WA's Public Bank Account transferred to the Commonwealth Bank

3/3/99
The State Government's long association with the Reserve Bank will end on September 1 when the Public Bank Account is transferred to the Commonwealth Bank.
Announcing the change today, Finance Minister Max Evans said that it would result in significant savings for the State over the three years of the contract.
The change resulted from the Government inviting proposals to provide banking services for the operation of the Public Bank Account.
The four major commercial banks and the Reserve Bank all submitted proposals, with the Commonwealth Bank winning the business.
As well as cost savings, the CBA offered to help agencies re-engineer their banking and to introduce new forms of technology.
It would establish a special branch dedicated to State Government banking.
Mr Evans said that the change should not be interpreted as any sort of dissatisfaction with the performance of the Reserve Bank.
The Reserve had served the State well for many years and when he had first arranged for the Government to test the market in December 1994 the Reserve had submitted the winning proposal for the four-year period to September 1 this year.
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