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Treasury & financeStatutory authorityExists today

Reserve Bank of Australia

RBA

14 January 1960 – present

Previously Commonwealth Bank of Australia (1911–1960).

Australia's central bank, responsible for monetary policy, issuing banknotes, the stability of the financial system and the regulation of the payments system, and banker to the Commonwealth Government.

Names over time

  1. Commonwealth Bank of Australia1911–1960
  2. Reserve Bank of Australia1960–present

How it came into existence

On 14 January 1960 the Reserve Bank Act 1959 continued the original Commonwealth Bank of Australia body corporate as the Reserve Bank of Australia, keeping its central banking functions while its commercial banking passed to the new Commonwealth Banking Corporation.

Legislation: Reserve Bank Act 1959

Changes during its life

  1. December 1983The Australian dollar was floated and most of the exchange controls administered by the Bank were removed.
  2. 1 July 1998Following the Wallis Inquiry, prudential supervision of banks passed to the Australian Prudential Regulation Authority and a Payments System Board was established within the Bank.
  3. 1 March 2025Under the Treasury Laws Amendment (Reserve Bank Reforms) Act 2024 the Reserve Bank Board was replaced by a Monetary Policy Board and a Governance Board.

Main functions

  • Monetary policy
  • Banknote issue
  • Financial system stability
  • Payments system regulation
  • Banking services to the Commonwealth
  • Management of foreign exchange reserves

Where it sits

In the portfolio of Department of the Treasury.

Type of body
Corporate Commonwealth entity
Portfolio
Treasury
Accountable authority
Governance Board – Reserve Bank Act 1959 section 7A
ABN
50 008 559 486

Lineage

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Sources

Government records and websites