Australian Government Guarantees All Bank Deposits
Posted by Stephen Cline on October 12th, 2008Australian Prime Minister Kevin Rudd announced a trillion dollar guarantee that will see all savings account held by Australians in Australians banks – no matter what the size, for the next three years.
This unprecedented move to maintain confidence in the Australian banking system, which is seem as one of the strongest backing systems in the developed world – at the moment.
The Australian government has also announced a further $4 billion to aid the countries non-bank lenders to help them compete in the mortgage market. In this world economic crisis it is great to see the Australian government taking to steps to assure it’s citizens that the economy of the country is strong – but that if something were to go wrong then their life savings are protected.