Article

Guarantees provided to Australian banks to shore them up during the financial crisis expired in April. The "wholesale lending guarantee" initiated in November 2008 to prevent Australian financial markets from following the rest of the world into a tailspin has been withdrawn. In his announcement of the withdrawal early in 2010, the Australian Treasurer Wayne Swan argued that the need for further government guarantees had been overcome as Australian banks had successfully weathered the storm sweeping through the global credit markets.