Australia Yearbook - 2001

912 Year Book Australia 2001
26.44 VOLUME OF MONEY, Measures—1901 and 2000
1901
1901
$b (2000
£m
prices)(a)
$b
Notes issued
Reserve Bank . . . . 25.4
Queensland Treasury 0.7 0.1 . .
Banks(a) 3.3 0.3 . .
Total 4.0 0.4 25.4
Coins on issue and bullion 28.7 2.7 1.7
Total currency 32.7 3.1 27.1
Currency outside banking system 10.5 1.0 24.6
Current account deposits at bank 36.3 3.5 103.1
M1 46.8 4.5 127.7
Fixed deposits at trading banks 46.8 4.5 . .
M2 93.5 8.9 ..
Deposits at savings banks 32.0 3.1 . .
Other deposits with banks . . . . 278.7
M3 125.5 12.0 406.4
(a) Net of holding of own notes.
Source: various reports and publications.
2000
In 1901 there was no supervision of the
payments system as exists now by the Australian
Payments Council. By 1907 there were two
clearing houses operating: the Sydney Banks’
Exchange Settlement and the Melbourne
Clearing House; at these two institutions
settlements were effected daily between banks
doing business in NSW and Victoria. Settlement
would have included both notes issued by other
banks as well as cheques drawn on current
accounts.