The Commonwealth Bank was established by King O'Malley as the peoples bank in 1911, when it opened its' doors in 1912, William Morris Hughes stated " It stands here today as the outward and visible sign of the wealth and substance of the whole people".
It served Australia well under the direction of Denison Miller until his death in 1923, during this period the bank conferred huge financial benefit for farming and industry, public works, and the war effort.
In 1924 the private banks persuaded the government to amend the Commonwealth Bank Act, and subverted the bank from it's original purpose of being a bank for the people.
What followed was appointment of men with directorship of finance houses to the bank board, the Common Wealth Bank of the people had become the very thing it was established to oppose... a bankers bank.
 | The Clyde Cameron expose on the Bank selloff! |
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