Government guarantees all bank deposits

Prime Minister Kevin Rudd announced the government would guarantee all deposits
being held in Australian financial institutions for the next three years.
The blanket guarantee was one part of a three-pronged plan to further safeguard
Australians from the fallout from the global financial crisis.
The government will also guarantee all term wholesale funding by Australian banks
operating in international markets.
Mr Rudd said this would enable Australian banks to better compete against their
global rivals, many of whom were getting guarantees from their governments.
The government will also put another $4 billion into residential-backed securities
to help shore up the Australian mortgage market.