<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> <P> Both boards consist of members of both the bank, the Treasury, other Australian government agencies, and leaders of other institutions that are part of the economy . The structure of the Reserve Bank Board has remained consistent ever since 1951, with the exception of the change in the number of members of the board . The governor of the Reserve Bank of Australia is appointed by the Treasurer and chairs both the Payment Systems and Reserve Bank Boards and when there are disagreements between both boards, the governor resolves them . </P> <P> From the middle of the 19th century into the 1890s, the prospects of a national bank forming grew . In 1911, the Commonwealth Bank was established, but did not have the authority to print notes, which was a power that was still reserved to the Treasury . A movement toward reestablishing the gold standard occurred after World War I, with John Garvan leading various boards in contracting the money supply on the route to doing so, and the gold standard was instituted for both the British pound sterling and the Australian pound in 1925 . </P>

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