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COMMONWEALTH BANK OF AUSTRALIA

Jan 20, 2020 351

HISTORY:

Australia's first banks were established in the early nineteenth century, either as private companies or as corporations. Government banks, created and guaranteed by colonial (later state) governments, were established to promote colonization and rural development and to accept savings deposits.

It was in this tradition that in 1911 (a decade after the Australian colonies were federated), the Labor government of Andrew Fisher decided to establish a government bank for the newly formed nation. In the following decades, many state banks established in the nineteenth century were merged into the Commonwealth Bank, most recently the State Bank of Victoria (1990) and, through the colonial merger in 2000, the Bank's successor Bank Bank Of NSW.

CHAIRMAN:  Mr David Turner