Its head office was designed by architect John Kirkpatrick, who was the cousin of the bank's governor.

The building was expanded with extensions designed by E.H. Henderson and F. Hill between 1929 and 1933 along Pitt Street, and in 1966 construction was begun on an annex facing Martin Place, completed in 1967.

[2] The building is described as a national symbol, "the first and very substantial physical manifestation of the powers that the Commonwealth Government acquired in the area of banking after the federation of the Australian colonies.

"[6] The building is also regarded as significant for its design, combining Grecian Doric, Art Deco and other influences.

[6] The image of the building itself became familiar to many people across Australia during the 20th century through its use on money boxes issued by the Commonwealth Bank to children starting from 1922.