Which institution became Australia’s central bank after being established in 1959?

The Reserve Bank of Australia became Australia’s central bank after being established in 1959.

The Reserve Bank Act 1959 separated central-banking functions from the Commonwealth Bank, which had previously combined central and commercial banking activities. The new Reserve Bank began operations on January 14, 1960.

The Reserve Bank of Australia conducts monetary policy, issues Australia’s banknotes, maintains the payments system, and contributes to financial stability. Its headquarters are in Sydney.

It is distinct from the Commonwealth Bank of Australia, which is a commercial bank. The two institutions share historical roots, but the Reserve Bank is the body responsible for Australia’s currency issuance and monetary policy.