No bank deposit levy

The Government has announced that it has accepted a key recommendation of the Financial System Inquiry and will not proceed with an ongoing Bank Deposit Levy.

The Government says it remains committed to guaranteeing deposits up to $250,000 per account holder, per financial institution as provided for in the current Financial Claims Scheme.

The current scheme provides for a levy only if necessary after a financial institution becomes insolvent and insufficient funds are recovered through liquidation to recoup the costs.

Background

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