guarantee only as good as the guarantor, page-4

I had a deposit in a Philippines bank which had government gaurantee (up t0 250k Peso). They are much poorer than Australia and they managed to fullfill the gaurantee. I have no doubt Australia would come good on their promise too. To not would be political suicide. Every depositor is a voter.

But a warning from my Philippines experience is the timeframe. You'd expect to get your many relatively quickly as you probably live off the money. But no, it took about 5years and heaps of paperwork to get it all back.