Government guarantee onbank accounts

Tuesday October 14, 2008

The Australian Federal Government has declared that there will be a government guarantee for up to $700 billion in Australian bank deposits raising it from the previous guarantee for up to $20,000 per account.

It will also help stabilise the Australian financial system by injecting $4 billion into the mortgage market by purchasing residential mortgage backed securities.

With the uncertainty of the global financial crisis and what it means for the Australian economy, having protected money in Australian bank accounts will be a relief to many. By protecting bank accounts with this government guarantee, the government is hoping that Australians will avoid taking all their savings out of their savings accounts.

Open a bank account today and start saving - remember, your money is protected.

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