Who owns australian reserve bank

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Get your free score. More info. Toggle navigation. By Sector. Other Sectors. By Country. View All Industry Reports. Australia Company Profiles. Applying Industry Research Industry Classifications. Company Type: Government Body. However, it was not until the Australian Notes Act passed through parliament, that control over the issue of Australian banknotes was given to the Commonwealth Treasury.

The first purpose-designed Australian banknotes to act as a national currency were produced by the Commonwealth Treasury in A 10 per cent tax on the use of private banknotes was introduced to discourage their use and make using the national currency more attractive to the public. The legal predecessor of the Reserve Bank — the Commonwealth Bank of Australia — was established in The Commonwealth Bank was to serve as both a government-owned trading bank and a savings bank.

It was the only bank to be supported by a Commonwealth Government guarantee. Despite earlier proposals, the Commonwealth Bank was not immediately given a significant central banking role. The responsibility of printing banknotes was assigned to the Treasury in Central banking responsibilities were conferred on the Commonwealth Bank by the government over time in response to major economic events.

At the time of its creation, the Commonwealth Bank's only central banking function was to act as banker to the Commonwealth Government.

This was a historically significant scale of financial activity and the Commonwealth Bank's involvement in it consolidated its role as the banker to the government.

The management of the government's debts through local and international borrowing activities was an important development of the central banking responsibilities of the Bank. The Bank was also involved in the repatriation of returned servicemen, funding and managing the construction and purchase of homes for servicemen at favourable rates in each state. Furthermore, it funded and coordinated retraining programs for returned servicemen — an early form of the central bank's commitment to the objective of full employment.

Throughout the inter-war years, the functions of the Commonwealth Bank gradually broadened. In , the responsibility for the issuing of banknotes was transferred from the Treasury to the Notes Board, which was chaired by the Bank. The Bank also began to oversee the administration of banknote issue. By , the Bank had taken over responsibility for printing Australia's banknotes.

Through an amendment to the Commonwealth Bank Act in , private banks were compelled to clear inter-bank balances by cheques drawn on the Commonwealth Bank. Consequently, they voluntarily deposited funds with the Commonwealth Bank. Card transactions and ATM withdrawals will be unaffected during the maintenance window. In we changed our name to Bank Australia. As a customer-owned bank with B Corporation credentials, we do things a little differently to your typical bank.

We put our customers at the centre of the bank, balance purpose and profit, and make decisions that have a positive impact on people, communities and the planet. Our customers and staff really do care about making a positive difference in the world. Working for Bank Australia comes with a huge responsibility, it means always trying our best for our customers.