In a Reuters article to begin the week right:

CANBERRA/WELLINGTON (Reuters) - Australia and New Zealand gave a blanket guarantee to all bank deposits Sunday in a move likely to raise pressure on other economies to do the same, amid a crisis of confidence in the global financial system.

The two neighbors, both dominated by Australia's four major lenders, had portrayed themselves as having strong bank systems, especially Australia whose government and regulators gave repeated assurances it was well placed to weather the storm.

Even assurances are now not deemed enough!!!  Faith and trust need to be backed up with support, we are finding!

But Australian Prime Minister Kevin Rudd called a snap news conference Sunday to say his government would guarantee Australia's entire deposit base of A$600-A$700 billion ($386-$450 billion) for three years and guarantee wholesale bank funding.

"We are in the economic equivalent of a national security crisis, and the challenges are great," Rudd said.

He referred to recent moves by other economies, such as Britain, Germany and Ireland, to extend guarantees or state aid to their banking systems and said Australian banks could be disadvantaged if his government failed to act.

"I don't want a first-class Australian bank discriminated against because some other foreign bank, which has a bad balance sheet, is being propped up by a guarantee by a foreign government," Rudd told reporters.

The last statement says it all.  Smart guy, this Chinese speaking Aussie Prime Minister, eh?  (Smart leaders hire smart assistants to keep them fully informed and advised!)