Reserve Bank of Australia Annual Report – 1961 Staff

The Board welcomes the opportunity of conveying to the staff its appreciation for the efficient manner in which they have carried out their duties throughout the year.

Although the Bank has now operated for some 18 months as a separate entity and the establishment period can be regarded as having passed, the staff in many sections are continuing to work under heavy pressure, mainly because of a shortage of experienced staff. Initial recruiting experience towards the end of last year was, in most States, very satisfactory and the Bank was successful in attracting to the Service a number of young people with good educational qualifications. A considerable proportion of these officers are now studying at universities as evening students under the Bank's bursary scheme. An increasing number of enquiries for positions came from graduates in the faculties of Economics and Commerce and several were appointed to the staff.

The Bank continued its participation in senior executive training courses such as the Australian Administrative Staff College during the year, and used its own Staff Training College at Kirribilli, Sydney, for residential courses for special groups of its own staff. As part of a wider approach to training generally, plans were drawn up to cover the exchange of staff between London and Australia. An officer from this country is at present attached to London Office for 12 months under this scheme and an English officer will shortly arrive to spend six months in Australia, mainly attached to the Bank's Administration in Sydney.

A second Overseas Trade Course, in which 21 officers from twelve banks represented in Australia participated, was held during the year under the Bank's auspices at the Kirribilli college. The facilities of this college have also been made available for the forthcoming session of the Bankers' Administrative Staff College. The Bank is also participating in the planning and conduct of the fourth SEANZA Central Banking Course, to be held in Tokyo early in 1962.

Mr. J.M. Garland is continuing to act as the Executive Director for Australia, South Africa and Viet-Nam with the International Monetary Fund and International Bank for Reconstruction and Development. As in the past, other members of our staff are also serving with the I.M.F. for experience and training.

Messrs. W.H. Wilcock and G.W. Keep still hold the positions of Governor of the Central Bank of Malaya and Deputy Governor of the Central Bank of Nigeria respectively. They are still being supported in their assignments by other members of the Bank's service. It is hoped that in the coming year the development of national staffs will have reached the stage where the period of secondment of these officers can be completed.