Australian Bank

It was established by Perth businessman Garrick Agnew (its first chairman) and Sydney-based Mark Johnson[1] (its first CEO).

[2] In the late 1970s, Agnew had expressed concerns that Australian banks were not sufficiently competitive.

During a discussion with fellow Western Australian John Stone (then Secretary to the Treasury), Stone suggested (possibly in jest) that, if Agnew were so concerned, he should establish a bank of his own.

Whilst initially successful, the bank soon struggled [5] in the wake of the turmoil in the Australian banking environment during the mid to late 1980s, particularly with bad debts arising from overseas loan funding following the floating of the Australian Dollar in December 1983.

The bank downsized through a series of staff redundancies commencing in early 1986, and finally wound up in February 1989 following its purchase by State Bank of Victoria.

The original Melbourne office of Australian Bank at 400 Collins Street in 1985, shortly before relocation (across the street) to 395 Collins Street.