🏦 The Reserve Bank and the Money Machine 1959 Part 4 of 7 – “The Hidden History of Australia” In 1959, the Commonwealth Bank was split and the Reserve Bank of Australia was born. What had been the people’s bank — backed by public credit and national wealth — became an “independent” central bank aligned with global monetary policy. From that moment, money creation moved from public hands to private control, and Australia’s economy was tied to a system that creates debt every time it creates curr