The Government finally made available the necessary finance for a faculty of Commerce in 1923 and Douglas B. Copland was appointed foundation professor in the following year (the Chair later named for Sidney Myer).
The evident demand for this move was made clear by a foundation year enrolment of 300 students and steady growth thereafter. Three years later pastoralist R.B. Ritchie provided £30,000 for a chair of Economic Research within the Arts Faculty to which L.F. Giblin was appointed.
Work on a building for the faculty which would incorporate the 1856 façade from the Melbourne Office of the Bank of New South Wales in Collins Street began in 1938 and it was occupied in 1940.