The Commonwealth Bank and the Note Issue: 1920–1960
Summary
Partly as a result of economic and financial problems, this was a time of significant change in the legislative and institutional framework for the note issue and, more broadly, for the development of central banking.
The Commonwealth Bank was made responsible for Australia's currency notes and eventually was given wider central banking powers.
Three new series of the lower-denomination currency notes were issued during the interwar years and another in the early 1950s.
Changes in the notes were influenced by changes in the Monarchy. The backs of the notes continued to reflect development of the Australian economy.