"In 1960, this role passed to the Reserve Bank of Australia,...

"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.