australian banknotes history, page-7

"In 1960, this role passed to the Reserve Bank of Australia, which assumed responsibility for the central banking functions, including banknote issue."

uh-huh, so if the OP was still true then why is the government (fed and states) in debt to foreign privately owned or controlled banks to the tune of around 1 TRILLION dollars? The au reserve might make the plastic notes that go in your wallet but their is obviously something far stinkier going on.