In January 1960 the Reserve Bank of Australia commenced operations as the nation's central bank with Dr HC Coombs as its first Governor. It was formed by the Reserve Bank Act 1959, which separated the central banking role of the Commonwealth Bank of Australia from its commercial functions. The legislation mandated that the Reserve Bank of Australia and the Commonwealth Banking Corporation should have separate head offices, and plans were developed for the Reserve Bank's new headquarters in Martin Place Sydney, between Macquarie and Phillip Streets.
Coombs appreciated the symbolic importance of this and took the opportunity to establish a distinct public profile for the Reserve Bank in order to ensure public recognition and confidence in the institution. The Reserve Bank building faces Martin Place, a space that has historically been the centre of Sydney's banking and commercial district.
The Reserve Bank building was designed in 1959 by the Commonwealth Department of Works. The working group assigned to the project undertook an extensive study tour of Europe and North America to familiarise themselves with the premises of the Bank's international counterparts as well as contemporary trends in commercial architecture.
Construction began in 1961, and by the end of 1964 the building reached its full height of 80 metres above the street. The building totals 20 floors, together with a mezzanine and three basement levels. At its summit, it is surmounted by an observation lounge in the form of a lean pavilion.
Extensions to the building were made between 1974 and 1980.
The Reserve Bank's architecture aimed to embody a set of values different from those of earlier banks in Martin Place, replacing the 'solidity' style of design with the associations of transparency.
The transparency of the foyer in its interface with the public domain of Martin Place was analogous with the democratic accountability of the Reserve Bank as a public institution. Source: RBA.
