Yes.
In the unlikely event that a bank, Building Society or Credit Union becomes insolvent, the Australian Government may activate the Financial Claims Scheme, which enables quick access to deposits that are protected under the Scheme.
The Scheme is also referred to as the Australian Government Guarantee on Deposits. Under the Scheme, certain deposits are protected up to a limit of $250,000 for each account-holder at any bank, Building Society or Credit Union that is authorised by the Australian Prudential Regulation Authority (APRA). These institutions are known as authorised deposit-taking institutions (ADIs).
For more information refer to www.fcs.gov.au.
