Australian Money

  • The Commonwealth Bank's new Head Office in Sydney is opened.

  • In the first decade after Federation, private bank notes continued to circulate as a paper currency.

  • A site for the national capital is chosen, later to be called 'Canberra'.

  • The Australian Notes Act 1910 is passed vesting authority to issue Australian notes in the Treasury.

  • The first Australian currency note (10 shillings) is issued. Other denominations follow. The notes reflect the dependence of the Australian economy on rural and mining industries.

  • The Commonwealth Bank takes over the distribution of currency notes from the private banks and organises the first Australian war loan.

  • The first flight takes place between England and Australia.

  • The authority to issue currency notes is transferred from Treasury to the Australian Notes Board.