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113-412: The Our Community Group comprises a number of different enterprises. In 2009, Our Community launched a cloud-based grants management administration software tool that is used by local, state and federal government, philanthropic and corporate grantmakers to receive applications and manage their funding programs. The company was founded in 2000 by Denis Moriarty, its current managing director, who received

226-672: A Statement on the Conduct of Monetary Policy which restated the roles of the Reserve Bank and the Government of Australia. It affirmed government endorsement of the Reserve Bank's inflation objective, which was introduced in 1993. A change of government in December 2007 led to another Statement , which was issued by both former Treasurer Wayne Swan and Reserve Bank Governor Glenn Stevens . This amends previous statements by giving

339-701: A quorum , which must be chaired by the Governor or, in his or her absence, the Deputy Chair. The Chairman meets with the Chairman of the ACCC at least once annually on issues of interest to both parties in the payments system, in addition to members of both organisations consulting over issues that are mutually important. The current members of the Payments System Board are: From the middle of

452-718: A southerly buster , a powerful southerly that brings gale winds and a rapid fall in temperature. Since Sydney is downwind of the Great Dividing Range , it occasionally experiences dry, westerly foehn winds typically in winter and early spring (which are the reason for its warm maximum temperatures). Westerly winds are intense when the Roaring Forties (or the Southern Annular Mode ) shift towards southeastern Australia, where they may damage homes and affect flights , in addition to making

565-702: A Centenary Medal in recognition for establishing Our Community. It is chaired by prominent social investor and Reserve Bank of Australia member Carol Schwartz AO. In the past, it had Rhonda Galbally AO as its CEO. In 2007, Our Community was named the winner of the "Cool Company" Social Capitalist Award, where the organisation was described as a "deeply noble enterprise." There are over 55,000 community and not-for-profit groups involved with Our Community ranging from large organisations such as Oxfam Australia , to small ones such as Partners in Aid . Reserve Bank of Australia The Reserve Bank of Australia ( RBA )

678-463: A feature of Sydney's topography. After Phillip's departure in December 1792, the colony's military officers began acquiring land and importing consumer goods from visiting ships. Former convicts engaged in trade and opened small businesses. Soldiers and former convicts built houses on Crown land, with or without official permission, in what was now commonly called Sydney town. Governor William Bligh (1806–08) imposed restrictions on commerce and ordered

791-696: A few areas of wet sclerophyll forests in the wetter, elevated areas in the north and northeast . These forests are defined by straight, tall tree canopies with a moist understory of soft-leaved shrubs, tree ferns and herbs. The predominant vegetation community in Sydney is the Cumberland Plain Woodland in Western Sydney ( Cumberland Plain ), followed by the Sydney Turpentine-Ironbark Forest in

904-659: A flexible interest rate , making it easier for the bank to rely on open market operations . The Exchange Control was abolished after the float of the Australian dollar occurred in 1983. In the five years after the Campbell Committee probe, 1979–1984, the financial system in Australia became deregulated . Another probe was the Wallis Committee in 1996, which took effect in 1998. The effects were

1017-511: A fresh water supply and a safe harbour, which Philip described as "the finest Harbour in the World ... Here a Thousand Sail of the Line may ride in the most perfect Security". The settlement was planned to be a self-sufficient penal colony based on subsistence agriculture. Trade and shipbuilding were banned in order to keep the convicts isolated. However, the soil around the settlement proved poor and

1130-467: A general economic depression. The Australian Labor Party , formed during this period, proposed a bank which would be a protected and cheap way of providing financial services . The party's platform for the 1908 election was for a "Commonwealth Bank", which would have both commercial and central bank functions. Regardless, Fisher's Labor government established the Commonwealth Bank by

1243-607: A pattern of resistance that was to be repeated as the colonial frontier expanded . A military garrison was established on the Hawkesbury in 1795. The death toll from 1794 to 1800 was 26 settlers and up to 200 Darug. Conflict again erupted from 1814 to 1816 with the expansion of the colony into Dharawal country in the Nepean region south-west of Sydney. Following the deaths of several settlers, Governor Macquarie dispatched three military detachments into Dharawal lands, culminating in

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1356-486: A planner to design the street layout of Sydney and commissioned the construction of roads, wharves, churches, and public buildings. Parramatta Road , linking Sydney and Parramatta, was opened in 1811, and a road across the Blue Mountains was completed in 1815, opening the way for large-scale farming and grazing west of the Great Dividing Range . Following the departure of Macquarie, official policy encouraged

1469-470: A result receiving reduced export prices. The new board of directors replacing it, which was composed of various areas of the industry , soon appointed Garvan chairman, and thus he continued his policies. In 1925, both the pound sterling and Australian pound returned to the pre-war gold standard. The primary role of the Commonwealth Bank continued to be a savings and trading bank, even though

1582-423: A rich ceremonial life, part of a belief system centring on ancestral, totemic and supernatural beings. People from different clans and language groups came together to participate in initiation and other ceremonies. These occasions fostered trade, marriages and clan alliances. The earliest British settlers recorded the word ' Eora ' as an Aboriginal term meaning either 'people' or 'from this place'. The clans of

1695-561: A severe dust storm towards the city . The Greater Sydney Commission divides Sydney into three "cities" and five "districts" based on the 33 LGAs in the metropolitan area. The "metropolis of three cities" comprises Eastern Harbour City , Central River City and Western Parkland City . The Australian Bureau of Statistics also includes City of Central Coast (the former Gosford City and Wyong Shire) as part of Greater Sydney for population counts, adding 330,000 people. The CBD extends about 3 km (1.9 mi) south from Sydney Cove . It

1808-739: A year have temperatures at or above 30 °C (86 °F) in the central business district (CBD). In contrast, the metropolitan area averages between 35 and 65 days, depending on the suburb. The hottest day in the metropolitan area occurred in Penrith on 4 January 2020, where a high of 48.9 °C (120.0 °F) was recorded. The average annual temperature of the sea ranges from 18.5 °C (65.3 °F) in September to 23.7 °C (74.7 °F) in February. Sydney has an average of 7.2 hours of sunshine per day and 109.5 clear days annually. Due to

1921-494: 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

2034-540: Is bordered by Farm Cove within the Royal Botanic Garden to the east and Darling Harbour to the west. Suburbs surrounding the CBD include Woolloomooloo and Potts Point to the east, Surry Hills and Darlinghurst to the south, Pyrmont and Ultimo to the west, and Millers Point and The Rocks to the north. Most of these suburbs measure less than 1 km (0.4 sq mi) in area. The Sydney CBD

2147-451: Is characterised by narrow streets and thoroughfares, created in its convict beginnings. Several localities, distinct from suburbs, exist throughout Sydney's inner reaches. Central and Circular Quay are transport hubs with ferry, rail, and bus interchanges. Chinatown , Darling Harbour, and Kings Cross are important locations for culture, tourism, and recreation. The Strand Arcade , located between Pitt Street Mall and George Street ,

2260-451: Is currently governed by the Reserve Bank Act 1959 . Section 10(2), commonly referred to as the Bank's charter, states that Bank's duty is "to ensure that the monetary and banking policy of the Bank is directed to the greatest advantage of the people of Australia" to be achieved by exercising its powers "to contribute to: In practice the Reserve Bank concentrates on the first objective , that

2373-630: Is required by the Reserve Bank Act 1959 to keep in contact with the Treasury Secretary on matters concerning both the Treasury and Reserve Bank and vice versa . It also mandates that the RBA 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

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2486-491: Is to control inflation through monetary policy . The current objective is a policy of inflation targeting aimed at maintaining the annual inflation rate at between "2–3 per cent, on average, over the cycle ". This target was first set in 1993 by the then Reserve Bank Governor Bernie Fraser and was then formalised in 1996 by the then Treasurer Peter Costello and incoming Reserve Bank Governor Ian Mcfarlane. The Reserve Bank gives banking and registry services to agencies of

2599-523: The Appin massacre (April 1816) in which at least 14 Aboriginal people were killed. The New South Wales Legislative Council became a semi-elected body in 1842. Sydney was declared a city the same year, and a governing council established, elected on a restrictive property franchise. The discovery of gold in New South Wales and Victoria in 1851 initially caused economic disruption as men moved to

2712-625: The Australian Competition & Consumer Commission (ACCC) is permitted to make exceptions for competitors making agreements among themselves. The ACCC and the Payments Systems Board are encouraged to work together regarding access and rivalry through the Payment Systems (Regulation) Act 1998 . Members of the Payments System Board are defined by Section 25A of the Reserve Bank Act 1959 , with three of

2825-612: The Australian economy . The structure of the Reserve Bank Board has remained consistent ever since 1951, with the exception of the change in the number of members of the board. The governor of the Reserve Bank of Australia is appointed by the Treasurer and chairs both the Payment Systems and Reserve Bank Boards and when there are disagreements between both boards, the governor resolves them. The Reserve Bank

2938-403: The Australian raven , Australian magpie , crested pigeon , noisy miner and the pied currawong . Introduced bird species ubiquitously found in Sydney are the common myna , common starling , house sparrow and the spotted dove . Reptile species are also numerous and predominantly include skinks . Sydney has a few mammal and spider species, such as the grey-headed flying fox and

3051-472: The Commonwealth Bank Act 1911 , which came into effect on 22 December 1911. The new bank was a government-owned commercial bank, without any central bank functions. He stated that "Time and experience will show how its functions for usefulness may be extended [towards central banking]." The only function at the time that made the bank characteristic of a central one was that it was the banker to

3164-465: The Cooks River into Botany Bay. There is no single definition of the boundaries of Sydney. The Australian Statistical Geography Standard definition of Greater Sydney covers 12,369 km (4,776 sq mi) and includes the local government areas of Central Coast in the north, Hawkesbury in the north-west, Blue Mountains in the west, Sutherland Shire in the south, and Wollondilly in

3277-496: The Garden Island Tunnel System , the only tunnel warfare complex in Sydney, and the heritage-listed military fortification systems Bradleys Head Fortification Complex and Middle Head Fortifications , which were part of a total defence system for Sydney Harbour . A post-war immigration and baby boom saw a rapid increase in Sydney's population and the spread of low-density housing in suburbs throughout

3390-557: The Government of Australia and services to other central banks and official institutions. The RBA currently comprises the Payments System Board, which sets the payment system policy of the bank, and the Reserve Bank Board, which sets all other monetary and banking policies of the bank. Both boards consist of members of the bank, the Treasury , other Australian government agencies, and leaders of other institutions that are part of

3503-659: The Middle East and Africa becoming major sources. By 2021, the population of Sydney was over 5.2 million, with 40% of the population born overseas. China and India overtook England as the largest source countries for overseas-born residents. Sydney is a coastal basin with the Tasman Sea to the east, the Blue Mountains to the west, the Hawkesbury River to the north, and the Woronora Plateau to

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3616-795: The Pacific Ocean in the east to the Blue Mountains in the west, and about 80 km (50 mi) from the Ku-ring-gai Chase National Park and the Hawkesbury River in the north and north-west, to the Royal National Park and Macarthur in the south and south-west. Greater Sydney consists of 658 suburbs, spread across 33 local government areas. Residents of the city are colloquially known as "Sydneysiders". The estimated population in June 2023

3729-662: The Sydney funnel-web , respectively, and has a huge diversity of marine species inhabiting its harbour and beaches. Under the Köppen–Geiger classification , Sydney has a humid subtropical climate ( Cfa ) with "warm, sometimes hot" summers and "generally mild", to "cool" winters. The El Niño–Southern Oscillation , the Indian Ocean Dipole and the Southern Annular Mode play an important role in determining Sydney's weather patterns: drought and bushfire on

3842-645: The University of New South Wales are ranked 18th and 19th in the world respectively. Sydney has hosted major international sporting events such as the 2000 Summer Olympics , the 2003 Rugby World Cup Final , and the 2023 FIFA Women's World Cup Final . The city is among the top fifteen most-visited, with millions of tourists coming each year to see the city's landmarks. The city has over 1,000,000 ha (2,500,000 acres) of nature reserves and parks , and its notable natural features include Sydney Harbour and Royal National Park . The Sydney Harbour Bridge and

3955-624: The University of Sydney (1854–61), the Australian Museum (1858–66), the Town Hall (1868–88), and the General Post Office (1866–92). Elaborate coffee palaces and hotels were erected. Daylight bathing at Sydney's beaches was banned, but segregated bathing at designated ocean baths was popular. Drought, the winding down of public works and a financial crisis led to economic depression in Sydney throughout most of

4068-496: The governor . The Reserve Bank governor is the most senior position in the RBA. The governor is appointed for a term of up to seven years by the Treasurer and is 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 resolves any disputes that occur between the two boards. The governor of the Commonwealth Bank of Australia

4181-558: 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%. Since the implementation of the NAIRU, the average unemployment rate in Australia has been close to 6%. The RBA also provides services to

4294-592: The pound sterling . Inflation in Australia thus increased, less than in Britain, but more than in the United States . The case for a central bank was increased by the need for the government to cut spending after the war to reduce its debt. Commonwealth Bank Governor Denison Miller had been arguing for the issue of Australian currency to be switched from the treasury to the bank, as it had more staff and more monetary knowledge. The Australian Notes Board (ANB)

4407-593: The "Aborigines of Australia" declared 26 January "A Day of Mourning " for "the whiteman's seizure of our country." With the outbreak of Second World War in 1939, Sydney experienced a surge in industrial development. Unemployment virtually disappeared and women moved into jobs previously typically reserved for males. Sydney was attacked by Japanese submarines in May and June 1942 with 21 killed. Households built air raid shelters and performed drills. Military establishments in response to World War II in Australia included

4520-627: The 1890s. Meanwhile, the Sydney-based premier of New South Wales, George Reid , became a key figure in the process of federation. When the six colonies federated on 1 January 1901, Sydney became the capital of the State of New South Wales. The spread of bubonic plague in 1900 prompted the state government to modernise the wharves and demolish inner-city slums. The outbreak of the First World War in 1914 saw more Sydney males volunteer for

4633-434: 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 two years for the Commonwealth Bank. In July 2023, the RBA announced the appointment of Michele Bullock as its new Governor, taking up

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4746-404: The 19th century into the 1890s, the prospects for the forming of a central bank grew. In 1911, the Commonwealth Bank was established, but did not have the authority to print notes, which function was still that of the Treasury. A movement toward re-establishing the gold standard occurred after World War I (1914–1918) with John Garvan leading various boards in contracting the money supply on

4859-551: The Australian government, in addition to it being the same for the states . At the time, the Treasury of Australia maintained the role of issuing bank notes through the Australian Notes Act 1910 . The bank was also the first bank in Australia to receive a federal government guarantee. The Commonwealth Bank gradually acquired central bank functions. In response to the disruption of trade during World War I it

4972-569: The CBD. In the warm season black nor'easters are usually the cause of heavy rain events, though other forms of low-pressure areas , including remnants of ex-cyclones , may also bring heavy deluge and afternoon thunderstorms. 'Snow' was last alleged in 1836, more than likely a fall of graupel , or soft hail; and in July 2008 the Upper North Shore saw a fall of graupel that was mistaken by many for 'snow'. In 2009, dry conditions brought

5085-481: The Cumberland Plain. Immigrants—mostly from Britain and continental Europe—and their children accounted for over three-quarters of Sydney's population growth between 1947 and 1971. The newly created Cumberland County Council oversaw low-density residential developments, the largest at Green Valley and Mount Druitt . Older residential centres such as Parramatta, Bankstown and Liverpool became suburbs of

5198-846: The Inner West and Northern Sydney , the Eastern Suburbs Banksia Scrub in the coastline and the Blue Gum High Forest scantily present in the North Shore – all of which are critically endangered. The city also includes the Sydney Sandstone Ridgetop Woodland found in Ku-ring-gai Chase National Park on the Hornsby Plateau to the north. Sydney is home to dozens of bird species, which commonly include

5311-513: The Note Printing Australia bribery allegations. A number of buildings associated with the Reserve Bank are heritage-listed, including: Sydney This is an accepted version of this page Sydney is the capital city of the state of New South Wales and the most populous city in Australia . Located on Australia's east coast, the metropolis surrounds Sydney Harbour and extends about 80 km (50 mi) from

5424-486: The RBA have appeared twice annually before the House of Representatives Standing Committee on Economics to explain the conduct of the bank. 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

5537-400: The Reserve Bank, while the commercial and savings bank functions stayed with the Commonwealth Bank. This finally created a separate central bank for Australia in 1959, which took effect 14 January 1960, many years after several other nations already had one and similar to the early proposal by Treasurer Theodore. In the mid-1960s, monetary authorities accepted Coombs' conclusions and allowed

5650-593: The Sydney area occupied land with traditional boundaries. There is debate, however, about which group or nation these clans belonged to, and the extent of differences in language and rites. The major groups were the coastal Eora people, the Dharug (Darug) occupying the inland area from Parramatta to the Blue Mountains, and the Dharawal people south of Botany Bay. Darginung and Gundungurra languages were spoken on

5763-442: The Sydney region are grassy woodlands (i.e. savannas ) and some pockets of dry sclerophyll forests, which consist of eucalyptus trees, casuarinas , melaleucas , corymbias and angophoras , with shrubs (typically wattles , callistemons , grevilleas and banksias ), and a semi-continuous grass in the understory . The plants in this community tend to have rough, spiky leaves due to low soil fertility . Sydney also features

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5876-420: The Treasurer for five years. According to section 17(1) of the Reserve Bank Act , members of the board are not allowed to be a director, officer, or employee of an institution that is authorised to take in deposits. Excluding changes in the number of members, the structure of the board has remained unchanged since 1951. The current members of the board are: The board normally meets eleven times each year, on

5989-627: The Union Jack 165 years earlier, commencing her Australian Royal Tour . It was the first time a reigning monarch stepped onto Australian soil. Increasing high-rise development in Sydney and the expansion of suburbs beyond the "green belt" envisaged by the planners of the 1950s resulted in community protests. In the early 1970s, trade unions and resident action groups imposed green bans on development projects in historic areas such as The Rocks. Federal, State and local governments introduced heritage and environmental legislation. The Sydney Opera House

6102-722: The United Kingdom, Vietnam and the Philippines. Despite being one of the most expensive cities in the world, Sydney frequently ranks in the top ten most liveable cities . It is classified as an Alpha+ city by the Globalization and World Cities Research Network , indicating its influence in the region and throughout the world. Ranked eleventh in the world for economic opportunity, Sydney has an advanced market economy with strengths in education, finance, manufacturing and tourism . The University of Sydney and

6215-571: The World Heritage-listed Sydney Opera House are major tourist attractions. Central Station is the hub of Sydney's suburban train, metro and light rail networks and longer-distance services. The main passenger airport serving the city is Kingsford Smith Airport , one of the world's oldest continually operating airports. In 1788, Captain Arthur Phillip , the first governor of New South Wales, named

6328-691: The apparent laxity and tardiness of corrective actions undertaken by relevant RBA board members and officials. The matters were not reported to the Federal Police in 2007, although they have been since, while in 2011 it was revealed that the RBA had to correct inaccurate evidence previously given to parliamentary committees. In July 2014, WikiLeaks released a copy of a court order prohibiting publication throughout Australia of information that "reveals, implies, suggests or alleges" corruption involving specifically named past and present high-ranking Malaysian, Indonesian and Vietnamese officials in relation to

6441-420: The armed forces than the Commonwealth authorities could process, and helped reduce unemployment. Those returning from the war in 1918 were promised "homes fit for heroes" in new suburbs such as Daceyville and Matraville. "Garden suburbs" and mixed industrial and residential developments also grew along the rail and tram corridors. The population reached one million in 1926, after Sydney had regained its position as

6554-513: The arrival of the British, there were 4,000 to 8,000 Aboriginal people in the greater Sydney region. The inhabitants subsisted on fishing, hunting, and gathering plants and shellfish. The diet of the coastal clans was more reliant on seafood whereas hinterland clans ate more forest animals and plants. The clans had distinctive equipment and weapons mostly made of stone, wood, plant materials, bone and shell. They also differed in their body decorations, hairstyles, songs and dances. Aboriginal clans had

6667-401: The bank independence and encourages transparency and communication. Since 2007, the RBA's reputation has been affected by the 'Securency' or Note Printing Australia scandal. These RBA subsidiaries were involved in bribing overseas officials so that Australia might win lucrative polymer note-printing contracts. Australian press coverage, which continued into late 2011, reflects concerns with

6780-472: The bank is Note Printing Australia , which employs 257 other workers, and which manufactures the Australian dollar and other securities, for markets both in and outside of Australia. The Payments System Board fills the role of deciding on the bank's payments system policy and the Reserve Bank Board is responsible for all other monetary and banking policies of the bank. Conflicts between the two boards do not occur often, and when they do, they are resolved by

6893-412: The bank to the Australian Prudential Regulation Authority and the Payments System Board was created, while the bank was given power within the board in the same year. The current governor of the Reserve Bank is Michele Bullock , who succeeded Philip Lowe as governor on 18 September 2023. In May 2022, the bank increased the nation's interest rates for the first time in more than a decade. This move

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7006-536: The bank's administrative powers of monetary and banking policy and exchange control and also stated the governor was responsible for managing the bank. Highly debated legislation in 1945 caused high amounts of regulation on private banks , which later-Governor H.C. Coombs was opposed to, along with his opposition to bank nationalisation in 1947. When he became governor in 1949, he allowed private banks to have more control over their liquidity and attempted to introduce market-based monetary policy. He also warned of

7119-476: The board power in areas of the law that were previously uncertain. It removed the zero-hour rule that allowed a bankruptcy to date a bankruptcy the previous midnight and the Act made it so payments the same day could not be undone. Before the removal of the zero-hour rule, the real-time gross settlement system had been violated because payments in the system should inherently not be reversed. Some payments systems had previously agreed to pay and receive obligations to

7232-422: The coastal region. The rising sea level between 18,000 and 6,000 years ago flooded the rias to form estuaries and deep harbours. Port Jackson, better known as Sydney Harbour, is one such ria . Sydney features two major soil types: sandy soils (which originate from the Hawkesbury sandstone) and clay (which are from shales and volcanic rocks ), though some soils may be a mixture of the two. Directly overlying

7345-473: The cove where the first British settlement was established Sydney Cove after Home Secretary Thomas Townshend, 1st Viscount Sydney . The cove was called Warrane by the Aboriginal inhabitants. Phillip considered naming the settlement Albion , but this name was never officially used. By 1790 Phillip and other officials were regularly calling the township Sydney. Sydney was declared a city in 1842. The Gadigal (Cadigal) clan, whose territory stretches along

7458-412: The demolition of buildings erected on Crown land, including some owned by past and serving military officers. The resulting conflict culminated in the Rum Rebellion of 1808, in which Bligh was deposed by the New South Wales Corps . Governor Lachlan Macquarie (1810–1821) played a leading role in the development of Sydney and New South Wales, establishing a bank, a currency and a hospital. He employed

7571-427: The eastern coast of Australia, making landfall at Botany Bay . In 1788, the First Fleet of convicts , led by Arthur Phillip , founded Sydney as a British penal colony , the first European settlement in Australia. After World War II, Sydney experienced mass migration and by 2021 over 40 per cent of the population was born overseas. Foreign countries of birth with the greatest representation are mainland China, India,

7684-463: The emigration of free British settlers to New South Wales. Immigration to the colony increased from 900 free settlers in 1826–30 to 29,000 in 1836–40, many of whom settled in Sydney. By the 1840s Sydney exhibited a geographic divide between poor and working-class residents living west of the Tank Stream in areas such as The Rocks , and the more affluent residents living to its east. Free settlers, free-born residents and former convicts now represented

7797-420: The first Tuesday of each month except January. Board meetings are usually held at the Reserve Bank's Head Office in Sydney. Meetings are held in two other Australian cities each year. Five members of the board must meet in order to constitute a quorum, and the meeting must be chaired by the governor, or the deputy governor in his absence. The board usually forms a consensus without a need for structured voting on

7910-441: The first attempt of central banking. The Australian Notes Board (ANB) was created in 1920, within the Department of Treasury, which issued notes until 1924, when this function was transferred to the Commonwealth Bank. The ANB was abolished by the Commonwealth Bank Act 1924 . The Treasurer and Country Party Leader Earle Page wanted to end the monetary contraction which particularly hurt his farming constituents, who were as

8023-480: The first crops failed, leading to several years of hunger and strict rationing. The food crisis was relieved with the arrival of the Second Fleet in mid-1790 and the Third Fleet in 1791. Former convicts received small grants of land, and government and private farms spread to the more fertile lands around Parramatta , Windsor and Camden on the Cumberland Plain . By 1804, the colony was self-sufficient in food. A smallpox epidemic in April 1789 killed about half

8136-409: The former gold standard. This was accomplished by refusing the exchange of notes for gold and it was hoped that this would lower domestic prices and raise the exchange rate for the Australian pound. When gold arrived from New York the government sold securities to diminish the effect of monetary expansion , therefore executing the first open market operations in the history of Australia and thus

8249-466: The fringes of the Sydney area. The first meeting between Aboriginals and British explorers occurred on 29 April 1770 when Lieutenant James Cook landed at Botany Bay (Kamay ) and encountered the Gweagal clan. Two Gweagal men opposed the landing party and one was shot and wounded. Cook and his crew stayed at Botany Bay for a week, collecting water, timber, fodder and botanical specimens and exploring

8362-548: The gold standard with the Commonwealth Bank Act 1932 , which made the notes no longer exchangeable into gold and allowed the bank not to keep any gold reserves. The monetary policy of the bank from 1931 until the early 1970s had been to maintain a stable exchange rate with the pound sterling. Through the new Commonwealth Bank Act and the Banking Act 1945 , the board was replaced by a six-member council, consisting of bank and treasury officials. It additionally formalised

8475-700: The goldfields. Melbourne soon overtook Sydney as Australia's largest city, leading to an enduring rivalry between the two. However, increased immigration from overseas and wealth from gold exports increased demand for housing, consumer goods, services and urban amenities. The New South Wales government also stimulated growth by investing heavily in railways, trams, roads, ports, telegraph, schools and urban services. The population of Sydney and its suburbs grew from 95,600 in 1861 to 386,900 in 1891. The city developed many of its characteristic features. The growing population packed into rows of terrace houses in narrow streets. New public buildings of sandstone abounded, including at

8588-570: The government attempted to make the bank into a central bank through its actions in 1924. Legislation was introduced to the Parliament at the height of the Great Depression , in May 1930, by Treasurer E.G. Theodore, to transfer central banking powers from the Commonwealth Bank to a new central bank, but this failed. The Australian pound was devalued in 1931 and it ceased to be tied to the pound sterling. The Reserve Bank departed from

8701-629: The government, to other central banks, and other official institutions. The assets of the bank include the gold and foreign exchange reserves of Australia, which is estimated to have a net worth of A$ 101 billion. Nearly 94% of the RBA's employees work at its headquarters and at the Business Resumption Site, both in Sydney . The remainder of the total of 926 staff work in Adelaide , Brisbane , Canberra , Melbourne , Perth , London and New York City . A wholly owned subsidiary of

8814-505: The inland location, frost is recorded early in the morning in Western Sydney a few times in winter. Autumn and spring are the transitional seasons, with spring showing a larger temperature variation than autumn. Sydney experiences an urban heat island effect. This makes certain parts of the city more vulnerable to extreme heat, including coastal suburbs. In late spring and summer, temperatures over 35 °C (95 °F) are not uncommon, though hot, dry conditions are usually ended by

8927-408: The issues at hand. Meetings of the board are held in the boardroom of the Reserve Bank's Head Office in Sydney or a similar facility in one of the bank's State Offices when meetings are held interstate (a secure location is used in Australian cities where the bank does not have its own premises). The meetings begin at 9:00 am and continue for three-and-a-half hours, with minutes published two weeks after

9040-556: The main body of insurgents were routed by about 100 troops and volunteers at Rouse Hill . At least 39 convicts were killed in the uprising and subsequent executions. As the colony spread to the more fertile lands around the Hawkesbury River , north-west of Sydney, conflict between the settlers and the Darug people intensified, reaching a peak from 1794 to 1810. Bands of Darug people, led by Pemulwuy and later by his son Tedbury , burned crops, killed livestock and raided settler stores in

9153-492: The meeting is held. The Reserve Bank Act 1959 authorises the Payments System Board to decide the Reserve Bank's payments system policy. This is done so it can control risk, promote efficiency and to aid in competitiveness and balance in the financial system. The bank's power through the Payment Systems Act 1998 allows it to regulate any payment system and can create binding rules for security and performance in

9266-603: The members being ex officio or representatives of another organisation. The governor of the Reserve Bank of Australia is the Chairman of the Payments System Board, there is one representative of the RBA, and there is one representative of the Australian Prudential Regulation Authority (APRA). In addition, there are up to five other members of the board who are appointed by the Treasurer for a term of up to five years. The board meet once per quarter, usually in Sydney with five members forming

9379-462: The metropolis. Manufacturing, protected by high tariffs, employed over a third of the workforce from 1945 to the 1960s. However, as the long post-war economic boom progressed, retail and other service industries became the main source of new jobs. An estimated one million onlookers, most of the city's population, watched Queen Elizabeth II land in 1954 at Farm Cove where Captain Phillip had raised

9492-531: The most famous. The Nepean River wraps around the western edge of the city and becomes the Hawkesbury River before reaching Broken Bay . Most of Sydney's water storages can be found on tributaries of the Nepean River. The Parramatta River is mostly industrial and drains a large area of Sydney's western suburbs into Port Jackson. The southern parts of the city are drained by the Georges River and

9605-478: The most populous city in Australia. The government created jobs with massive public projects such as the electrification of the Sydney rail network and building the Sydney Harbour Bridge. Sydney was more severely affected by the Great Depression of the 1930s than regional New South Wales or Melbourne. New building almost came to a standstill, and by 1933 the unemployment rate for male workers

9718-554: The navy. The First Fleet of 11 ships under the command of Captain Arthur Phillip arrived in Botany Bay in January 1788. It comprised more than a thousand settlers, including 736 convicts. The fleet soon moved to the more suitable Port Jackson where a settlement was established at Sydney Cove on 26 January 1788. The colony of New South Wales was formally proclaimed by Governor Phillip on 7 February 1788. Sydney Cove offered

9831-641: The older Hawkesbury sandstone is the Wianamatta shale , a geological feature found in western Sydney that was deposited in connection with a large river delta during the Middle Triassic . The Wianamatta shale generally comprises fine grained sedimentary rocks such as shales, mudstones , ironstones , siltstones and laminites , with less common sandstone units. The Wianamatta Group is made up of Bringelly Shale , Minchinbury Sandstone and Ashfield Shale . The most prevalent plant communities in

9944-569: The one hand, and storms and flooding on the other, associated with the opposite phases of the oscillation in Australia . The weather is moderated by proximity to the ocean, and more extreme temperatures are recorded in the inland western suburbs because Sydney CBD is more affected by the oceanic climate drivers than the western suburbs. At Sydney's primary weather station at Observatory Hill , extreme temperatures have ranged from 45.8 °C (114.4 °F) on 18 January 2013 to 2.1 °C (35.8 °F) on 22 June 1932. An average of 14.9 days

10057-399: The possibility of stagflation in 1959. Legislation in 1951, substituted the council by a 10-member board which included the governor, deputy governor and the secretary to the treasury. The board took over the management of the bank from the governor. The Reserve Bank Act 1959 (23 April 1959) took out the part of the Commonwealth Bank that executed central bank functions and placed it into

10170-410: The price was set, to a tender system in which the volume of stock was set and the price determined by the market. Soon afterwards the tender system was extended to the issue of longer-term government bonds. The float of the Australian dollar happened in 1983, around the same period of time that the financial system in Australia was deregulated. Administration of the banks was transferred in 1998 from

10283-604: The region's Indigenous population. In November 1790 Bennelong led a group of survivors of the Sydney clans into the settlement, establishing a continuous presence of Aboriginal Australians in settled Sydney. Phillip had been given no instructions for urban development, but in July 1788 submitted a plan for the new town at Sydney Cove . It included a wide central avenue, a permanent Government House, law courts, hospital and other public buildings, but no provision for warehouses, shops, or other commercial buildings. Phillip promptly ignored his own plan, and unplanned development became

10396-584: The role in September 2023. This made Bullock the RBA's first female Governor. The Reserve Bank Board consists of nine members, including three ex officio members: the Governor of the Reserve Bank, who is Chair of the Board; the Deputy Governor of the Reserve Bank, who is the Deputy Chair of the Board; and the Secretary to the Treasury. The board also has six external members who are appointed by

10509-545: The route to doing so, and the gold standard was instituted for both the British pound sterling and the Australian pound in 1925. During the Great Depression , the Australian pound became devalued, no longer worth the same as the pound sterling, and formally departed from the gold standard with the Commonwealth Bank Act of 1932. Legislation in 1945 led to regulation of private banks which Herbert Coombs

10622-519: The south-west. The local government area of the City of Sydney covers about 26 square kilometres from Garden island in the east to Bicentennial Park in the west, and south to the suburbs of Alexandria and Rosebery . Sydney is made up of mostly Triassic rock with some recent igneous dykes and volcanic necks (typically found in the Prospect dolerite intrusion , west of Sydney). The Sydney Basin

10735-534: The south. Sydney spans two geographic regions. The Cumberland Plain lies to the south and west of the Harbour and is relatively flat. The Hornsby Plateau is located to the north and is dissected by steep valleys. The flat areas of the south were the first to be developed; it was not until the construction of the Sydney Harbour Bridge that the northern reaches became more heavily populated. Seventy surf beaches can be found along its coastline, with Bondi Beach being

10848-497: The southern shore of Port Jackson from South Head to Darling Harbour , are the traditional owners of the land on which the British settlement was initially established, and call their territory Gadi ( Cadi ). Aboriginal clan names within the Sydney region were often formed by adding the suffix "-gal" to a word denoting the name for their territory, a specific place in their territory, a food source, or totem. Greater Sydney covers

10961-592: The surrounding area. Cook sought to establish relations with the Aboriginal population without success. Britain had been sending convicts to its American colonies for most of the eighteenth century, and the loss of these colonies in 1783 was the impetus to establish a penal colony at Botany Bay. Proponents of colonisation also pointed to the strategic importance of a new base in the Asia-Pacific region and its potential to provide much-needed timber and flax for

11074-426: The system. If members of a payment system are at odds over issues of market risk , admission, safety and rivalry, the RBA can additionally administer arbitration with the consent of those involved. The RBA is also permitted to gather information from a payment system or participants thereof. The bank can also regulate the competition of transactions since August 2001. The Payment Systems and Netting Act 1998 gives

11187-439: The temperature seem colder than it actually is . Rainfall has a moderate to low variability and has historically been fairly uniform throughout the year, although in recent years it has been more summer-dominant and erratic. Precipitation is usually higher in summer through to autumn, and lower in late winter to early spring. In late autumn and winter, east coast lows may bring large amounts of rainfall, especially in

11300-509: The traditional lands of 28 known Aboriginal clans. The first people to inhabit the area now known as Sydney were Aboriginal Australians who had migrated from southeast Asia via northern Australia. Flaked pebbles found in Western Sydney's gravel sediments might indicate human occupation from 45,000 to 50,000 years ago, while radiocarbon dating has shown evidence of human activity in the region from around 30,000 years ago. Prior to

11413-466: The transfer of overseeing the banks from the RBA to the Australian Prudential Regulation Authority (APRA) and the creation of the Payments System Board (PSB), which would attempt to maintain the safety and performance of the payments system . The bank was given powers within the PSB through additional legislation in 1998. In August 1996, then bank Governor-designate Ian Macfarlane and the Treasurer issued

11526-480: The vast majority of the population of Sydney, leading to increasing public agitation for responsible government and an end to transportation. Transportation to New South Wales ceased in 1840. In 1804, Irish convicts led around 300 rebels in the Castle Hill Rebellion , an attempt to march on Sydney, commandeer a ship, and sail to freedom. Poorly armed, and with their leader Philip Cunningham captured,

11639-561: The whole system, rather than merely maintaining their own. But in the event of a bankruptcy, the bankrupt institution did not pay what it owed back to the solvent parties, while they had to pay their dues to the failed bank. This was later changed, when cheques were deemed void if the bankrupt institution does not have the funds to back them up, after the Cheques Act 1986 was amended in 1998. The Trade Practices Act 1974 generally does not allow competitors to make cooperative agreements, but

11752-401: Was 28 per cent, but over 40 per cent in working class areas such as Alexandria and Redfern. Many families were evicted from their homes and shanty towns grew along coastal Sydney and Botany Bay, the largest being "Happy Valley" at La Perouse . The Depression also exacerbated political divisions. In March 1932, when populist Labor premier Jack Lang attempted to open the Sydney Harbour Bridge he

11865-665: Was 5,450,496, which is about 66% of the state's population. The city's nicknames include the Emerald City and the Harbour City . Aboriginal Australians have inhabited the Greater Sydney region for at least 30,000 years, and their engravings and cultural sites are common. The traditional custodians of the land on which modern Sydney stands are the clans of the Darug , Dharawal and Eora peoples. During his first Pacific voyage in 1770, James Cook charted

11978-411: Was also controversial for its cost and disputes between architect Jørn Utzon and government officials. However, soon after it opened in 1973 it became a major tourist attraction and symbol of the city. The progressive reduction in tariff protection from 1974 began the transformation of Sydney from a manufacturing centre to a "world city". From the 1980s, overseas immigration grew rapidly, with Asia ,

12091-520: 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 stated the governor's responsibilities of managing the CBA. In 1951, legislation established a 10-member board of which the CBA governor was a member. The CBA has maintained a similar structure since 1951. The RBA governor

12204-403: Was created in 1920 and partially acceded to Miller's request, in having four directors, with the governor of the bank being an ex officio member. The ANB began to follow a policy of board member John Garvan, in contracting the money supply , with the goal of reducing prices so that free convertibility of the Australian pound to gold could be re-established at pre-war rates, that is return to

12317-462: Was designed to combat high rates of inflation. The move generated considerable discussion, as it was taken during a federal election campaign that was heavily focused on increased costs of living. Proposals for a national bank in Australia were first raised in the mid-19th century, and got a significant boost in the 1890s as a result of the Australian banking crisis of 1893 during which many commercial banks and building societies collapsed, leading to

12430-514: Was formed in the early Triassic period. The sand that was to become the sandstone of today was laid down between 360 and 200 million years ago. The sandstone has shale lenses and fossil riverbeds. The Sydney Basin bioregion includes coastal features of cliffs, beaches, and estuaries. Deep river valleys known as rias were carved during the Triassic period in the Hawkesbury sandstone of

12543-532: Was given responsibility to manage the Australian government debt. Nevertheless, at the end of the war, the bank's primary role was as a savings and trading bank. In the war, to fund the great increase in government spending, the currency of Australia went off the gold standard , as did those of the United Kingdom and other parts of the British Empire . The Australian pound remained tied to

12656-404: Was opposed to, and when he became governor in 1949, he gave them more overall control over their institutions. When the monetary authorities implemented the advice of Coombs to have a flexible interest rate , it allowed the bank to rely more on open market operations . In 1980 the issue of short-term government bonds—Treasury notes of 13 and 26 weeks' duration—changed from a tap system, in which

12769-550: Was upstaged by Francis de Groot of the far-right New Guard , who slashed the ribbon with a sabre. In January 1938, Sydney celebrated the Empire Games and the sesquicentenary of European settlement in Australia. One journalist wrote, "Golden beaches. Sun tanned men and maidens...Red-roofed villas terraced above the blue waters of the harbour...Even Melbourne seems like some grey and stately city of Northern Europe compared with Sydney's sub-tropical splendours." A congress of

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