Australian banks - safe?

K.Rudd said that our banks are well capitalised and our savings are very secure but we are one of the few Western countries which doesn't guarantee people's savings.

I don't doubt that they are safe but if he is so sure then why doesn't he guarantee our savings? The risk is minimal, correct?

i agree bv, poor judgement on his part needs to show a bit of leadership and step up and be proactive instead reactive , i believe no one know what to do at the moment but protecting taxpayers deposits should have been the first step, not the future fund lending undisclosed amounts to the big banks

Future Fund billions help banks ride credit storm | theage.com.au

Bummer. But thank you kenbeth for the clarification.

He did it.
He was probably reading your post and thought it was a good idea...