250K guaranteed through the FCS, so if your that concerned about...

250K guaranteed through the FCS, so if your that concerned about systemic failure then you should spread your money around to different banks in 250K bundles.

Macquarie operates under an Australian Banking licence so same liquidity rules as all Aussie banks, same as putting your money in a retail bank for 0 return.

Only the high liquid portion of deposits would be invested into overnight money markets, the risk would be spread around to maximise return for Macquarie to enable them to generate over 10-15% roe for shareholders. Macquarie is not going to tell you where they invest the money, your question to staff is probably better asked on what is the guarantee on the money invested , for below and above 250K, to confirm the FCS obligation on the account.

ps. I just saw an advert where macquarie is offering 1.5% on a transaction account, I haven't looked at the fine print on it yet but if it is under the same bank licence I assume it comes with the same FCS protection.

of course if inflation is 5% and your getting 1.5% before tax then your real returns are negative also