The establishment of the General Banking Division marks the Commonwealth Bank’s entry as a real competitor in the business market.
The establishment of the Commonwealth Trading Bank accelerates the Bank’s competitive presence. The creation of the Foreign Division commences the Bank’s international and Asian Expansion.
Controversy over the Bank’s dual role as a trading/savings bank on one hand and a central bank on the other comes to a head. The government introduces legislation to separate the central banking functions of the Commonwealth Bank from its commercial banking side.
Migrant Information Services is established.
With the creation of the Reserve Bank of Australia to take control of the nation’s central banking operations, and the Commonwealth Banking Corporation to provide trading, savings and development banking, the separation of the Commonwealth Bank is completed.