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The Government announced on 12 October 2008 a scheme to guarantee all deposits held in Australian Authorised Deposit Taking Institutions (ADIs) to a cap of $1m. ADIs are credit unions, building societies and banks.
This scheme was set up to ensure that depositors will be guaranteed repayment of their funds in the extremely unlikely event that an Australian banking institution faced stress during the global financial crisis.
On the 11 September 2011, the Government announced a new permanent cap of $250,000 to apply from 1 February 2012 for all depositors in Australia. This cap replaces the previous cap of $1m.
The reduction is in response to the confidence, strength and stability of Australia’s banking institutions, as well as the strength of the Australian economy.
The announcement is also a vote of confidence in the strength of credit unions, building societies and banks and their strong practices of responsible lending and risk management.
This deposit guarantee covers all QSCU savings products, including:
For more information on the change to the Government Deposit Guarantee, please click here to read our full Member FAQs.
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