Commonwealth Banking Corporation
14 January 1960 – 1984
Statutory corporation that controlled the Commonwealth Government's commercial banks, the Commonwealth Trading Bank, the Commonwealth Savings Bank and the Commonwealth Development Bank, under a single board.
How it came into existence
Created on 14 January 1960 by the Commonwealth Banks Act 1959, which separated the commercial banking business of the Commonwealth Bank of Australia from its central banking functions, which continued as the Reserve Bank of Australia.
- Control of the Commonwealth's trading and savings banks
Legislation: Commonwealth Banks Act 1959
How it ended
Its role as head of the group passed in 1984 to the Commonwealth Trading Bank, renamed Commonwealth Bank of Australia, under the Commonwealth Banks Amendment Act 1984 (assented to on 25 June 1984).
- Control of the Commonwealth Savings Bank and Commonwealth Development Bank
Main functions
- Control of the Commonwealth Trading Bank
- Control of the Commonwealth Savings Bank
- Control of the Commonwealth Development Bank
- Group policy and board oversight
Where it sits
Last in the portfolio of Department of the Treasury.
Lineage
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Sources
Primary sources
Some dates or links for this organisation are uncertain. Corrections are welcome.