JavaScript is currently disabled. This website is best viewed with JavaScript enabled, interactive content that requires JavaScript will not be available. The Reserve Bank was established and decimal currency introduced. A distinctively Australian series of banknotes was issued which captured Australia's emerging social and cultural diversity and its contribution to the wider world. A separate central bank with responsibilities for the note issue was established The Reserve Bank of Australia. The decimal system was introduced and a distinctively Australian set of banknotes was issued, though not without some controversy. The new notes captured forex emerging diversity of Australia and its contribution to the wider world. Legislation inbased on wartime regulations, defined for the first time a broad central banking role for rba Commonwealth Bank, encompassing macroeconomic objectives. Forex step did not end the long-running debate about the need to separate commercial from central banking. By the late s, the Government had decided to establish a separate central bank. The Reserve Bank of Australia became a reality on 14 January The original corporate reserves was preserved under the Reserve Bank of Australia name and the commercial and savings bank business put into a new Commonwealth Bank of Australia. Dr HC Nugget Coombs, Governor of the Commonwealth Bank sincewas appointed the RBA's first Governor. By the time Coombs retired at the end of his third term as Governor inthe Rba Bank of Australia had established branch offices in all other State capitals, Canberra, Darwin and London and had a staff of 3 ; this compares with about nowadays. The possibility of locating the The Reserve Bank's head office in Canberra had earlier been considered but Sydney was finally chosen and a site for a new head office building in Martin Place, Sydney, was purchased in December The building was completed in and staff moved in during An abstract design was chosen for the emblem of the new central bank. It was designed by Mr Gordon Andrews who was also to design Australia's forex decimal currency notes. A major project during the first half of the s was the introduction of decimal currency and the issue of a new series of currency notes. It established the Decimal Currency Forex to oversee the conversion process and set February as the date for introduction of the new currency. A big decision concerned the name of the new currency unit. Views varied widely from traditional labels such as 'pound' and 'dollar' to more distinctively Australian names such as 'Austral'. A public naming competition seeking suggestions 'with an Australian flavour' added nearly 1, names to this list including such exotic suggestions as 'Oz', 'Boomer', 'Roo', 'Kanga', 'Emu', 'Koala', 'Digger', 'Zac', 'Kwid', 'Dinkum' and 'Ming' the nickname of Prime Minister Menzies. In Junewith no clear consensus having emerged on a name, the Government decided to name the new currency the 'Royal'. Treasurer Harold Holt explained that the Government saw this name as 'emphasising our link with the Crown' and as being 'a dignified word with a pleasing sound. Between June and Septemberthe Bank's Note Printing Branch developed a variety of design concepts for forex Royal notes. Most of the notes were not developed beyond the stage of sketches, stylised images and basic colour schemes. An interesting feature of some of these note designs is that they were labelled as Reserve Bank of Australia notes, rather than Commonwealth of Australia notes. The Royal designs were not completed because of widespread reserves to the name 'Royal' for the new currency. Just three months after announcing the 'Royal' decision the Government conceded on 19 September rba the name of the currency unit would be the 'Dollar'. This decision won quick and general public approval. The decision to adopt the dollar made necessary the design and production of a new series of banknotes with a fairly short leadtime. Preliminary designs by forex artists, under the general artistic direction of noted artist Russell Drysdale, were completed by March Designed by Richard Beck. Designed by George Hamori. Designed by Max Forbes. In Aprildesigns by Gordon Andrews reserves accepted and detailed design work began with the specialist firm, Organisation Giori in Milan, Italy. New note printing machinery was obtained from the UK. Compared to the previous currency note series, the decimal banknotes were more clearly 'Australian'. This was the key reserves in the brief given to the designers. The new notes captured the country's history and its contribution to the forex world. Rba was by now less attention on people who had explored Australia and on Australia's economic development. The notes gave more prominent recognition to Aboriginal culture; Women; Australia's unique environment; Architecture and the arts; and Australia's contribution to aeronautics. The Coat of Arms conformed with the Royal Warrant of but forex rendered in Aboriginal artistic style, marking a sharp break with the regal style of the pre-decimal notes. The back of the banknote was distinctive with an interpretation of an Aboriginal bark painting by David Daymirringu and of other paintings and carvings. Macarthur and his wife, Elizabeth, contributed to the development of the colonial wool industry, especially through the use of high-quality Spanish sheep to breed the Australian merino. William James Farrer played a major rba in developing wheat varieties more resistant to rust disease and to drought. His work culminated in the production of the variety, Federation, which allowed wheat farming to advance into drier areas. As Gordon Andrews remarked in ' it would have been suicide rba have left the sheep out '. The portrait of Caroline Chisholm is set against a background of rba women and children, sailing ships and Sydney foreshore of reserves time. Sir Joseph Banks was with Captain James Cook at the landing at Botany Bay in He played a major role in exploring and collecting many aspects of natural science in his travels with Cook. Though returning to England, Banks remained influential in the administration of the colony and in botanical studies of Australia. Caroline Chisholm first arrived in New South Wales in She worked to establish better conditions, including reserves employment and accommodation, for young migrant women. Her work expanded to include facilitating the passage to Australia of families. What Australia needed most, in her view, were 'good and virtuous women'. Francis Greenway was convicted of forging a contract and reserves to New South Wales in A trained architect, Greenway was soon employed by Governor Macquarie in the planning and supervision of public buildings. His work included the Hyde Park Barracks and St James Church, located near the present RBA head office, Macquarie lighthouse at South Head and St Matthews Church, at Windsor. Despite a harsh and impoverished childhood and an acute hearing problem, Henry Lawson became one of Australia's best known authors. His writings captured the mateship and hardships of the 'underdog' in the gold fields and outback sheep country. These scenes were identified from photographs in the Holtermann Collection which came to light in They symbolised Australia's significant contribution to aviation and aeronautics. Sir Charles Kingsford Smith won the Military Cross as a fighter pilot in World War I. Inforex set records for a round Australia flight and inwith Charles Ulm and two Americans, made the first successful flight across the Pacific in his aircraft, the Southern Rba. Later flights included the first return rba to New Reserves, the then fastest flight from Sydney to London 12 days and 18 hours! From toKingsford Smith was engaged in the development of airmail services between Australia and England. His aircraft disappeared on a flight from England to Australia in Lawrence Hargrave worked for a time at Sydney Observatory before devoting years to research on human flight. He experimented extensively with various types of engines and kites and devised the famous cellular or box kite. This work was a big influence on European and American efforts at powered flight. High inflation was a major problem during the s and s. One result of inflation was a call for new coins and larger-denomination notes. These higher-denomination notes added to the range of symbols of Australian society on our decimal notes with representations of Australia's contribution to medicine, veterinary science, geology and astronomy based on the underlying themes of research and discovery. Lord Howard Walter Florey an Adelaide-born pathologist, played the vital role in the development of penicillin as an antibiotic drug. For this work, he was awarded the Nobel Prize for Physiology and Medicine in Between andFlorey was the President of the Royal Society, a position also held at one time by Sir Isaac Newton. He was also a founder of the Australian National University. Sir Ian Clunies Ross a veterinary scientist, is best remembered for his work on parasites affecting livestock and his leading reserves in the CSIRO. An outstanding public speaker, he sought to bring scientific discoveries to wider public attention. Mawson's scientific contributions ranged over a wide area of geology and physics and included three expeditions to the Antarctic. The design depicted Mawson in his Antarctic gear against a background of geological strata formations which he studied in the Flinders Ranges of South Australia. John Tebbutt reserves a pioneer astronomer who helped to lay the foundations for Australia's involvement in astronomy with the discovery of major comets. Tebbutt's portrait is thus set against representations of his observatory at Windsor, New South Wales, and elements to symbolise the sky and comets. In the lead up to the introduction of decimal currency there was a concerted program to educate the public. This included extensive media coverage, including the famous Dollar Bill campaign. Rba come the dollars and in come the cents to replace the pounds and the shillings and forex pence. Be prepared folks when the coins begin to mix on the 14th of February Clink go the cents folks clink, clink, clink. Changeover day is closer than you think. Learn the value of the coins and the way that they appear and rba will be much smoother when the decimal point is here. Dollar Bill decimal currency jingle, circasung to the tune of 'Click go the Shears'. Dollar Bill Decimal Currency Jingle sung to the tune of 'Click go the Shears'. Lyrics written by Ted Roberts. Other educational material included games and play money in schools. A wide range of brochures was issued explaining the conversion of pounds, shillings and pence into dollars and cents and the effects of this on prices of various goods and services. Helped by the smooth conversion to a decimal currency, the new notes were well received. Some two decades later, the public would see the results in the form of a unique Australian invention polymer banknotes. You can read the story of these banknotes on the New Era - Polymer Banknotes: The note printing function was relocated to Craigieburn from Fitzroy in late The Fitzroy site had been in operation since when the Commonwealth Bank was given responsibility for Australia's currency notes. Planning for a new factory began in the early s when it became apparent that capacity at the existing printing works at Fitzroy was inadequate. Rba new facility was required to cope with the likely growth, and evolving technical requirements, of our currency notes. Learn about the decision to decimalise, the design of the new and distinctively Australian currency. Aboriginal and Torres Strait Islander visitors should be aware that this Museum website may contain images or names of deceased people. While we make every reasonable effort to ensure the accuracy of information, some of the content reserves this reserves may contain inconsistences forex errors regarding dates, as recorded by forex agencies or individuals. Home About Us Visiting the Museum Museum Displays Timeline Exhibitions Events. The Reserve Bank and Reform of the Currency: A Separate Central Bank Listen. In Displays Before Federation: To A New Currency: Related Content New Era - Polymer Banknotes:
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