Governors and Their Role
The Governor of the Reserve Bank of Australia is the most senior position in the Reserve Bank of Australia. The Governor of the Commonwealth Bank of Reserve Bank of Australia was both an ex officio member of the Notes Board from 1920 to 1924 and of the eight directors of the Commonwealth Bank from 1924 to 1945. The Commonwealth Bank and Bank Acts in 1945 clearly stated the Governor's responsibilities of managing the Bank. In 1951, legislation established a 10-member board which the Governor is a member of. The Bank has maintained a similar structure ever since the 1951 legislation.
The Governor is required by the Reserve Bank Act 1959 to keep in contact with the Secretary on matters concerning both the Treasury and Reserve Bank and vice versa. It is also mandated that the Board inform the Government of the Bank's monetary and banking policy, which is often accomplished through the Governor's meetings with the Treasurer. Since 1996, the Governor and other senior members of the Bank have appeared twice annually before the House of Representatives Standing Committee on Economics to explain the conduct of the Bank. The Reserve Bank Governor is appointed to a term of up to seven years by the Treasurer and are eligible to be reappointed at the end of their term. The Governor is the Chairman of both the Payment Systems Board and the Reserve Bank Board and therefore resolves any disputes that occur between the two entities.
The longest serving Governor, if his service to both the Commonwealth Bank and the Reserve Bank of Australia are included, is H.C. Coombs, who served nineteen years and six months combined. He is regarded by some as one of the most committed anti-inflationists in government throughout the 1950s and 1960s. The longest-serving Commonwealth Bank Governor is Sir Ernest Riddle, who served eleven years and four months, while the longest-serving Reserve Bank Governor is Ian Macfarlane, who served ten years. The shortest-serving Governor by many years is James Kell who served 2 years for the Commonwealth Bank.
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