Reserve Bank gives banks Y2K OK

Australian banks, credit unions and building societies have completed final Y2K testing and are ready to handle the date change, according to the Reserve Bank of Australia (RBA).

In an address last week to the House of Representatives Standing Committee on Economics, Finance and Public Administration, RBA governor Ian Macfarlane was confident Australian financial organisations have successfully completed Y2K compliance projects.

"As well as making sure their systems are compliant, [organisations] have also been sending out very clear messages to their customers about the safety of their deposits," Macfarlane said.

Public over-reaction to Y2K are where problems may arise, Macfarlane said.

"It is not just a matter of getting the technical side right, but it is also important that we don't run into a problem of public over-reaction.

"All the indications here are that the vast majority of the public are taking a sensible and calm approach and have not been influenced by alarmist stories or predictions of doom -- not that there have been a lot of these anyhow," he said.

Despite warnings of cash shortages, Macfarlane has advised the public not to risk having too much cash on hand or at home.

"The safest place for your savings is in the financial institution that it is presently in," he said.

"Don't fear that the country will run out of cash. We have printed enough notes to provide for any conceivable demand."

Macfarlane said the RBA will have a team on hand on December 31 with a communications centre receiving up to date information from the financial institutions. The centre will be linked the Federal Government's National Co-ordination Centre in Canberra as well as international centres.

Join the newsletter!

Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

PC World Staff

PC World
Show Comments

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Ben Ramsden

Sharp PN-40TC1 Huddle Board

Brainstorming, innovation, problem solving, and negotiation have all become much more productive and valuable if people can easily collaborate in real time with minimal friction.

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Ratchada Dunn

Sharp PN-40TC1 Huddle Board

The Huddle Board’s built in program; Sharp Touch Viewing software allows us to easily manipulate and edit our documents (jpegs and PDFs) all at the same time on the dashboard.

George Khoury

Sharp PN-40TC1 Huddle Board

The biggest perks for me would be that it comes with easy to use and comprehensive programs that make the collaboration process a whole lot more intuitive and organic

David Coyle

Brother PocketJet PJ-773 A4 Portable Thermal Printer

I rate the printer as a 5 out of 5 stars as it has been able to fit seamlessly into my busy and mobile lifestyle.

Kurt Hegetschweiler

Brother PocketJet PJ-773 A4 Portable Thermal Printer

It’s perfect for mobile workers. Just take it out — it’s small enough to sit anywhere — turn it on, load a sheet of paper, and start printing.

Featured Content

Product Launch Showcase

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?