Bank Guarantee Commonwealth
The Commonwealth Bank of Australia was founded under legislation, namely the Commonwealth Bank Act, enacted by Andrew Fisher’s Labor Government in 1911. It was the culmination of a movement which went back over half a century and became more active following Federation in 1901. The bank was also the first bank in Australia to receive a Federal Government guarantee. The bank’s earliest and most strenuous proponent was the flamboyant American-Australian Labor politician, King O’Malley, and its first Governor was Sir Denison Miller.