Herbert Cole "Nugget" Coombs (24 February 1906 – 29 October 1997) was an Australian economist and public servant. He is best known for having been the first Governor of the Reserve Bank of Australia, in which capacity he served from 1960 to 1968. Early years Coombs was born in Kalamunda, Western Australia, one of six children of a country railway stationmaster and a well-read mother. Coombs's political and economic views were formed by the Great Depression, which hit Australia in 1929 and caused a complete economic collapse in a country totally dependent on commodity exports for its prosperity. As a student in Perth, he was a socialist, but while he was studying at the London School of Economics, he became converted to the economic views of John Maynard Keynes. He spent the rest of his career pursuing Keynesian solutions to Australia's economic problems. He never sought public office nor joined a political party, but he sought to exercise political influence as an administrator and advisor. He won a scholarship to Perth Modern School. After five years there, he worked as a pupil-teacher for a year before spending two years at the Teachers' College. He then spent two years teaching at country schools, during which he studied for a Bachelor of Arts degree in the University of Western Australia (UWA), then the only free university in Australia. Transferring to a metropolitan school for the final two years, he graduated B.A. with first-class honours in economics and won a Hackett Studentship for overseas study. That was deferred for a year, enabling him to graduate M.A., also from UWA, and to marry fellow teacher Mary Alice ('Lallie') Ross at the end of 1931. As a student at UWA, Coombs was elected as the 1930 Sports Council president and subsequently the 1931 president of the Guild of Undergraduates. He then proceeded to the London School of Economics, where he studied under Harold Laski, one of the most influential Marxists of the 20th century. In 1933, he was awarded a PhD for a thesis on central banking. In 1934, he returned to a teaching position in Perth and combined it with part-time lecturing in economics at UWA. Public service In 1934, Coombs returned to Australia, and in 1935, he became an economist at the Commonwealth Bank of Australia, then a state-owned bank that served as Australia's central bank. In 1939, he shifted to the Department