Commonwealth banknote-issuing institutions
Okay, imagine you are playing a game with your friends where you have to trade money for different things. The Commonwealth Banknote-Issuing Institutions are like the bosses of the game. They create the money that everyone uses in the game, and they make sure that everyone has enough.
In the real world, countries have their own Commonwealth Banknote-Issuing Institutions that create their money. For example, in Australia, the Reserve Bank of Australia (RBA) is the Commonwealth Banknote-Issuing Institution that makes Australian dollars. They print all the money and they decide how much money there should be in circulation to prevent too much or too little of it around.
Just like in the game, the money the RBA makes is then given to banks, who lend it out to people like you and me. So, whenever you buy something with Australian dollars, you're using money that the RBA made!
And that's what the Commonwealth Banknote-Issuing Institutions do - they make sure that everyone has enough money and that it's worth the right amount.
In the real world, countries have their own Commonwealth Banknote-Issuing Institutions that create their money. For example, in Australia, the Reserve Bank of Australia (RBA) is the Commonwealth Banknote-Issuing Institution that makes Australian dollars. They print all the money and they decide how much money there should be in circulation to prevent too much or too little of it around.
Just like in the game, the money the RBA makes is then given to banks, who lend it out to people like you and me. So, whenever you buy something with Australian dollars, you're using money that the RBA made!
And that's what the Commonwealth Banknote-Issuing Institutions do - they make sure that everyone has enough money and that it's worth the right amount.
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