This is the central bank of Australia and its head office is in Sydney. This bank was established at the end of 1959, under the Reserve Bank act of 1959, but became effective in 1960. It assumed the central banking functions, which previously were a responsibility of the Commonwealth Bank of Australia. The bank’s main responsibility is setting the monetary policy of the country, besides other responsibilities. The bank is owned by the government of Australia (rba.gov.au).
The bank has two boards; the Reserve Bank Board (deals with the bank’