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The Reserve Bank of Australia (RBA) was established on 14 January 1960 by Australia’s parliament in the Reserve Bank Act of 1959. as Australia’s central bank and banknote issuing authority, when the Reserve Bank Act 1959 removed the central banking functions from the Commonwealth Bank to it. The bank has the responsibility of providing services to the Government of Australia  in addition to also providing services to other central banks and official institutions. The Reserve Bank of Australia is currently headed by Governor of the Reserve Bank, Glenn Stevens, who assumed office in 2006.