Reserve Bank of Australia Annual Report – 1968 Retirement of Dr H. C. Coombs

The resignation of Herbert Cole Coombs as Governor of the Reserve Bank of Australia was accepted, effective 22 July 1968. Dr Coombs was appointed Governor for a period of 7 years on 1 January 1949 and was reappointed for further periods of 7 years on 1 January 1956 and 1 January 1963.

His retirement had been foreshadowed in November 1967 when the then Prime Minister, the late the Right Honourable Harold Holt, announced in Parliament the appointment of Dr Coombs as Chairman of the Council for Aboriginal Affairs and Chairman of the Australian Council for the Arts. The Prime Minister then said:

“Dr Coombs some time ago indicated to the Treasurer and to me that, after 18 years as Governor of the Reserve Bank, he felt the stage was approaching at which he ought to step down. He also indicated that thereafter, if the Government wished, he would be prepared to assume other appropriate responsibilities. While the Government would be well-content for Dr Coombs to continue as Governor of the Bank, it felt that it should respect his judgment in this matter ...... I desire, personally and on behalf of the Government, to pay to Dr Coombs the highest tribute for his distinguished service to Australia as Governor of the Bank and also in other major fields of national endeavour”.

At a meeting of the Reserve Bank Board on 3 July 1968 the Board passed the following resolution:

“That this Board record its recognition of Dr Coombs' outstanding and devoted service to the Bank and his leadership of the Board. Under his guidance the Bank has progressed to its present widely-recognised high standard of competence. His friendly personality and charm have always kindled enthusiasm within the staff of the Bank and brought forth respect and co-operation from associates in the monetary and financial fields, both within Australia and abroad”.