In June 1925 the Chairman of the Federal Capital Commission raised the question of permanent premises for the Commonwealth Bank in Canberra.

The proposal received a positive response from the Commonwealth Bank Board in July 1925 and the Deputy Governor visited Canberra to consider suitable sites.

The working conditions were very cramped and the Reserve Bank, almost immediately, began negotiations with the National Capital Development Commission (NCDC) to find a suitable site for its own premises.

The Reserve Bank agreed to accept the site in May 1961 and applied for a 99 year lease, commencing on 1 May 1962 at a rental of 5% of the unimproved capital value of the land.

[1] The Canberra Branch of the Reserve Bank is the result of an architectural competition, approved by the Royal Australian Institute of Architects (RAIA).

Cast in copper, it occupies the major part of the wall, high on the southern side of the banking chamber.

This was installed in 1965 in the roof garden but was removed when the atrium was converted to office accommodation and now resides with the Canberra Museum and Art Gallery.

The Department of Works made internal alterations and additions in September 1978 and replaced the external mosaic tiles with marble cladding in April 1981.

The third and last building making up the civic design group that terminated University Avenue was the Federal Police Headquarters.

[1] The Reserve Bank is a most pleasing proportioned structure built of enduring and handsome materials in a most prestigious precinct.

The articulated structure, regular elevation pattern and the minimal visual impact of the roof are typical features of the modernist functional style.

The vertical emphasis of the columns extending over two levels to give the low rise building a sense of height is most effective.

From the public side, the folded and wrapped copper abstract Gerald Lewers sculpture "Untitled" ('Four Pieces') and the matt black ribbed wall on which it is fixed dominate the room.

Another noticeable feature is the banking counter, a most handsome piece of furniture with a laminated timber front and a marble top, sitting on dowel metal legs.

[1] The design and siting controls of the NCDC meant that the Reserve Bank would fit comfortably in scale with the existing Law Courts and the use of marble facing and flat roof profile created a sympathetic physical connection between the precinct elements.

The courtyard materials with pre-cast light grey exposed aggregate paving and black slate rectangles reinforced the "colour coded" nature of the precinct.

[1] The building design has been modified by the addition of sunscreens to the exposed glass areas, which has reduced the intended transparency of the banking chamber.

[1] Criterion E: Aesthetic characteristics The aesthetic importance of the Reserve Bank building which links harmoniously with the precinct, is created by the elegance of its minimalist design style, the low scale and simple building form, and the use of pale grey marble cladding which provides a light visual quality.

The location of the bank in the precinct, being visual subservient to the former Law Courts building, enhances the latter's projection of authority and dignity.

[1] Criterion F: Technical achievement The Reserve Bank of Australia building, constructed 1963 -65, is a major component of the Law Courts Precinct.