Reserve Bank of Australia

Timeline: 1946–1970

Australia enters a prosperous period characterised by low unemployment, low inflation, and solid economic growth. The Reserve Bank of Australia is established in 1960 as the nation's central bank (see our history). Distinctive decimal currency notes are issued, featuring for the first time a woman other than the monarch.

Photograph of a family seated in their living room watching television. Image showing the back of a $5 note.


1947

Australia joins the International Monetary Fund (IMF).

1948

Australia's manufacturing sector reaches nearly 30 per cent of GDP and our first mass-produced car is released by General Motors - Holden.

Photograph of Prime Minister Ben Chifley beside the 48-215 (FX) Holden taken at the launch of the first Holden in 1948.

1949

The Privy Council upholds a High Court decision that nationalisation of banks is unconstitutional.

1950

The Korean War begins, lasting until 1953.

1951

The Commonwealth Bank Act of 1951 re-establishes the Commonwealth Bank Board with 10 members.

The ANZUS Treaty is signed with the United States.

1953

The 1953/54 series of currency notes is issued. It features portraits of key people in Australian history rather than the Monarchy or the economy.

Image showing the back of a £10 note issued in 1953/54. Image showing the front of a £5 note issued in 1953/54.

1956

Television begins in Australia.
Melbourne hosts the Olympic Games.

Photograph of Australian Ron Clarke lighting the Cauldron at the 1956 Melbourne Olympics.

1959

Australia's population reaches 10 million.

1960

The Reserve Bank of Australia (RBA) is established as a stand-alone central bank, with responsibility for the note issue.

1961

Large deposits of iron ore are opened up in the Pilbara, Western Australia, sparking a mineral boom.

1963

The Government announces that decimal currency will be introduced.

1965

The RBA moves into its new Head Office building at 65 Martin Place, Sydney.

Australia enters the Vietnam war.

1966

Australia converts from pounds, shillings and pence to decimal currency.

The first series of decimal notes is issued. The new notes capture the emerging diversity of Australian society including its literature.

Image showing the back of a $10 note featuring Henry Lawson. This tile image features details from David Daymirringu’s bark painting which was used on the $1 decimal banknote. The note was designed by Gordon Andrews.

Japan replaces the UK as Australia's major export market.

1970

Australia celebrates 200 years since Captain Cook's landing at Botany Bay.

Photograph of a re-enactment of Captain Cook's landing at Botany Bay.