Herbert Cole Nugget Coombs

Herbert Cole Nugget Coombs (1906-1997) was an Australian economist and public servant who played a key role in shaping the economic and social policies of post-war Australia. He was born in Kalamunda, Western Australia, in 1906, and graduated from the University of Western Australia with degrees in mathematics, physics, and engineering. He then studied at the London School of Economics, where he obtained his PhD in 1933. He worked as an economist at the Commonwealth Bank of Australia, then as a senior economist at the Department of the Treasury. During World War II, he was appointed as the director-general of the Department of Post-War Reconstruction, where he oversaw the planning and implementation of various schemes for economic recovery, social welfare, and industrial development. He also advised Prime Minister John Curtin on financial matters and represented Australia at several international conferences. After the war, he became the chairman of the Commonwealth Bank Board and later the first governor of the Reserve Bank of Australia, which was established in 1960 as an independent central bank. He was responsible for managing monetary policy and maintaining financial stability in a period of rapid economic growth and social change. He retired from the bank in 1968 and became involved in various public causes, such as Aboriginal affairs, education, environment, and arts. He was a founding member and chairman of the Australian Council for Aboriginal Affairs, which advocated for Aboriginal rights and self-determination. He also served as the chancellor of the Australian National University from 1968 to 1976, where he promoted academic excellence and innovation. He was a patron of several cultural institutions, such as the Australian Academy of Science, the Australian Institute of Aboriginal Studies, and the National Gallery of Australia. He wrote several books and articles on economic and social issues, such as The Role of a Central Bank in a Democratic Society (1967), Trial Balance (1981), and Aborigines and Change (1989). He received many awards and honors for his achievements, including the Companion of Honour, the Companion of the Order of Australia, and honorary doctorates from several universities. He died in Sydney in 1997 at the age of 91.