Final answer:
The Reserve Bank of Australia became the Australian central bank and banknote issuing authority in 1960. The central bank, much like the Federal Reserve established in the United States in 1913, manages the country's currency and monetary policy. The correct answer to the question is Option 4: 1960.
Step-by-step explanation:
The Reserve Bank of Australia (RBA) became the Australian central bank and banknote issuing authority in 1960. Before this, Australia's banking system, like many others around the world, evolved over time to include a central authority responsible for monetary policy and the financial system's stability. The central bank plays a crucial role in managing a country's currency and monetary policy. The Reserve Bank of Australia, like the Federal Reserve in the United States established in 1913, conducts Australia's monetary policy, issues banknotes, maintains financial stability, and provides banking services to governmental agencies.
The correct answer to the question is Option 4: 1960. When discussing global central banking systems, it is important to consider the Federal Reserve System as a key example. Established by the Federal Reserve Act of 1913, the Fed acts as a model demonstrating how central banks function within their respective nations. While the Federal Reserve became the U.S. central bank in 1913, the RBA assumed its role much later in 1960.