The Commonwealth Bank of Australia was founded under legislation, namely the Commonwealth Bank Act, enacted by Andrew Fisher's Labor Government in 1911. The Commonwealth Bank Act of 1911 empowered the Bank to conduct both savings and trading, with the security of a Federal Government guarantee. No other institution in Australia was involved in both of these separate areas of banking, nor did any other bank have a Federal Government guarantee. The first Governor of CBA, Commonwealth Bank …
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…named "Best Bank" at the Australian Banking and Finance Awards for the years 1996, 2000 & 2002. Commonwealth has grown to 34,960 staff and over 1,066 branches throughout Australia, with additional access to banking facilities provided nationwide by 3,928 agencies, including Australia Post, through 122,074 EFTPOS terminals and 3,910 ATM's. During this period the Bank's annual profit has risen from its first recorded profit of £2,222 for the half year ended 30 June 1915 to an operating profit after tax of $2,262 million.