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The former Commonwealth bank is significant as a symbol of the federal government's Civil and Defence Works Programme of the late 1930s. Displaying elements of Art Deco styling, the bank is a rare example of early modern architecture in Darwin. The building, as an architectural feature on a key intersection known as Banking Corner, makes a positive contribution to the central Darwin streetscape. The bank was completed in September 1940 and its design was then strikingly modern; the design also incorporated adaptations (eg, vents, overhangs) for climate control.