Document ID: chunk:federal_register_of_legislation:F2021C01223:front:0:p23
Version: federal_register_of_legislation:F2021C01223
Segment Type: other
Provision Reference: 
Character Range: 61348–64234

confidence in things Australian and in the future, when the Australian economy was booming.  They were designed as statements of 'corporate pride' and the vital economic role the Reserve Bank aspired to play in the Nation.  The buildings were significant in creating an International image for the Australian economy, and were in part due to the vision of Dr HC Coombs as the first Governor of the Reserve Bank of Australia.

Sydney was the first project in this significant building program following the purchase of the site in Martin Place from the Council of the City of Sydney in December 1958  Dr Coombs was determined that the Head Office would be an impressive structure, built to reflect the Bank's prestige and leadership of the financial system.  As the flagship building, it was to be largely constructed from Australian materials.

The Head Office opened in January 1965 and included a number of specially commissioned modern sculptures and an 'Australian' native garden in Macquarie Street.  The building was well received in architectural circles, but drew some criticism from the general public, who dubbed building the "Marble and Gold Palace" for its perceived extravagance on Commonwealth expenditure on Public Works, which coincided with a 'credit squeeze' within the general Australian economy.

The design of the Head Office building reflected the architectural philosophies of the time, providing a tower located over a podium that related to the streetscape, and incorporating extensive staff facilities.  Coombs issued a press release at the opening of the Head Office building "…The massive walls and pillars used in the past to emphasize the strength and permanence in bank buildings are not seen in the new head office… Here, contemporary design and conceptions express our conviction that a central bank should develop with growing knowledge and a changing institutional structure and adapt its policies and techniques to the changing needs of the community within which it works."[24]

The Head Office accommodated both banking and administrative functions, and staff training and recreational facilities.  The building originally contained a target practice facility to enable security staff to be trained in the use of pistols and small arms for security.  These facilities were common in the major bank headquarters[25] throughout the city, but had generally been removed or adapted for other uses by the late 1990s as other security systems were developed.

The building also contained a Staff Cafeteria, a Medical Centre and Squash Courts.  These types of facilities were often included in multi-storeyed government buildings constructed in Sydney in the 1960s, for example the QANTAS House, the Goodsell Building (demolished) and the former State Office Block (demolished).

Figure 11 - The Head Office of the RBA, located at 65 Martin Place, Sydney