NO this is actually true, I have researched it before. Sp can post the links for you..or google.
Also another point that came up in that post "in the foreseen event that something does happen to our financial system, the Australian Government has limited options to rebuild these reserves." Be aware that the current committee dealing with APRA is considering giving APRA the power to decide whether or not to activate (or not) the deposit guarantee. What this means is that in a banking crisis you may not have your money guaranteed the way you think it is. It will be pinched by the banksters as part of their 'bail -in' schemes because the powers that you keep voting for reckon that in a crisis it is more important for banksters to have your money than for you to. So given that government and other criminals can a) steal your precious metals at will and b) steal your (or steal part of) your money that is in the bank (or convert those hybrid shares your super fund bought into) I reckon crypto is looking to be the safer option every day.
" A former principal researcher at bank regulator APRA has revealed in a submission to a Senate inquiry that, contrary to government reassurances, Australian bank deposits are not guaranteed. This explosive revelation shreds the government’s repeated assurances that its new bill to give crisis resolution powers to the Australian Prudential Regulation Authority (APRA) will not allow the “bail-in” (confiscation) of bank deposits, because they are guaranteed up to $250,000 by the Financial Claims Scheme (FCS)."
