OK - I've been determined to secure information relating to this which proves that the RBA works as a central bank. Ironically, much of their own material on their own site classifies them as a "central bank" comparing operations of it with that of the US. However, I tripped across this information which has led me to conclude that this is exactly what they are, I give you.... RITS....
"The Reserve Bank Information and Transfer System (RITS) is Australia’s high-value payments system which is used by banks and other approved institutions to settle their payment obligations on a real-time gross settlement (RTGS) basis. Final and irrevocable settlement is achieved by the simultaneous crediting and debiting of Exchange Settlement Accounts (ESAs) held at the Reserve Bank of Australia. Payments are entered into RITS directly, or delivered via the external feeder systems, SWIFT and Austraclear. These include payments that settle through CLS, a global initiative designed to reduce foreign exchange settlement risk. Some netted payment obligations are also settled in RITS as part of a batch.
Payments processed through low-value clearing systems are currently settled in RITS on a net deferred basis in the 9am Batch. Work is underway to provide infrastructure that will allow more timely settlement of these payments.
RITS is the means by which ESAs are accessed. Membership of RITS is compulsory for all ESA holders, which mainly comprise Australian-licensed banks. Membership is also required for participation in the Reserve Bank’s domestic market operations, and for Batch Administrators approved to submit batches of payments to RITS for settlement. RITS facilitates banks’ credit and liquidity management by providing tools with which they can exercise control over the settlement of payments. RITS has queuing and gridlock-avoidance mechanisms that minimise the extent of system liquidity required to settle payments. RITS also offers Members a Low Value Clearing Service (LVCS) that provides network interconnectivity (currently between SWIFT and the Community of Interest Nework administered by the Australian Payments Clearing Association (APCA)) to facilitate the transfer of files related to payments clearing."
And who are RITS members ? IE - who are those organsiations that must "settle their accounts with the RBA?" Well pretty much every bank you've ever heard of.
But if you are in doubt, check out their online training manuel - "You gotta love IT"....http://www.rba.gov.au/rits/info/pdf/Accessing_RITS_%20Password_and_Certificate_Administration_Presentation_June_2008.pdf
If you review this "training document" you'll have a pretty good appreciation of how the RBA works, how the banks work for it, but still, I am unsure of, who the RBA actually is. By that - where does it get it's capital from?