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In the first decade after Federation, private bank notes continued to circulate as a paper currency.
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The Basic Wage is introduced (at £2/2/-).
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The Australian Notes Act 1910 is passed vesting authority to issue Australian notes in the Treasury.
As an interim measure the Government overprints private bank notes with the words 'Australian Note'. In the first decade or so after Federation, rural and mining activities are a third of the economy. Wool and gold alone account for about 60 per cent of all exports. -
The notes reflect the dependence of the Australian economy on rural and mining industries.
