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.