>>514855540
i literally just posted when aus central bank was created
In 1911, legislation established the Commonwealth Bank of Australia. In 1959, this original body corporate was preserved as the Reserve Bank of Australia (RBA) in legislation, specifically to carry on the central banking functions; at that same time, the commercial banking functions were transferred to a new institution, which was named Commonwealth Banking Corporation.
With the Federation of the Australian States into the Commonwealth of Australia, the Australian Parliament assumed power to make laws with respect to banking and currency. In 1911, the first Commonwealth Bank Act gave the Bank only the ordinary functions of commercial banking; the Bank did not specifically have a central banking remit and it was not responsible for the note issue. Management of the Bank was vested in the Governor. The Bank opened for business in mid 1912