Private bank notes and treasury notes continued in circulation until 1910, when the federal Parliament passed the "Australian Notes Act 1910" which prohibited the circulation of state notes as money and the "Bank Notes Tax Act 1910" imposed a prohibitive tax of 10% per annum on 'all bank notes issued or re-issued by any bank in the Commonwealth ... and not redeemed'. These Acts put an end to the issue of notes by the trading banks and the Queensland Treasury. Also in 1910, the Australian pound was first issued as the legal tender in Australia. Now, the "Reserve Bank Act 1959" expressly prohibits persons from issuing bills or notes payable to bearer on demand and intended for circulation.