actually you are right... it is the RBA that would step in no...

actually you are right... it is the RBA that would step in no the government
Here is what happened overseas

v
v
v
On 13 September 2007, the British bank Northern Rock arranged an emergency loan facility from the Bank of England, which it claimed was the result of short-term liquidity problems. The bank's defenders claimed its cash shortage was the result of over-exposure to the failing US sub-prime mortgage market, while its critics argued that it was the result of NR's own careless lending practices. A run began the following day, Friday, with reports of its internet banking site being overloaded,[12] and long queues outside branches that day, Saturday morning and the following Monday.[13] News reports on 17 September stated that an estimated £2 billion GBP of retail deposits had been withdrawn by customers since the bank had applied for emergency funds. [14]
On Tuesday, 11 March 2008, a bank run began on the securities and banking firm Bear Stearns. While Bear Stearns was not an ordinary deposit-taking bank, it had financed huge long-term investments by selling short-maturity bonds (Asset Backed Commercial Paper), making it vulnerable to panic on the part of its bondholders. Credit officers of rival firms began to say that Bear Stearns would not be able to make good on its obligations. Within two days, Bear Stearns's capital base of $17 billion had dwindled to $2 billion in cash, and Bear Stearns told government officials that it saw little option other than to file for bankruptcy the next day. By 07:00 Friday, the Federal Reserve decided to lend Bear Stearns money, the first time since the Great Depression that it had lent to a nonbank. Stocks sank, and that day JPMorgan Chase began an effort to buy Bear Stearns as part of a government-sponsored bailout. The deal was arranged by Sunday in an effort to calm markets before overseas markets opened.[15]
On 11 July 2008, U.S. mortgage lender IndyMac Bank was seized by federal regulators. IndyMac had been a stressed institution for months[16], was capital-constrained and possibly heading for regulatory intervention[17]. However, both regulators and the bank itself blamed its troubles on a letter from Sen. Charles E. Schumer questioning its viability.[18][19] Following the public release of the letter on June 26, IndyMac customers withdrew amounts averaging $100 million a day from the bank, or a total of $1.3 billion in cash.[19] The run caused a liquidity crisis which forced IndyMac to announced it was halting new loan submissions, closing its retail and wholesale lending divisions, and laying off 3,800 employees.