The Australian economy with a population of 22.5 Million (Est 2010) ranks 17th in the world with a GDP PPP of 850 billion and GDP PPP per capita of 38,663 vs 45,934 (United States) according to the IMF in 2009.
Its central bank interest rate are set at 2.50% by the Reserve Bank of Australia. Its currency the Australian Dollar (AUD) is the 5th most traded currency in the world. Bank deposits held for a fixed term in Australia are called term deposits. According to CIA.gov its inflation was 4.4% in 2008 and 1.8% in 2009.
Savings and Term Deposit Insurance in Australia
For those with only one banking provider, from 31 December 2012, term deposits that mature on or after this date, a deposit balance of $250,000 cap per person per institution (applicable to eligible ADIs – including banks, buildings societies and credit unions) will apply to guarantee deposits under the 'Australian Government Guarantee Scheme for Large Deposits and Wholesale Funding'. Please note that Deposit products include call accounts, term deposits and all on-line savings accounts.