The £700,000,000 required by Australia to finance its actions during the Great War (1914-1918) was advanced by the Commonwealth Bank Of Australia. And the bank did this without lending depositor's funds, or supplying cash, but by exercising its right to advance credit as it chooses.
Sir Denison Miller, the first governor of the Commonwealth Bank, advanced this credit to the Australian Government without imposing an interest charge stating:
The whole of the resources of Australia are at the back of this bank, and so strong is the Commonwealth Bank, whatever the Australian people can intelligently conceive in their minds and will loyally support, that can be done.
He also said:
... and I could have financed the country for a further like sum had the war continued. That kind of money is also available for productive purposes in times of peace.
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