The Fisher Government's "Australian Notes Act 1910" gave the Governor-General the power to authorise the Treasurer to issue "Australian notes" as legal tender, "payable in gold coin on demand at the Commonwealth Treasury". It also prohibited the circulation of state notes and withdrew their status as legal tender. In the same year the Bank Notes Tax Act 1910 was passed imposing a prohibitive tax of 10% per annum on "all bank notes issued or re-issued by any bank in the Commonwealth after the commencement of this Act, and not redeemed", which effectively ended the use of private currency in Australia.