Believe big 4 have some protection through RBA & certainly the federal government, other operations like investment bank CMT's may claim AAA status of investments, but certainly not guarantee of funds (big difference).
Believe our major Australian Banks offer far more security than investment bank cash management trusts.
Heard today one such institution (no names, but not hard to guess) is experiencing a flight of capital from its CMT, could easily turn into a run.
Regards
Buffett
cash management accounts, page-3
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