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The Curtin-Chifley Origins of the Australian Bank Deposit Guarantee

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  • Chris Berg
Abstract
In 2008, the Australian government introduced a guarantee of bank deposits. However, in 1945 the Curtin-Chifley government had already introduced what it believed was an explicit bank deposit guarantee. Using archival material, this paper shows how it was understood to be a guarantee by the cabinet, Labor parliamentarians, and the Commonwealth Bank. The guarantee was an important yet almost entirely forgotten part of the Curtin-Chifley government's social reform program. This paper uncovers the origins of the perception of a deposit guarantee in this forgotten 1945 debate, the attempts by policymakers and the Commonwealth Bank to roll back those perceptions in subsequent decades, and the Rudd government's reversion to an explicit guarantee scheme in 2008.

Suggested Citation

  • Chris Berg, 2015. "The Curtin-Chifley Origins of the Australian Bank Deposit Guarantee," Agenda - A Journal of Policy Analysis and Reform, Australian National University, College of Business and Economics, School of Economics, vol. 22(1), pages 21-44.
    • Handle: RePEc:acb:agenda:v:22:y:2015:i:1:p:21-44
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    File URL: http://press-files.anu.edu.au/downloads/press/p332753/pdf/analysis02.pdf
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    References listed on IDEAS

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    7. Chay Fisher & Christopher Kent, 1999. "Two Depressions, One Banking Collapse," RBA Research Discussion Papers rdp1999-06, Reserve Bank of Australia.
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