Document ID: chunk:federal_register_of_legislation:F2021C01223:front:0:p12
Version: federal_register_of_legislation:F2021C01223
Segment Type: other
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Character Range: 31805–34560

from the control of the Commonwealth Bank and to establish a separate agency similar to economic structures in other countries.

Initial briefing by the Commonwealth Bank of Australia of their intention to proceed with the design of a Reserve Bank building took place in Sydney on 16th September 1957.  The site in Sydney was selected and negotiations for the purchase from the Sydney City Council were commenced.

The Reserve Bank of Australia was created by an Act of Parliament in 1959 with its broad purpose being to work for the economic prosperity and welfare of the people of Australia.[2]  The new Bank was to be controlled by a Board, its members determined by the government of the day, but appointed by the Governor.  At the time of the creation of the Bank, the board consisted of a Governor (who also acted as the chairman of the board), a Deputy Governor, the Secretary to the Commonwealth Treasury and seven other appointed members.  Dr HC Coombs was appointed the first Governor of the newly created Reserve Bank of Australia.  The Reserve Bank of Australia commenced operations on 14th January 1960.

Its stated objectives were to ensure that monetary banking policy was directed to the greatest advantage of the people of Australia, that the Australian currency was stable and that full employment was maintained.

Splitting the Commonwealth Bank and creating the Reserve Bank required a huge administrative re-organisation.  The Reserve Bank Act 1959 reinforced the perception of a separate bank in the community's eyes by requiring the Bank to occupy its own premises.  This condition only strictly applied to the head office (Sydney) and it was assumed that at other places the Bank would share premises with the Commonwealth Bank.  However Dr Coombs decided that in order to maintain a prominent profile, separate buildings would be constructed in each of the state capitals and at Canberra.  In addition, the Bank would have offices in Launceston, Port Moresby, New York and London.

The Reserve Bank as a separate identity was born at a time when the economy was booming, trade flourishing and other conditions that resulted in prosperity. Australians had a positive view of the future of their country. For the newly created Bank, the decade of the 1960s was tremendously significant in creating an International image for the Australian economy. The buildings constructed throughout Australia by the Bank at that time, reflected a confidence in things Australian and in its future. The buildings were statements displaying the corporate pride of the Bank and the vital economic role it aspired to play in the Nation.

Sydney was the first project in this significant building program.  A site for the new head office building was