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The Reserve Bank is currently governed by the Reserve Bank Act 1959. [4] Section 10(2), commonly referred to as the Bank's charter, states that Bank's duty is "to ensure that the monetary and banking policy of the Bank is directed to the greatest advantage of the people of Australia" to be achieved by exercising its powers "to contribute to:
The Australian Government comprises 20 portfolio departments, each representing a seat in the federal cabinet and leading its respective portfolio area: [4] [2] Attorney-General's Department; Department of Agriculture, Fisheries and Forestry; Department of Climate Change, Energy, the Environment and Water; Department of Defence; Department of ...
The Commonwealth Bank of Australia was established by legislation in 1911. The main functions of the bank were to undertake general banking and savings bank activities. In 1945 the bank's powers were formally widened to include exchange control and the administration of monetary and banking policy with the Commonwealth Bank Act and the Banking Act.
The Reserve Bank of Australia Building is a heritage-listed bank building at 20-22 London Circuit, City, Canberra, Australian Capital Territory, Australia. It was designed by Howlett and Bailey in 1962 and built from 1963 to 1965 by Civil & Civic. It was added to the Australian Commonwealth Heritage List on 22 June 2004. [1]
A Federal Reserve Bank is a regional bank of the Federal Reserve System, the central banking system of the United States. There are twelve in total, one for each of the twelve Federal Reserve Districts that were created by the Federal Reserve Act of 1913. [ 1 ]
A run by depositors in late 1892 forced the Federal to close its doors "temporarily" on 30 January 1893. [4] [5] The doors never reopened, and the Federal became the first bank, [3] as opposed to building society, to fail as part of the Australian banking crisis of 1893. A provisional liquidator was appointed on 3 February 1893. [6]
Australian government debt does not take into account government funds held in reserve within statutory authorities such as the Australian Government Future Fund, which at 30 September 2016 was valued at $122.8 billion, [5] and the Reserve Bank of Australia. Nor is the net income of these statutory authorities taken into account.
The Australian Treasury was established in Melbourne in January 1901, after the federation of the six Australian colonies. [3] In 1910, the federal government passed the Australian Notes Act 1910 which gave control over the issue of Australian bank notes to The Treasury and prohibited the circulation of state notes and withdrew their status as legal tender.