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Banking Amendment (Deposits) 2020
✦ Plain-English Summary
# Banking Amendment (Deposits) 2020
## What it does
This bill blocks the financial regulator (APRA) from ever converting or writing off your bank deposits if a bank fails — a practice called "bail-in." It adds a legal guarantee that your deposits are completely off-limits, no matter what happens to the bank itself.
## Why it matters
If a bank collapses, you could lose your savings under a bail-in system (used in some countries). This bill ensures that can't happen here — your deposit account is protected from being seized or cancelled by regulators to prop up a failing bank.
## Key details
- **What's protected:** Any money you keep in a regular deposit account at an Australian bank, whether it's yours alone or held jointly
- **What's banned:** APRA cannot use bail-in powers on deposit accounts under any circumstances — not through new rules, existing laws, or contract changes
- **When it takes effect:** The day it receives Royal Assent (final approval from the Governor-General)
Official Description
Amends the Banking Act 1959 to: provide that the conversion and write-off provisions do not extend to the bail-in of deposit accounts; and provide that nothing in the Act or other Commonwealth legislation gives the Australian Prudential Regulation Authority the power to implement, authorise or direct the implementation of bail-in of deposit accounts.
Committee Referrals
Senate Economics Legislation Committee
Audit History
Last updated on APH
10 Apr 2026
Last checked by Crossbench
yesterday
Full text indexed
yesterday
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