Research Guide: Float of the Australian Dollar
The decision of the Australian government to float the Australian dollar was one of the most significant economic policy decisions in Australia’s modern history. Australia had experienced several exchange rate regimes. Over the course of the 20th century there was the gold standard, followed by a peg and then crawling peg exchange rate regime, with progressive exchange rate flexibility introduced until, on Monday 12 December 1983, the Australian dollar was floated.
Formal proposals to float the dollar had begun as early as 1966 when Austin Holmes, Chief Manager of the Reserve Bank’s Research Department, advised the Bank to consider floating the currency in the event of a balance of payments crisis. With the breakdown of the Bretton Woods system in the early 1970s, discussions about whether to float continued as the approach to managing the currency evolved and moved towards greater exchange rate flexibility. When the decision was made by the Hawke Government on 9 December 1983 to abolish most of the exchange controls and float the Australian dollar, it was with the support and encouragement of the Reserve Bank.
The floating of the dollar helped to stabilise domestic monetary conditions and, importantly, for the Reserve Bank, meant it could now conduct monetary policy more effectively in support of its objectives, which later included the targeting of the inflation rate.
Further information
Exchange rate regimes
The gold standard and other arrangements: pre 1931
In the 1860s, Australian banks initially adopted the British gold standard – meaning that money was convertible to gold at a fixed rate with the British pound sterling. Australia had a fixed rate of exchange with pound sterling of £1Stg=£A1. This British gold standard arrangement was in place up to the First World War after which the British and Australian pounds floated against each other with the rate of exchange moving within a small range. This bilateral arrangement continued until April 1925 when both currencies reverted to the gold standard at the pre-war parity. However, during the Great Depression the gold standard was abandoned in both Australia and the United Kingdom.
The peg to the British pound: 1931 to 1967
Australia commenced pegging its currency to the British pound sterling in December 1931 and continued this arrangement following the Bretton Woods agreement in 1944. (The initial rate of exchange was at £100Stg=£A125.) At the time, the adoption of the sterling peg reflected the role of sterling as the primary currency used in international transactions. It was also in recognition of Australia’s close ties with the United Kingdom and participation in the sterling area along with other countries in the British Commonwealth. Under this system, the Bank1 fixed the exchange rate for all dealings in sterling; the commercial banks themselves acted only as agents for the central bank.
After the Second World War and following Australia’s accession to the International Monetary Fund in 1947, the par value for the Australian pound was set against the United States dollar (at $US3.224=£A1). In September 1949, both sterling and the Australian pound were devalued by 30.5 per cent against the United States dollar, with the new value for the Australian pound against the US dollar being set at $US2.24=£A1. The rate of exchange between the British and Australian currencies remained at the 1931 rate until November 1967 when sterling was devalued (by 14.3 per cent) against the $US, but the value of the $A against the $US was not altered, so that the $A appreciated substantially against sterling ($A2.1429=£1Stg). At the time, authorities explained that they chose to allow this appreciation to occur rather than devalue the $A because : devaluation would lead to higher import prices and inflation; the balance of payments was already forecast to improve; the effectiveness of sterling devaluation would be enhanced; and export receipts were not likely to be significantly affected (given decreasing reliance on the United Kingdom as a destination for Australian exports).
The peg to the US dollar: 1971 to 1974
The US dollar gradually overtook pound sterling in international trade and finance, making it the primary international reserve currency. Against this background, the historic link between British and Australian currencies was broken in December 1971 when the Australian dollar was revalued against the US dollar and pegged to that currency rather than sterling. (The origins of this revaluation stem from the decision of US President Nixon in August 1971 to cease the convertibility of the US dollar to gold – sometimes called the ‘Nixon shock’.) At the same time, the Reserve Bank also introduced new arrangements with banks for handling foreign exchange dealings in sterling in which the banks would now act as principals in transactions with their customers rather than as agents of the Reserve Bank. This gave the banks the opportunity to participate more directly in the foreign exchange market.
By late 1972, Australia was running a large balance of payments surplus with record capital inflow, and the Australia dollar was perceived to be undervalued. In December 1972, to curb the capital inflow, the newly elected Labor government revalued the $A by 7.05 per cent against the $US. A further effective revaluation of 11.1 per cent occurred in February 1973 (when the $US was devalued by 10 per cent against gold while Australia retained its existing gold parity).
Importantly, Australia had not chosen to join the global move to floating exchange rates in the early 1970s: authorities continued to give priority to exchange rate stability, which was considered important both in its own right and as a discipline on policymaking. However, following the revaluation of the $A and the floating of most of the major currencies in March 1973, the $A fell in value against the currencies of most of its major trading partners as the $US continued to depreciate. By June decline in the value of the $A was causing concern in both the Treasury and the Reserve Bank about the need for a further corrective revaluation and the wisdom of continuing with the current regime – especially given the slowing in economic activity and the emergence of inflationary pressures.
The peg to an effective exchange rate: 1974 to 1976
In response to the developments of 1973, the Governor of the Reserve Bank, Sir John Phillips, let it be known that the Bank favoured an immediate move to a ‘managed’ exchange rate that would be determined day-to-day based on movements in the major currencies that were weighted according to their trading significance to Australia. The government would still be required to make decisions from time to time about the exchange rate, but the proposed regime would overcome the immediate problem of being tied to the $US. The Treasury Secretary, Sir Frederick Wheeler, however, opposed any change before the budget considerations were completed. Shortly after the Budget was brought down in August 1973, the $A was revalued by 5 per cent against gold and the $US.
Discussions about the possibility of floating the Australian dollar against a Trade Weighted Index (TWI) of currencies continued in 1974. In early 1974 the Bank’s official view was that there were grounds for considering a switch to a trade-weighted standard. They had considered the option of a float, concluding that a pure float had rarely succeeded anywhere for more than a very short period, while a managed float differed little from frequent discrete adjustments. A meeting on the topic of ‘Floating or Devaluing’ was held at the Lodge in Canberra on 22 September 1974 between the Prime Minister Gough Whitlam, Deputy Prime Minister Jim Cairns, the Treasurer Frank Crean, and their principal advisers, together with officials from the Bank and Treasury. This meeting resulted in the decision to devalue the $A by 12 per cent against the $US on 25 September and, at the same time, to fix the $A to a trade-weighted basket of currencies, the TWI.2
The crawling peg: 1976 to 1983
In November 1976 the $A was further devalued by 17.5 per cent and the exchange rate regime was once again changed. Instead of the adjustable peg tied to the TWI that had been introduced in 1974, a crawling peg arrangement was adopted, often referred to as ‘floating at anchor’. A Cabinet Committee determined the range within which the currency could move on the advice of an Exchange Management Group of officials, the so-called Troika, later the Group of Four. This group consisted of the Secretaries of the Departments of Treasury and Prime Minister and Cabinet (PM&C) and the Governor of the Reserve Bank (later the Under-Secretary of PM&C also joined this group). The Reserve Bank had the responsibility for resetting the exchange rate on a daily basis to ensure that the range decided upon by the government was rendered effective in the exchange market. At the beginning of the day, the banks were informed of the rate at which the Bank would purchase either Australian or foreign currency at the end of the day. Responsibility for exchange rate policy remained with the government, but the result of this new arrangement was that the setting of the $A became more flexible than it had been previously.
However, the changing financial environment added increasingly to the challenges of exchange rate management. While the exchange rate regime adopted in 1976 had been appropriate to conditions at the time, it was difficult to produce an exchange rate that followed a smooth but flexible course, and the growing integration of overseas and Australian financial markets presented new challenges. The expansion of currency hedge facilities and greater sophistication in financial markets had all served to heighten market sensitivity to developments overseas, especially to expected movements in exchange rates. In this environment, exchange rate adjustments were frequently out of line with market expectations, leading to large and disruptive foreign exchange flows (in both directions).
The official position at the Reserve Bank was that while a floating system had merit in principle, its adoption should be delayed until an appropriate institutional framework was established and both domestic and international circumstances were favourable. Governor Harold Knight summed up the Bank’s position in his testimony to the Campbell Committee in October 1979. Paraphrasing St Augustine (who had famously said ‘God make me pure, but not yet’), Knight explained that ‘the Bank looked forward to the day when a floating rate was possible, but its time had not yet arrived’. In contrast, the Campbell Committee’s report, delivered in 1981, recommended that the government adopt a ‘managed float’ of the $A as quickly as possible on the grounds that it would enable authorities to undertake an independent monetary policy aimed at keeping inflation in check. (In a managed float, commonly called a ‘dirty float’, the authorities could intervene for the purpose of smoothing erratic movements in the rate and testing the viability of particular rates.)
After the release of the Campbell report, the Bank undertook a number of pieces of work to determine how a managed float might evolve. This included preparation of a ‘War Book’ which set out in general terms the procedures that would be adopted if required to float the $A. It was drafted in early 1982 and updated regularly from the middle of 1982. This detailed work meant that the Bank was prepared in the event of a sudden decision by the government to float.
The preparations made by the Reserve Bank for a possible float positioned the Bank well when during the second half of 1983 capital inflows mounted and began to destabilise monetary policy. (Capital inflows stemmed from a post-drought rebound in economic activity, rising commodity prices and a positive interest rate differential with major economies.) The Bank’s Governor Robert (Bob) Johnston advised the Treasurer to float the currency, but this was opposed by the Treasury which recommended evolutionary change by floating the forward exchange rate and shifting the time at which the exchange rate was set each day (from 9.30 am to the end of the day) as a means of discouraging speculators. Changes based upon Treasury’s recommendations were announced on 28 October and moderated the capital inflows for a time. This was because setting the exchange rate later in the day reduced scope for traders to take advantage of exchange rate movements during the day on Asian markets while the official $A rate was fixed. The Bank also withdrew from day-to-day forward exchange operations which it had been underwriting since 1939, allowing forward exchange rates to respond directly to supply and demand forces. These measures produced a short period of calm in markets.
The Decision to Float the Dollar
While the revised currency arrangement in the latter part of 1983 helped prevent disruptive capital flows arising from overnight position-taking in the foreign exchange market, they did not prevent longer term speculative pressures on the $A. As capital inflows continued to mount in November 1983, there was another effort to suppress the increase in the value of the Australian dollar in an unsuccessful attempt to inhibit the inflow. The continuation of large capital inflows was now dominating domestic monetary management and by the first week of December, markets were in disorder.
The last sitting day of the federal parliament for 1983 was Thursday 8 December. Throughout the day the Treasurer received information from Treasury, the Reserve Bank and his personal advisors about the ongoing surge in capital inflows that was likely to accelerate further in coming days. In the early hours of Friday 9 December, the Treasurer called Governor Johnston and it was decided to close the foreign exchange market for the day. The Treasurer also directed Johnston and senior Bank staff (who included Deputy Governor Don Sanders and Chief Manager of Financial Markets Group John Phillips) to travel to Canberra. They went immediately into meetings with the Prime Minister Bob Hawke and Treasurer Paul Keating, their private advisers (including Ross Garnaut), and officials from the Departments of Treasury (including Secretary John Stone) and PM&C. The Bank advised that the $A should be floated immediately, a view shared by the Prime Minister and Treasurer, their personal advisers and officials from PM&C. The Treasury, however, opposed the float on largely pragmatic grounds believing that the $A would appreciate, perhaps by as much as 5–20 per cent, and inhibit the economic recovery that was under way from the recent recession.
A meeting of the Cabinet Economic Policy Committee (EPC) was called once the officials had prepared written advice for the ministers. The EPC agreed that the currency should be floated as soon as possible as a means of halting the excessive inflow of capital and speculation about a rise in the value of the $A. At 5.45 pm the Treasurer, accompanied by Johnston, announced in a press conference the decision to float the $A and abolish most of the exchange controls effective on the re-opening of the markets on Monday 12 December.
With the exchange rate floating it was agreed that there would be minimum intervention by the Bank. It would intervene to ensure that the government’s foreign exchange requirements were met, it would sell off its forward book and gradually reduce its foreign reserve holdings. Beyond that, it would intervene from time to time with the aim of ‘testing and smoothing’ movements in the exchange rate. Phillips explained the situation when he informed the Bank’s Board on 10 January that the ’float is therefore not to be a clean one – but equally the hope is that it will not be too dirty – just slightly soiled’.
Aftermath
In the first few days after the float there was some within-day volatility in the exchange rate. This culminated in a sharp drop in the $A/$US rate and a ballooning of the gap between the bid price and the asking price in early trading of the $A on 20 December. There were further episodes of exchange rate volatility in February and March 1984. However, despite these bouts of volatility, the overall fluctuation in the Australian dollar was not out of line with the experience of other floating exchange rates.
On 25 June 1984 there were changes to Australia’s remaining exchange control arrangements relating to the Government’s tax screening arrangements that had been foreshadowed when most of the exchanged controls had been discontinued in December.
The float of the Australian dollar combined with interest rate flexibility gave the Bank greater control of the cash rate, enabling its effective use as an instrument of monetary policy.
Footnotes
1 The term ‘Bank’ refers to the continuous entity of the original Commonwealth Bank of Australia, which was renamed the Reserve Bank of Australia in 1960 when it commenced operations as Australia’s central bank. The Reserve Bank Act 1959 separated the Commonwealth Bank’s central banking functions from its commercial banking activities. The Commonwealth Bank was renamed the Reserve Bank of Australia and was constituted separately from the newly created Commonwealth Banking Corporation, which would operate as a trading bank.
2 In fact, in late 1974, Deputy Prime Minister Jim Cairns sent a note to the Prime Minister and Treasurer that recommended floating the Australian dollar.
References
This information is drawn from records held by the Reserve Bank of Australia and the following sources:
Cornish S (2014), ‘A Float to Remember’, Australian Financial Review, 21 November, p 4.
Debelle G and M Plumb (2006), 'The Evolution of Exchange Rate Policy and Capital Controls in Australia', Asian Economic Papers, 5(2), pp 7–29.
Hamilton A (2018), 'Understanding Exchange Rates and Why They Are Important', Bulletin, December.
RBA (1984), ‘The Bank’s Market Operations', RBA Annual Report and Financial Statements, pp 7–23.
Stevens G (2013), ‘The Australian Dollar: Thirty Years of Floating’, Speech at the Australian Business Economists’ Annual Dinner, Sydney, 21 March.
Relevant materials
Documents relating to the float of the Australian dollar can be found in the records of multiple Bank departments including Exchange Control Department, Domestic Markets Department, Secretary’s Department, Research Department, Financial Markets, and International Department.
The key records about the float that have been released to mark the 40th anniversary of the float are:
- 2023/01580 FINANCIAL MARKETS - FOREIGN EXCHANGE DEALING - Exchange Rate Monitoring - The Float of the Australian Dollar - Foreign Exchange Market Developments & Policy - Includes copy of “War Book” - 1982-1984
- 2023/01582 FINANCIAL MARKETS - FOREIGN EXCHANGE DEALING - Exchange Rate Monitoring - The Float of the Australian Dollar - Foreign Exchange Arrangements - 1981-1986
- 2023/01583 FINANCIAL MARKETS - FOREIGN EXCHANGE DEALING - Exchange Rate Monitoring - The Float of the Australian Dollar - Move to a Floating Rate - Includes copy of “War Book” – 1983
- ID85-01264 International Department - EO2 EXCHANGE OPERATIONS - Foreign Exchange System. Australia. Quantity Intervention - "War Book" - 1982-1983
- ID85-01416 International Department - EO 3 EXCHANGE OPERATIONS - Exchange Rates. Australia - 1983-1985
- ID85-01447 International Department - EO 5 EXCHANGE OPERATIONS - Currency Realignments. Australia. March 1983 Devaluation - Post Mortem - 1982-1985
- ID85-01829 International Department - GAC 6- 5 GENERAL ACTIVITIES & CONTROLS - Capital Flows & Controls. Capital Control Contingency Paper - January 1983. Overseas Investment by Australian Residents, 1981-1985
- GMP-91-52 GOVERNORS & SENIOR PERSONNEL - Mervyn John Phillips - Papers - The Float and its Aftermath - Bankers' Overseas Trade Course - Staff Training College, Kirribilli - 1984
- GMP-91-48 GOVERNORS & SENIOR PERSONNEL - Mervyn John Phillips - Papers - The Reasons for the Float and Experience to Date - The Deregulation of the Australian Dollar - Implications for the Finance Section and Australian Industry - 1984
- 'Talk to Staff – M.J. Phillips', Currency, January 1984 (in S-SC-25 Secretary's Department - Staff Magazines - "Currency" - January - December 1984)
In addition, records relating to the float can also be found within other volumes that are yet to be published on this site but can be requested from the Archives.
Records on the float of the dollar
- 2012/00619 FINANCIAL MARKETS - INTERNATIONAL & FOREIGN EXCHANGE MARKETS MONITORING & ANALYSIS - The Float of the Australian Dollar
- 2017/02347 FINANCIAL MARKETS - INTERNATIONAL & FOREIGN EXCHANGE MARKETS MONITORING & ANALYSIS - The Float of the Australian Dollar - Pre-March 1982 documents - The Campbell Report and the period immediately following
- 2017/02346 FINANCIAL MARKETS - INTERNATIONAL & FOREIGN EXCHANGE MARKETS MONITORING & ANALYSIS - The Float of the Australian Dollar - The "Package", Changing the 7-day Rule and Shifting the Two-day rule - April 1982 to February 1983
- 2017/02345 FINANCIAL MARKETS - INTERNATIONAL & FOREIGN EXCHANGE MARKETS MONITORING & ANALYSIS - The Float of the Australian Dollar - The New Labor Government, the 10 per cent Devaluation and the Post-Mortem - March to April 1983
- 2017/02344 FINANCIAL MARKETS - INTERNATIONAL & FOREIGN EXCHANGE MARKETS MONITORING & ANALYSIS - The Float of the Australian Dollar - The Lead-up to the 31 October 1983 package - May to October 1983
- 2017/02372 FINANCIAL MARKETS - INTERNATIONAL & FOREIGN EXCHANGE MARKETS MONITORING & ANALYSIS - The Float of the Australian Dollar - Copies of Treasury Paper No. 4: Foreign Exchange Arrangements in Australia / Speech by Prime Minister 1983 / Cabinet Economic Policy Committee Minutes 1983
- 2017/02370 FINANCIAL MARKETS - INTERNATIONAL & FOREIGN EXCHANGE MARKETS MONITORING & ANALYSIS - The Float of the Australian Dollar - Press Release from Treasurer and RBA / Banking (Foreign Exchange) Regulations Exemption / Note for Press - Foreign Exchange Authorisation - 1983 to 1985
- 2017/02369 FINANCIAL MARKETS - INTERNATIONAL & FOREIGN EXCHANGE MARKETS MONITORING & ANALYSIS - The Float of the Australian Dollar - Foreign Currency Options
- 2017/02349 FINANCIAL MARKETS - INTERNATIONAL & FOREIGN EXCHANGE MARKETS MONITORING & ANALYSIS - The Float of the Australian Dollar - The RBA Archive
- 2017/02348 FINANCIAL MARKETS - INTERNATIONAL & FOREIGN EXCHANGE MARKETS MONITORING & ANALYSIS - The Float of the Australian Dollar - The Post-float Period - Various documents from 1984
- 2019/03454 FINANCIAL MARKETS - ANALYSIS - The Float of the Australian Dollar - Loose documents -1982 to 1995
Exchange operations
- ID85-01243 International Department - EO 2 EXCHANGE OPERATIONS - Foreign Exchange System. Australia. Adjustments to Exchange Rate Arrangements - 1982 - 1983
- ID85-01241 International Department - EO 2 EXCHANGE OPERATIONS - Foreign Exchange System. Australia - April 1982 - December 1983
- ID84-00678 International Department - EO 3- 5 EXCHANGE OPERATIONS - Exchange Rates. Australia. - Australian Foreign Exchange Market Liaison Report - Informational Material. - 12/12/1983 - 31/5/1984
- SD85-03533 Secretary's Department - BM 11 BANK MANAGEMENT - Governor's Policy Papers - Exchange Rate Arrangements. Changes as at 31/10/83 to end of December 1983 - 1983
Co-ordination with Government
- SD85-03527 Secretary's Department - BM 10- 2 BANK MANAGEMENT - Co-ordination with Government. Treasury. Briefing Papers. New Treasurer, 1983
- SD85-03509 Secretary's Department - BM 10 BANK MANAGEMENT - Co-ordination with Government. Prime Minister, 1981-1984
- SD85-03511 Secretary's Department - BM 10 BANK MANAGEMENT - Co-ordination with Government. Treasurer, 1982
- SD85-03512 Secretary's Department - BM 10 BANK MANAGEMENT - Co-ordination with Government. Treasurer, 1983
- SD85-03429 Secretary's Department - BM 4 BANK MANAGEMENT - Conferences & Meetings. Government - Treasury, 1983
- SD85-03422 Secretary's Department - BM 4 BANK MANAGEMENT - Conferences & Meetings. Government - Treasurer, July - December 1983
- SD85-03421 Secretary's Department - BM 4 BANK MANAGEMENT - Conferences & Meetings. Government - Treasurer, Jan-Jun 1983
- GMP-91-12 GOVERNORS & SENIOR PERSONNEL - Mervyn John Phillips - Papers - Chronological Notes - January 1983 - June 1985
- GDS-a-12 GOVERNORS & SENIOR PERSONNEL - Donald Sanders - Chronological File - 1983
- GRJ-83-1 GOVERNORS & SENIOR PERSONNEL - Robert Johnston - Chronological File - 1983
Monetary Policy Committee
- SD85-03452 Secretary's Department - BM 4 BANK MANAGEMENT - Conferences & Meetings. Monetary Policy Committee, 1981 - 1985
- SD85-03453 Secretary's Department - BM 4 BANK MANAGEMENT - Conferences & Meetings. Monetary Policy Committee - 13 January 1983
- RD85-01110 Research Department - ERA 10 ECONOMIC RESEARCH & ANALYSIS - Conferences. Committees. Meetings. Government. Monetary Policy Committee of Cabinet, 1979-1983
Campbell Committee
- BM-80-173 Bank Management - BM 4 Conferences & Meetings - Committee of Inquiry into the Australian Financial System - Campbell Committee - Submissions - RBA - No.11 Foreign Exchange Arrangements - 1979
- B.1.1.1.W.551 Exchange Control Department - Policy Files - Exchange Control - Policy - 1981-1984
- B.1.1.1.W.335 Exchange Control Department - Policy Files - Committee of Inquiry into the Australian Financial System - Campbell Committee - July 1981-1983
- DM85-00613 Domestic Markets - CIC 4 CO-ORDINATION, INFORMATION & CONTROLS - Conferences, Meetings & Discussions. Committee of Inquiry into the Australian Financial System - Campbell Committee, 1981-1983
- RD85-01054 Research Department - ERA 10 ECONOMIC RESEARCH & ANALYSIS - Conferences. Committees. Meetings. Government. Committee of Inquiry into the Australian Financial System - Campbell Committee - RBA - 11: Foreign Exchange Arrangements, 1979
Australian Financial System Review Group Papers (Martin Report)
- GDC-84-3 GOVERNORS & SENIOR PERSONNEL - Des Cleary - Australian Financial System Review Group Papers (Martin Report) - Treasury’s Responses to Questions from AFSI Secretarial on various issues. - 1984
- GDC-83-8 GOVERNORS & SENIOR PERSONNEL - Des Cleary - Australian Financial System Review Group Papers (Martin Report) - Presentation to the Federal Government Committee to Review the Australian Financial System August 1983 - Submissions - Correspondence. 1983
- GDC-83-6 GOVERNORS & SENIOR PERSONNEL - Des Cleary - Australian Financial System Review Group Papers (Martin Report) - Regulation of Banking - Notes - Discussion. - 1983
International Monetary Fund - Article IV consultation
- RD85-00921 Research Department - ERA 9- 1 ECONOMIC RESEARCH & ANALYSIS - Conferences. Committees. Meetings. International Monetary Fund - Article IV Consultation Nov 1984. File 2 - Papers, 1984
- RD85-00920 Research Department - ERA 9- 1 ECONOMIC RESEARCH & ANALYSIS - Conferences. Committees. Meetings. International Monetary Fund - Article IV Consultation Nov 1984. File 1 - Papers, 1984
- RD85-00426 Research Department - ERA 1 ECONOMIC RESEARCH & ANALYSIS - General Policy & Co-ordination. Balance of Payments Section. Foreign Exchange Markets, 1982-1984
Reserve Bank of Australia Board papers
- BM-Pe-248 Bank Management - Reserve Bank of Australia Board Papers - 247th Meeting - 5 January 1982
- BM-Pe-250 Bank Management - Reserve Bank of Australia Board Papers - 249th Meeting - 2 March 1982
- BM-Pe-252 Bank Management - Reserve Bank of Australia Board Papers - 251st Meeting - 4 May 1982
- BM-Pe-254 Bank Management - Reserve Bank of Australia Board Papers - 253rd Meeting - 6 July 1982
- BM-Pe-257 Bank Management - Reserve Bank of Australia Board Papers - 256th Meeting - 5 October 1982
- BM-Pe-259 Bank Management - Reserve Bank of Australia Board Papers - 258th Meeting - 7 December 1982
- BM-Pe-260 Bank Management - Reserve Bank of Australia Board Papers - 259th Meeting - 25 January 1983
- BM-Pe-261 Bank Management - Reserve Bank of Australia Board Papers - 260th Meeting - 1 March 1983
- BM-Pe-262 Bank Management - Reserve Bank of Australia Board Papers - 261st Meeting - 29 March 1983
- BM-Pe-264 Bank Management - Reserve Bank of Australia Board Papers - 263rd Meeting - 7 June 1983
- BM-Pe-266 Bank Management - Reserve Bank of Australia Board Papers - 265th Meeting - 26 July 1983
- BM-Pe-267 Bank Management - Reserve Bank of Australia Board Papers - 266th Meeting - 6 September 1983
- BM-Pe-268 Bank Management - Reserve Bank of Australia Board Papers - 267th Meeting - 4 October 1983
- BM-Pe-269 Bank Management - Reserve Bank of Australia Board Papers - 268th Meeting - 1 November 1983
- BM-Pe-270 Bank Management - Reserve Bank of Australia Board Papers - 269th Meeting - 6 December 1983
- BM-Pe-271 Bank Management - Reserve Bank of Australia Board Papers - 270th Meeting - 10 January 1984
- BM-Pe-272 Bank Management - Reserve Bank of Australia Board Papers - 271st Meeting - 7 February 1984
- BM-Pf-21 Bank Management - Reserve Bank of Australia Board Information Papers - January - July 1983
Press releases
- SD83-00304 Secretary's Department - PPP 11 PUBLICATIONS, PUBLICITY & PUBLIC RELATIONS. Press Releases. Foreign Exchange Arrangements, 1983
RBA Bulletin articles
- RBA (1982), ‘The Official Forward Market for Foreign Exchange’, RBA Bulletin, March, pp 550–553.
- RBA (1984), ‘Authorisation to Deal in Foreign Exchange’, RBA Bulletin, April, pp 690, 213–214, 287–288.
RBA Currency articles
- D’Arcy P and E Poole (2008), ‘The Dollar Afloat’, Currency, December, pp 2–3.
- Sinclair M (2008), ‘The view from the front line’, Currency, December, pp 4–5.