Commonwealth Development Bank of Australia
14 January 1960 – 1991
Development finance bank in the Commonwealth banking group that lent to primary producers and to small and medium businesses unable to obtain finance on reasonable terms elsewhere.
How it came into existence
Established on 14 January 1960 under the Commonwealth Banks Act 1959, taking over the Mortgage Bank Department and the Industrial Finance Department of the Commonwealth Bank of Australia, as part of the Commonwealth Banking Corporation.
- Mortgage Bank Department (rural lending)
- Industrial Finance Department
Legislation: Commonwealth Banks Act 1959
Changes during its life
- 1984Came under the control of the Commonwealth Bank of Australia when that bank took over the Commonwealth Banking Corporation's role.
How it ended
Converted in 1991 under the Commonwealth Banks Restructuring Act 1990 into a subsidiary company of the Commonwealth Bank of Australia, ending its existence as a separate statutory bank; the development lending business continued within the Commonwealth Bank group.
- Development finance for primary producers and small business
Became a wholly owned subsidiary company.
Main functions
- Lending to primary producers
- Finance for small and medium-sized businesses
- Development and equipment finance
- Rural mortgage lending
Where it sits
Last in the portfolio of Department of the Treasury.
Lineage
Loading lineage…
Sources
Some dates or links for this organisation are uncertain. Corrections are welcome.