Commonwealth Consolidated Acts

RESERVE BANK ACT 1959 - SECT 8

    The Bank has such powers as are necessary for the purposes of this Act and any other Act conferring functions on the Bank and, in particular, and in addition to any other powers conferred on it by this Act and such other Acts, has power:

  (a)   to receive money on deposit;

  (b)   to borrow money;

  (c)   to lend money;

  (d)   to buy, sell, discount and re - discount bills of exchange, promissory notes and treasury bills;

  (e)   to buy and sell securities issued by the Commonwealth and other securities;

  (f)   to buy, sell and otherwise deal in foreign currency, specie, gold and other precious metals;

  (g)   to establish credits and give guarantees;

  (h)   to issue bills and drafts and effect transfers of money;

  (i)   to underwrite loans; and

  (j)   to do anything incidental to any of its powers.