Reserve Bank of Australia
In 1911 legislation established the Commonwealth Bank of Australia. Originally it was a commercial bank with a large savings business. In the 1920s, it was given control of note issue and started acting as a central bank. It was given wider powers during the Second World War, including exchange control and the administration of monetary and banking policy. These functions and powers were formalised in 1945 in the Commonwealth Bank Act and the Banking Act.
Legislation in 1959 (the
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