Australia guarantees depositors money
Updated
Australian banks will open their doors this morning knowing that all the customers' deposits held within are guaranteed by the government.
The move at the weekend to shore up the banking industry was welcomed especially as the financial meltdown continued offshore. All deposits and all offshore borrowing by Australian banks have been guaranteed by the Government. But while the Government wants to get funds and confidence flowing again, the news on the economy is not good.
Presenter: Lyndal Curtis
Speakers: Kevin Rudd, Prime Minister of Australia; Malcolm Turnball, opposition leader; Wayne Swan, Treasurer; Lindsay Tanner, Finance Minister
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