon (from 1832 Matilda Ormiston) had opened her own school for girls in Sydney, and in 1831, Elizabeth Raine became her partner and took over the post of manager of the school; they were also joined by her other daughter Eliza Fulloon (from 1836 Eliza Garnsey).
The school offered basic education in The three Rs with geography, English grammar and needlework.