Kevin Rudd (Griffith, Australian Labor Party, Prime Minister) Share this | Hansard source

I am coming to what the honourable gentleman has asked. This was clearly outlined by the Treasurer in his introduction of the legislation last Wednesday. Therefore, from the government’s point of view, the guarantee in terms of deposits remains absolute. The question at issue is whether deposits above $1 million and beyond should have an insurance premium attached to them consistent with the insurance premiums which are relevant to term wholesale deposits, which applied to the term wholesale lending arrangements of the major commercial banks. That is entirely consistent with what the government said, through the Treasurer, in his statement to parliament last Wednesday.

I would say this to the honourable gentleman: the guarantee, as it applies to all deposits, is absolute.

See this speech in context