The Australian government and major-party politicians have one response to concerns that bank deposits could be “bailed in”: don’t worry, you’re protected by the $250,000 Financial Claims Scheme (FCS) deposit guarantee.
One Nation Senator Malcolm Roberts said in a 27 October appearance on a special live webcast of Martin North’s Digital Finance Analytics program, “The Fight Against Deposit
Any politician who tells you the government’s $250,000 deposit guarantee protects you from having your bank deposits “bailed in” is wrong. Treasurer Josh Frydenberg’s budget papers prove it.