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The Reserve Bank of Australia, the country's central bank and banknote-issuing authority, was established.
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Reserve Bank of Australia
Central bank of Australia
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.Source: Wikipedia (CC BY-SA)
Central bank
Government body that manages currency and monetary policy
A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base. Many central banks also…Source: Wikipedia (CC BY-SA)