The Reserve Bank of Australia began operations in 1960.
The Reserve Bank Act 1959 separated the central-banking functions of the Commonwealth Bank of Australia from its commercial banking activities. The Reserve Bank of Australia consequently commenced operations on 14 January 1960.
The RBA is Australia’s central bank. Its responsibilities include conducting monetary policy, maintaining a strong and stable financial system, issuing Australia’s banknotes, and providing banking services to the Australian government. Its headquarters are in Sydney.
A frequent source of confusion is the date 1959, when the legislation creating the RBA was enacted. The operational date was 1960. The Commonwealth Bank itself had existed since 1911, but it was not identical to the modern Reserve Bank: the 1959 reform separated central banking from ordinary banking and created the institution known today as the RBA.