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On 12 October 2008, as part of the response to the 2007–2008 financial crisis, Australia set up the Financial Claims Scheme (FCS) to provide a government guarantee of 100% of all deposits with ADIs for three years in the event of an ADI failing. This was subsequently reduced to a maximum of $1 million per depositor per ADI.
In 2018, of Australia's 15 million superannuation fund members, 40% had multiple accounts, which collectively cost them $2.6 billion in additional fees per year. [76] Government initiatives to make consolidating accounts easier have reduced the percentage to 24% in 2022. [77]
Cheque use is in decline worldwide, but it is declining faster in Australia than many other countries. Between 2010 and 2014, cheque use in Australia declined by 42.8% with just over seven cheques written per person in 2014. In 2014, 166.6 million cheques were used in Australia, compared to 291.1 million in 2010. [5]
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Its former constituent parts were the Commonwealth Trading Bank of Australia, the Commonwealth Savings Bank of Australia, and the Commonwealth Development Bank. Founded in 1911 by the Australian Government and fully privatised in 1996, the Commonwealth Bank is one of the big four Australian banks, with the National Australia Bank (NAB), ANZ and ...
The Australian Government provides a basic universal health cover through the Medicare scheme. Medicare is partly funded by a 2% Medicare levy paid by most taxpayers. Individuals and families can take out additional health insurance for services not covered by Medicare or for services provided in private hospitals.
The standard Medicare levy was left at 1.5% in the following years since July 1993 [8] until the Gillard Labor government announced in May 2013 that it would be increased to 2% on 1 July 2014 to fund the National Disability Insurance Scheme. [9]
The 2015 Australian federal budget was the federal budget to fund government services and operations for the 2015/16 financial year. The 2015 budget was the second and last submitted by the Abbott government , since the Coalition's victory in the 2013 Australian federal election .