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What is a government deposit guarantee?
The Australian government guarantee scheme was implemented during the global financial crisis, designed to promote financial stability in Australia. The guarantee assists authorised deposit-taking institutions so they can continue to access funds during times of global financial instability and to make sure they are not disadvantaged compared to their international competitors.
The financial claims scheme offers permanent cap deposit guarantees of $250,000 per person per institution, which is down from $1 million in February 2012.
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This article is over two years old, last updated on March 14, 2010. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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