Commonwealth Savings Bank of Australia
1928 – 1993
The savings bank of the Commonwealth banking group, which took deposits from households through its branches and post office agencies and lent mainly for housing.
How it came into existence
Constituted as a separate institution by the Commonwealth Bank Act 1927 and operating from 1928, taking over the savings bank department of the Commonwealth Bank of Australia; it remained under the control of the Commonwealth Bank Board.
- Savings banking
Legislation: Commonwealth Bank Act 1927; Commonwealth Banks Act 1959
Changes during its life
- 14 January 1960Placed under the new Commonwealth Banking Corporation when the Commonwealth Bank's central and commercial banking were separated.
- 1984Came under the control of the Commonwealth Bank of Australia (the renamed Commonwealth Trading Bank) when that bank took over the Commonwealth Banking Corporation's role.
- 1991Became a wholly owned subsidiary company of the Commonwealth Bank of Australia under the Commonwealth Banks Restructuring Act 1990.
How it ended
Integrated into the Commonwealth Bank of Australia in 1993, having been its wholly owned subsidiary since the restructuring under the Commonwealth Banks Restructuring Act 1990.
- Savings banking and housing finance
Main functions
- Savings deposits
- Housing loans
- Post office savings bank agencies
- School banking
Where it sits
Last in the portfolio of Department of the Treasury.
Lineage
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Sources
Some dates or links for this organisation are uncertain. Corrections are welcome.