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.
