In December 1958, following the retirement of Arthur Fadden, Holt succeeded him as Treasurer. Holt had little knowledge or interest in economics, but the job cemented his position as Menzies' likely successor. As Treasurer, Holt relied strongly on the advice of Treasury secretary Roland Wilson. His achievements included major reforms to the banking system (originated by Fadden)including the establishment of the Reserve Bank of Australiaand the planning and preparation for the introduction of decimal currency. It was Holt who convinced Cabinet to call the new currency the "dollar" rather than the "royal".