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Territory fails to get rid of administrators; Orica to raise $900m in spin off; ATO reveals widespread use of havens; MCC retakes guard to save ore deal; Brokers left holding bag as investors snub HBOS


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As soon as Treasurer Wayne Swan announced that the Rudd Government would only guarantee $20,000 per person in bank deposits, I immediately restructured my banking arrangements to spread my family's cash holdings equally between Australia's five largest banks. It seems to me that the federal government's decision effectively down-graded Australian bank accounts from AAA rating to about two notches lower - now ranking after small deposit holder accounts and after the Federal Government. Prior to that, the implicit Lender of Last Resort facility effectively made Australian bank accounts guilt-edged. It seems to me, if bank accounts are now a risky investment, then they should be managed with the same portfolio management approach that one would use for other risky investments like shares and investment property. Am I being paranoid here? What do other readers think about this?

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