Australia 101 Blog

Susan Wareham
FREE gift

Sign up for our eNews and get this fantastic eBook for free.

Get the FREE eBook
Strine: Australian
Slang, what you need
to know but are
afraid to ask...

22 pages full of must
know Australian
slang from 'aggro' to
'zack' and heaps in between.

$700B Bank Guarantee

Mon, 13 Oct, 2008

News Photo - $700B Bank Guarantee

THE Government will guarantee the $600-$700 billion deposits in Australian financial institutions in a move to shore up local confidence and protect the nation's international competitiveness.

Declaring that the country is in "the economic equivalent of a rolling national security crisis", Kevin Rudd has also announced that all borrowing by Australian banks and other deposit-taking institutions from overseas will be guaranteed.

The deposit and lending guarantees are unprecedented in Australian banking history and are an immediate response to the dramatic moves by other countries to prop up their failing financial systems.

More at

Explore Australia 101...