Page introduced a series of reforms to the Commonwealth Bank to enhance its central banking functions. In 1924, he announced that the government would place the Commonwealth Bank under an independent board, comprising a governor, the Treasury secretary, and representatives of industry. The same bill placed banknotes under the direct control of the bank, whereas previously it had been under a nominally independent Note Issue Board. Later reforms saw the establishment of a Rural Credits Department within the bank, the profits of which were partly hypothecated to agricultural research. In March 1925, cabinet decided to return Australia to the gold standard, which it had left during World War I. It delayed its announcement until the United Kingdom had decided it would do the same, which "disguised what was arguably Australia’s first explicit macroeconomic policy decision".