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The Reserve Bank of Australia is established

The Reserve Bank of Australia (RBA) is Australia's central bank and banknote issuing authority.

The Reserve Bank of Australia (RBA) is Australia's central bank and banknote issuing authority. It has had this role since 14 January 1960, when the Reserve Bank Act 1959 removed the central banking functions from the Commonwealth Bank.

The bank's main policy role is to control inflation levels within a target range of 2–3%, by controlling the unemployment rate according to the 'non-accelerating inflation rate of unemployment' (NAIRU) by controlling the official cash rate. The NAIRU was implemented in most western nations after 1975, and has been maintained at a target of 5–6% unemployment. The average unemployment rate in Australia between the end of the Second World War and the implementation of the NAIRU was consistently between 1 and 2%.

Historical Significance

The Reserve Bank of Australia (RBA) is Australia's central bank and banknote issuing authority.

Events Before

  1. Johnny Cash performs the first of many free concerts behind bars at San Quentin State Prison in California

    Johnny Cash performs the first of many free concerts behind bars at San Quentin State Prison in California

  2. Chad becomes an autonomous republic in the French Community

    The French Community (French: Communauté française) was the constitutional organization set up in October 1958 between France and its remaining African colonies, then in the process of…

  3. USSR's Luna 1 becomes the first spacecraft to escape Earth's gravity

    A gravity assist, gravity assist maneuver, swing-by, or generally a gravitational slingshot in orbital mechanics, is a type of spaceflight flyby which makes use of the relative movement (e.g.

  4. TV western "Rawhide," starring Clint Eastwood, premieres on CBS

    TV western "Rawhide," starring Clint Eastwood, premieres on CBS

  5. Plane crash known as "The Day the Music Died" kills musicians Buddy Holly, Ritchie Valens, J. P. Richardson (aka The Big

    Plane crash known as "The Day the Music Died" kills musicians Buddy Holly, Ritchie Valens, J. P. Richardson (aka The Big Bopper), and the pilot near Clear Lake, Iowa

Events After

  1. Gabrielle Carteris is born

    Gabrielle Carteris is born

  2. Longest recorded strike ends as Danish barbers' assistants end their 33-year strike

    Longest recorded strike ends as Danish barbers' assistants end their 33-year strike

  3. Berry Gordy signs The Supremes to Motown Records

    The Supremes were an American girl group formed in Detroit, Michigan, in 1959 as the Primettes.

  4. First live, nationally televised presidential news conference, held by JFK

    First live, nationally televised presidential news conference, held by JFK

  5. "I Fall to Pieces" single released by Patsy Cline (Billboard Song of the Year 1961)

    "I Fall to Pieces" is a song written by Hank Cochran and Harlan Howard that was originally recorded by Patsy Cline.

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Apollo 11 Moon Landing

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Martin Luther King Jr.'s "I Have a Dream" Speech

Martin Luther King Jr. delivers his iconic "I Have a Dream" speech during the March on Washington for Jobs and Freedom, calling for an end to racism in the United States.

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birth

Tommy Morrison is born

Tommy Morrison, American professional boxer, known for american boxer, was born on 1969-01-02.

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Gabrielle Carteris is born

Gabrielle Carteris is born

Frequently Asked Questions

What happened on January 14, 1960?
The Reserve Bank of Australia (RBA) is Australia's central bank and banknote issuing authority. It has had this role since 14 January 1960, when the Reserve Bank Act 1959 removed the central banking functions from the Commonwealth Bank. The bank's main policy role is to control inflation levels within a target range of 2–3%, by controlling the unemployment rate according to the 'non-accelerating inflation rate of unemployment' (NAIRU) by controlling the official cash rate.
Why is The Reserve Bank of Australia is established significant?
The Reserve Bank of Australia (RBA) is Australia's central bank and banknote issuing authority.

Explore More

January 14 in HistoryYear 1960