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Global Financial Crisis: Federal Government Guarantees All Deposits For 3 Years

The Rudd Government is to guarantee all deposits in Australian banks and financial institutions for the next three years.

The decision was announced by the Prime Minister, Kevin Rudd, at a press conference in Canberra this afternoon.

Rudd described the international financial emergency as the equivalent of a full-blown national security crisis.

  • Listen to Rudd’s press conference – transcript below (24m)

Media release from Prime Minister Kevin Rudd.

Global Financial Crisis

Global financial markets are experiencing some of the most challenging conditions ever witnessed. [Read more…]