Malcolm Roberts (Queensland, Pauline Hanson's One Nation Party) Share this | Hansard source

They're effectively working as such. The government's bank deposit guarantee scheme is worthless. Firstly, it's not automatic, because the Treasurer has to invoke it. If he doesn't, there's no guarantee of bank deposits. Secondly, it covers only a maximum of $80 billion out of $1.3 trillion in bank deposits. For example, the Commonwealth Bank, I understand, has 30 million deposit accounts, meaning an average of $670 per deposit. Meanwhile, the previous government passed a bank bail-in provision that your party, Minister, supported. These are other ways in which banks avoid accountability for their mistakes and greed. They take none of the risk and all of the profit. They have no penalty for excessive greed causing failure, because government bails them in. When will your government start protecting Australian citizens and revoke the bail-in, for example?