The Treasurer’s Economic Statement on 2 August 2013 contained an announcement of the establishment of a Financial Stability Fund if the Government is re-elected.

The introduction of a Financial Stability Fund from 1 January, 2016 will be funded by a levy set at 0.05 per cent on deposits in ADI’s (banks, credit unions and building societies) of up to $250,000.

It will be built gradually over time to a target size of 0.5 per cent of total deposits protected by the Financial Claims Scheme.

Background on Financial Claims Scheme