The Commonwealth Bank of Australia was founded under legislation, namely the Commonwealth Bank Act, enacted by Andrew Fisher's Labor Government in 1911.
The Commonwealth Bank Act of 1911 empowered the Bank to conduct both savings and trading, with the security of a Federal Government guarantee. No other institution in Australia was involved in both of these separate areas of banking, nor did any other bank have a Federal Government guarantee.
The first Governor of CBA, Commonwealth Bank of Australia was Mr. (later Sir) Denison Miller. He initially headed a staff of twelve. …
