Deposit insurance cap still to be worked out

The Australian Government is to make its Financial Claims Scheme, rushed into law at the height of the financial crisis two years ago, permanent.

The current scheme provides a free guarantee on deposits of up to A$1 million.

The Government is still to work out what the cap may be, and what the fee may be, under the scheme, once the current scheme runs out in October 2011.

It will consult with industry over this in the early months of next year.