The Bank Management records relate to the activities involved in the management of the Bank. The records fall into two distinct categories: those relating to the activities of specific boards and committees at the Bank and those categorised as ‘General Correspondence’ which cover correspondence, meetings and other forms of liaison involving non-Bank staff.

Boards and Committees

The records in this series cover the activities of the following boards which have been responsible for the management of the Bank:

• Commonwealth Bank Board
• Commonwealth Savings Bank Board
• Advisory Council
• Reserve Bank Board

In addition, the following committees have been responsible for advising on matters including internal administration and cooperation, external liaison, policy issues and staff matters:

• Administrative Committee
• Central Banking Advisory Committee (CBAC)
• Savings Bank-Trading Bank Co-ordination Committee
• Administrative Advisory Committee (ADAC)
• Education & Liaison Committee (ELC)
• International Committee (INC)
• Rural Committee (RCOM)
• Economic Policy Advisory Committee (EPAC)

The type of material held on these boards and committees includes meeting agendas, minutes, information papers and other materials under discussion.

General Correspondence

The ‘General Correspondence’ section of this series contains correspondence, memoranda, briefing papers, background notes, meeting agendas and reports, and reference materials. Topics covered in these records include: 

• Correspondence with board members
• Correspondence with members of the Advisory Council
• Coordination with the Government including the Prime Minister, Ministers, Treasurer, Secretary to the Treasury and Treasury
• Coordination with general managers, chief executives or other representatives of major trading banks, state trading banks, savings banks and pastoral finance companies
• Correspondence and papers relating to meetings or conferences with:
  • Australian Association of Permanent Building Societies 
  • Australian Finance Conference Ltd
  • Australian Hire Purchase & Finance Conference Members
  • Australian Merchant Bankers Association
  • Committee of Inquiry into the Australian Financial System, Campbell Committee
  • Economic Consultative Group
  • Federal Standing Committee of Australian Finance Conference
  • Financial journalists
  • International Monetary Fund (IMF)
  • Life Insurance Federation of Australia
  • Life Offices’ Association
  • National Council of Wool Selling Brokers
  • Organisation for Economic Co-operation and Development (OECD) Mission

Commonwealth Bank Board, 1924–45

When the Commonwealth Bank of Australia was first established in 1911 by the Commonwealth Bank Act 1911, the control of the Bank was entrusted solely to the Governor, Sir Denison Miller. Miller had complete freedom to direct and manage the Bank as he saw fit throughout his time as Governor.

The passing of the Commonwealth Bank Act 1924 transferred the management of the Bank to a board of directors. The Board was to be composed of eight members including the Governor and the Secretary to the Treasury as ex officio members, along with six other members who were or had been actively engaged in agriculture, commerce or industry. The Chairman of Directors was to be chosen each year by the Board, with Sir John Joseph Garvan selected as Chairman at the Board’s first meeting held on 10 October 1924. Garvan was succeeded by Sir Robert Gibson in September 1926 with Sir Claude Reading becoming Chairman after Gibson’s death in 1934.

The Act also made provision for the Board to appoint from among its members an Executive Committee of not less than three members to carry on the business of the Bank between board meetings. The members of the Executive Committee were appointed at the first board meeting. At the second board meeting held on 27 and 28 October 1924, the powers of the Executive Committee were decided upon and it was determined that ‘the Committee be empowered to do such things as are necessary for the carrying on of the executive business of the Bank, but shall not deal with questions of policy which shall be matters for the decision of the Board’ (RBA Archives BM-P-2).

The Bank was managed by this Board from 1924 to 1945 when the Commonwealth Bank Act 1945 dissolved the Board and placed the management of the Bank back under the control of the Governor. The Board held its last meeting on 3 August 1945.

Commonwealth Savings Bank Board, 1928–45

The Commonwealth Bank (Savings Bank) Act 1927 established the Commonwealth Savings Bank as a separate entity from the Commonwealth Bank and placed all of the savings bank business and related records in the hands of this new institution. The Act also required that the Commonwealth Savings Bank was managed separately to the Commonwealth Bank by a Commission composed of a Chief Commissioner and two other Commissioners. Until Parliament appointed the Commission, the Commonwealth Savings Bank was to continue to be managed by the Commonwealth Bank Board who would have all of the power and functions of the Commission. They held their first meeting in this capacity on 10 July 1928 and separate records were kept for the Commonwealth Savings Bank Board meetings from this date. Ultimately, the Commission and Chief Commissioner were never appointed and the function continued to be carried out by the Commonwealth Bank Board until it was dissolved in 1945.  

Advisory Council, 1945–51

The Commonwealth Bank Act 1945 returned the control of the Bank to the Governor. It also provided for an Advisory Council to advise and make recommendations to the Governor with respect to the monetary and banking policy of the Bank and other similar matters referred to it by the Governor.  The Council consisted of the Secretary to the Treasury, the Deputy Governor, an additional representative of the Treasury, who would be an officer of the Commonwealth Public Service and be appointed by the Governor-General, and two officers of the Bank who would be appointed by the Treasurer on the recommendation of the Governor. The role of the Advisory Council was to ‘advise the Governor with respect to the monetary and banking policy of the Bank and such other matters as are referred by the Governor’ (RBA Archives S-d-72). The Advisory Council, along with the Administrative Committee (see below), also dealt with Commonwealth Savings Bank matters as the 1945 Act repealed the section of the Commonwealth Bank (Savings Bank) Act 1927 that provided for separate records to be maintained for the Savings Bank, enabling matters relating to both the Bank and the Savings Bank to be included in the same papers and minutes. Administrative matters were explicitly out of scope for the Council.

The Council held its first meeting on 14 September 1945 and monthly meetings thereafter until the Commonwealth Bank Act 1951 repealed the provisions made in the 1945 Act for the management of the Bank by the Governor assisted by the Advisory Council.

Re-establishment of the Commonwealth Bank Board, 1951–59

The Commonwealth Bank Act 1951 re-established the Commonwealth Bank Board but reduced its responsibilities to determining the policy of the Bank only, leaving the management of the Bank to the Governor. The Act came into operation on 21 August 1951 and the inaugural meeting of the new Board was held on 5 September. In contrast to the previous organisation of the Board, the Act now provided for the Governor to be Chairman of the Board ex officio. There was also now no separation of Savings Bank and Commonwealth Bank matters with both being dealt with in the same meeting. Until April 1953 these matters were also combined in the agenda and minutes for the meeting. From May 1953, the Savings Bank minutes were written up separately, and from June 1953 both a separate agenda and minutes were written up for the Savings Bank. 

The management of the Bank continued in the hands of the Commonwealth Bank Board until the Reserve Bank Act 1959 came into effect in January 1960.

Reserve Bank Board, 1960–

The Reserve Bank Act 1959 separated the commercial activities of the Commonwealth Bank from its central banking functions. The newly created Commonwealth Banking Corporation took on the commercial banking functions while the Commonwealth Bank was renamed the Reserve Bank of Australia and took on the central banking functions. The Reserve Bank of Australia commenced operation on 14 January 1960.

The Reserve Bank would now be governed by the Reserve Bank Board. The Board comprised, ex officio, the Governor and Deputy Governor of the Bank as well as the Secretary to the Treasury along with seven other members who were not associated with any other bank. Existing members of the Commonwealth Bank Board continued to hold their corresponding office with the Reserve Bank Board and the Governor continued as Chairman of the Board. The duty of the Reserve Bank Board was to ‘[ensure], within the limit of its powers, that the monetary and banking policy of the Bank is directed to the greatest advantage of the people of Australia and that the powers of the Bank are used to promote the stability of the currency, the maintenance of full employment and the economic prosperity and welfare of the people of Australia’ (RBA Archives BM-PC-93). The first meeting of the Reserve Bank Board was held on 27 January 1960.

Administrative Committee, 1945–58

The Administrative Committee was established by the Governor to deal with matters relating to the general administration of the Bank as the Advisory Council was not intended to take part in the day-to-day administration of the Bank. The Governor was not bound by the Committee’s decision but, except in exceptional circumstances, acted in accordance with its views. The Administrative Committee was comprised of the Governor, Deputy Governor, Chief Inspector, Chief Superintendent, Head Office Manager, Actuary and the inspectors concerned in the matters under consideration. Other officers such as the Staff Inspector, Chief Accountant and Supervisor of Premises would also attend the meetings when relevant. The first meeting of the Committee was held on 22 August 1945.

At the 56th meeting of the Administrative Committee on 27 May 1958, the Governor advised that he had decided to terminate the Committee and it was dissolved. Its functions were divided between two new committees: the Central Banking Advisory Committee (CBAC) for central banking matters and the Savings Bank-Trading Bank Policy Co-ordination Committee.

Central Banking Advisory Committee (CBAC), 1958–70

Following the termination of the Administrative Committee in May 1958, the Governor established the Central Banking Advisory Committee (CBAC) to assist with the management of the Central Bank, the Note Issue Department, the Rural Credits Department, the Mortgage Bank Department and the Industrial Finance Department as well as with the administration of the Banking Act 1945. The first meeting of CBAC was held on 4 June 1958.

CBAC comprised the Governor or Deputy Governor as Chairman and the Investment Adviser, General Manager of Industrial Finance Department, Economic Adviser, Manager of Banking Department, Manager of Central Bank Accounts Department and the Secretary as members. Members of CBAC whose departments were most closely connected with the main subjects to come before the Advisory Committee were executive members. Each executive member established sub-committees relevant to their main activities and three already established central bank committees were brought under the supervision of the relevant executive member. These were the Economic and Financial Research Fund, Balance of Payments and Rural Credits Developments Fund committees.

CBAC continued under its original name after the Reserve Bank Act 1959 came into effect. There were some amendments made at this time with the functions of the Committee updated to ‘in an advisory capacity, assist [the Governor] in the discharge of [their] duties as Governor under the Reserve Bank Act 1959 and to assist in the administration of matters under the Banking Act 1959’ (RBA Archives BM-C-67). The constitution of CBAC was also amended to allow for special members rather than executive members to establish sub-committees.

Changes to the administrative structure of the Bank in 1970 resulted in the final meeting of the Central Banking Advisory Committee being held on 29 October 1970 after which it was renamed the Economic Policy Advisory Committee (EPAC) (see below).

Savings Bank-Trading Bank Policy Co-ordination Committee, 1958–59

The Savings Bank-Trading Bank Policy Co-ordination Committee was set-up by the Governor in 1958 to integrate the administration of the Savings Bank and Trading Bank. The senior executives of both banks were to work together to co-ordinate the policies and operation of the banks with the Governor having a largely supervisory role as Chairman of the Committee. In particular, the Committee was to deal with submissions to the Board, policy and management directions to branches, developmental plans, conference recommendations, senior branch and administration appointments and training schemes. The first meeting was held on 27 May 1958 and twice a week thereafter.

The Reserve Bank Act 1959 transferred the commercial and savings bank functions of the Bank to a new institution, the Commonwealth Banking Corporation (now known as the Commonwealth Bank of Australia). In the lead up to the commencement of the Act, the references to the Savings Bank and Trading Bank were removed from the title of the Committee and it became known as the Co-ordination Committee in acknowledgement of its functions now relating to the section of the Bank that would form the Corporation. When the Managing Director and the Deputy Managing Director of the Commonwealth Banking Corporation were appointed, they gradually took over the positions of Chairman and Deputy Chairman of the Co-ordination Committee and the members became the General Managers of the Trading Bank, Savings Bank and Development Bank. After its 140th meeting on 8 January 1960, the Committee became exclusively a part of the Commonwealth Banking Corporation.

Administrative Advisory Committee (ADAC), 1967–83

In December 1966, as a result of a number of meetings held to consider the role of advisers in the Bank, four new committees were established. One of these new committees was the Administrative Advisory Committee (ADAC – pronounced ‘Adack’) which comprised all available advisers and the managers of Accounting and Establishment departments and the Secretary of the Bank. The function of ADAC was to consider various matters, principally relating to staff, referred to it the by the Governor or advisers chairing other committees. These matters initially included opportunities for secondment, transferability of superannuation rights, schemes for earlier retirement on reasonably attractive conditions, measures to review the effectiveness and economy of the Bank’s activities, and a study of the future age and status structure of the bank and any action necessary to ensure an appropriate age balance and reasonable opportunities for young officers of exceptional ability. ADAC held its first meeting on 22 February 1967 and then twice a month.

In 1969, the Administrative Structure Committee (known as the Longmuir Committee) was set up to review the administrative organisation of the Bank and make recommendations to improve effectiveness and efficiency. The Longmuir Committee’s report, delivered in 1970, resulted in a number of changes being made to the Bank’s administrative structure. ADAC’s scope was widened to include matters relating to internal administration and a range of activities associated with the Bank’s customer and agency functions, some of which had previously been handled by CBAC.

A subsequent review of the structure and functions of the Bank’s senior advisory committees in 1983 concluded that progressive changes in the Bank’s administrative and personnel structures had led to a significant portion of ADAC’s role being absorbed elsewhere and the Committee could now be terminated. Instead of being terminated, ADAC was combined with the Economic Policy Advisory Committee (EPAC) to form a new committee to be known as the Governor’s Committee on Policy and Administration. The final meeting of ADAC was held on 16 December 1983 and the Committee was officially terminated on 1 January 1984.

Education & Liaison Committee (ELC), 1967–86

The Education & Liaison Committee (ELC – pronounced ‘elk’) was another of the four new committees set up in 1967. This Committee, comprised of all available advisers and the managers of Research Department, Establishment Department and the Papua and New Guinea Division, was 'to study the relationships of the Bank with bodies with which regular contact and exchange of ideas should be maintained' (RBA Archives BM-ELM-1). These included the Bank’s branches, Commonwealth and State Government Departments, universities, and writers on financial and economic matters. The Committee was also to submit programmes of activity on a regular basis to the Governor. It’s first meeting was held on 22 February 1967. The final meeting of the Committee was held on 21 December 1982 and it was formally disbanded in February 1986.

International Committee (INC), 1967–70

The International Committee (INC – pronounced ‘insee’) was comprised of representatives from Research, Banking and Investment departments and a full-time assistant adviser. The Committee was to coordinate and expand the Bank’s international activities and establish close liaison with Treasury and contact with other central banks. The Committee held its first meeting on 22 February 1967. In total, only 59 meetings were held before the Committee was dissolved in 1970 as a result of the report of the Longmuir Committee. Its functions were absorbed into the rearranged structure of departments and committees.

Rural Committee (RCOM), 1967–69

The Rural Committee (RCOM – pronounced ‘arcom’) was the fourth committee established in 1967 with the purpose of coordinating the Bank’s activities and interests in the primary industry sector. It was comprised of the Chairman of the Rural Credits Development Fund and representatives from Research, Accounting and Banking departments, according to the issues under consideration. The Committee only held 12 meetings from its first meeting on 6 April 1967 to its final meeting on 2 April 1969.

Economic Policy Advisory Committee (EPAC), 1970–84

As a result of the report of the Longmuir Committee in 1970, the existing Central Banking Advisory Committee (CBAC) was renamed to the Economic Policy Advisory Committee (EPAC) and its functions changed to concentrate more on assisting the Governor in an advisory capacity on economic, monetary and banking policy issues. The new Committee comprised of the Governor as Chairman, Deputy Governor as Deputy Chairman, advisers of economic and banking policy areas, the chief managers of Banking & Finance, International, Research and Securities Markets departments and the Secretary. It’s first meeting was held on 3 December 1970.

The 1983 review of the Bank’s senior advisory committees resulted in the Committee being combined with the Administrative Advisory Committee (ADAC) to form a new committee to be known as the Governor’s Committee on Policy and Administration. The final meeting of EPAC was held on 13 December 1983 before the Committee was dissolved on 1 January 1984.

Committee on Policy & Administration (PAC), 1984–90

The Committee on Policy and Administration was established on 1 January 1984 following the amalgamation of the Economic Policy and Advisory Committee (EPAC) and the Administrative Advisory Committee (ADAC). Originally it was intended for the Committee to be called the Governor’s Committee on Policy and Administration however, at its first meeting on 4 January 1984, it was decided to omit the word ‘Governor’s’ from common usage.

The new Committee was the most senior at the Bank and comprised of the Governor as Chairman, Deputy Governor, advisers, Secretary and the chief managers of Banking & Finance (subsequently Financial Institutions (FI)), Personnel and Research departments with special members co-opted to attend for discussion of matters where appropriate. Its function as defined in its charter was ‘to consider such matters as may be brought before the Committee relating to monetary and banking policies and matters of principle, and other major matters relating to the internal administration of the Bank and to the Bank’s customer/agency functions’ (RBA Archives BM-PAC-1). The final meeting of the Committee was held on 30 January 1990 when it was replaced by the Policy Discussion Group.

Bank Management records are a part of the Secretary’s Department series that was maintained separately from the main body of the series. Although the majority of the records relating to the boards and committees are entirely held within the Bank Management sub-series, some of the records relating to the Administrative Advisory Committee (ADAC) and Economic Policy Advisory Committee (EPAC) are contained within the main Secretary’s Department series. The Savings Bank-Trading Bank Co-ordination Committee became part of the Commonwealth Banking Corporation (now known as the Commonwealth Bank) in 1960 and records from this date are held by that Bank.

Currently, only the Commonwealth Bank Board Papers (BM-P-* and BM-Pc-*) and Commonwealth Bank Board Information Papers (BM-Pd-*) have been released on Unreserved.