Take a Paws, page-39935

Thank you Peter Costello.

In 1997, then Treasurer Peter Costello, with the approval of the Reserve Bank of Australia’s governor Ian Macfarlane, sold 167 tonnes of Australia’s gold reserves, reducing the country’s reserves from 487 tonnes to 80 tonnes. This decision was made at a time when the gold price was around $450 an ounce, and it significantly impacted the gold industry and public confidence. The gold that was sold was reportedly already held overseas, according to the Australian Bureau of Statistics.