<Tr> <Th> Interest rate target </Th> <Td> 1.5% </Td> </Tr> <Tr> <Th> Website </Th> <Td> www.rba.gov.au </Td> </Tr> <P> The Reserve Bank of Australia (RBA), on 14 January 1960, became the Australian central bank and banknote issuing authority, when the Reserve Bank Act 1959 (23 April 1959) removed the central banking functions from the Commonwealth Bank . </P> <P> The bank has the responsibility of providing services to the Government of Australia in addition to also providing services to other central banks and official institutions . It currently consists of the Payments System Board, which governs the payments system policy of the bank, and the Reserve Bank Board, which governs all other monetary and banking policies of the bank . </P>

When was the reserve bank of australia established