The Reserve Bank was constructed in 1966-67 and is a particularly fine example of the twentieth century stripped classical architectural style.
The generous curtilage upon which the building sits is an important part of the overall design and provides an appropriate setting for the building, which is a reminder of the role that the Reserve Bank of Australia played in the development of a centralised banking and monetary control system. This was reinforced by opening a branch of the bank in each capital city. The building is one of four buildings making up 'bankers' corner'. The others are the former Commercial Bank of Australia facade, the Commonwealth Bank and the Westpac Bank (former Bank of New South Wales). The garden and small circular fountain are part of the original building design. The bank closed on 31 October 1997. In 1999-2000 the building was occupied by the United Nations and became symbolic of Australia's role in the East Timor conflict.