Well assuming the money holds it's value, we're safe - for now
The Government can change things in the blink of an eye during a crisis. It appears that the Govt guarantee to $250,000 will still apply if the banks meltdown. But it doesn't say that in the legislation, it says: "
which is currently set at $250,000 per account"
During a meltdown, what's stopping the Govt from lowering the cap of $250k to something lower?
The One Nation proposed amendment could only have protected deposits above the guaranteed $250k and to make future Governments
fully disclose publicly any changes without deceit and months ahead of those changes ... not in the sneaky way the Govt usually handle these money matters
Read this in the legislation about the $250k guarantee ...
Financial Claims Scheme (page 18)
1.47
The FCS provides an important backstop within Australia’s
resolution regime.
It protects retail depositors and policyholders by
providing prompt access to their funds which, in turn, contributes to
financial stability, by limiting the propensity for a destabilising ‘run’ on
deposits in the case of ADIs (Authorised Deposit-taking Institutions), and more generally by promoting confidence in the financial system.
1.48The FCS for ADIs provides depositors with a guarantee of their deposits up to a pre
- determined cap, which is currently set at $250,000 per
account-holder, per ADI.
In the case of general insurers, the FCS
provides compensation for most claims up to $5,000 against a failed
general insurer, with claims above $5,000 also covered for eligible
policyholders and certain third parties.http://parlinfo.aph.gov.au/parlInfo/download/legislation/ems/r5989_ems_d5c61274-...A list of Accounts that come under the Govt $250k guarantee
Government guarantee on deposits
The types of accounts covered by the guarantee are: savings accounts; call accounts; term deposits; current accounts; cheque accounts; debit card accounts; transaction accounts; personal basic accounts; cash management accounts; farm management deposits; pensioner deeming accounts; mortgage offset accounts, either 100 per cent or partial offset that are separate deposit accounts; trustee accounts; and retirement savings accounts.https://www.moneysmart.gov.au/managing-your-money/bankingSo if you have more than $250k deposited, be prepared ... and watch for any future tricks that decrease the $250k guarantee cap