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.
Australia joins the International Monetary Fund (IMF).
Australia's manufacturing sector reaches nearly 30 per cent of GDP and our first mass-produced car is released by General Motors - Holden.
The Privy Council upholds a High Court decision that nationalisation of banks is unconstitutional.
The Korean War begins, lasting until 1953.
The Commonwealth Bank Act of 1951 re-establishes the Commonwealth Bank Board with 10 members.
The ANZUS Treaty is signed with the United States.
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.
Australia's population reaches 10 million.
The Reserve Bank of Australia (RBA) is established as a stand-alone central bank, with responsibility for the note issue.
Large deposits of iron ore are opened up in the Pilbara, Western Australia, sparking a mineral boom.
The Government announces that decimal currency will be introduced.
The RBA moves into its new Head Office building at 65 Martin Place, Sydney.
Australia enters the Vietnam war.
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.
Japan replaces the UK as Australia's major export market.