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H. C. Coombs is the only governor to have headed both the Commonwealth Bank and the Reserve Bank of Australia. The longest-serving governor, if his periods of service to both the Commonwealth Bank and the Reserve Bank of Australia are included, is H. C. Coombs, who served nineteen years and six months combined. [9]
The Reserve Bank of Australia (RBA) is Australia's central bank and banknote issuing authority. It has had this role since 14 January 1960, when the Reserve Bank Act 1959 removed the central banking functions from the Commonwealth Bank. [3]
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.
Lord Howe Island, a small oceanic island in the Tasman Sea, 600 kilometres (370 mi) east of the Australian mainland; it is the most remote island of Australia to not fall under external territory status Ball's Pyramid; Admiralty Group; Manning River estuary: Cabbage Tree Island; Dumaresq Island; Mitchell's Island; Oxley Island; Merriman Island ...
Melville Island (Tiwi: Yermalner) is an island in the eastern Timor Sea, off the coast of the Northern Territory, Australia.Along with Bathurst Island and nine smaller uninhabited islands, it forms part of the group known as the Tiwi Islands, which are under the jurisdiction of the Northern Territory in association with the Tiwi Land Council as the regional authority.
The bank expanded during this period, and in just five years it opened hundreds of branches throughout Australia and in 1951 it established a branch in the Solomon Islands. In 1958 and 1959, there was a controversy concerning the dual functions of the organization, operating as the central bank on the one hand and a commercial bank on the other.
Michele Bullock (born 1962/1963) is an Australian economist who is currently governor of the Reserve Bank of Australia (RBA). She commenced as governor on 18 September 2023, and is the first woman to hold the role.
On 9 February 2023, Governor of the Reserve Bank of Australia, Philip Lowe had a closed door meeting with Barrenjoey which was leaked to the media. The move attracted criticism and Lowe later stated he would avoid attending events at the firm "for quite some time".