Given the uncertain economic times, it is a timely reminder of the Australian Government Guarantee of deposits up to $250,000 AUD per Bank (ADI) per Account Holder.
These powers come under the Financial Claim Scheme (FCS) which are only activated by the Government, when a bank fails.
In light of the unprecedented impact on our economy from the COVID-19 Pandemic, the most risk adverse option in my opinion is to make sure you meet the requirements of the Government Guarantee up to $250k per Account Holder per Bank that is an ADI. It is perhaps best to be safe than sorry....
For a list of the ADIs covered by the FCS, please refer to the link to APRA below:
General Advice Warning - The information provided is general advice only and has been prepared without taking into consideration your objectives, goals, financial situation and needs. Before making any decision regarding any information, content or strategies mentioned, consult your financial and/or tax adviser to consider whether it is appropriate for your circumstances given your objectives, financial situation and needs.