Rudd: Super rich can look after themselves

While premier Kevin Rudd’s plan to protect money locked up in savings accounts will likely come as a relief to struggling Aussies, he has stressed that the country’s millionaires can look after their own tails.

After initially announcing that all deposits will be protected, Rudd has now gone back on the plan and announced that the super rich will have to take out insurance to make sure their millions are safe in the event of another bank collapse.

The Courier Mail reports that Rudd’s opposite number Turnbull pounced on the u-turn, calling it “bungled” and “mishandled”.

However, the prime minister pointed out that the move will have no bearing on 99.5 per cent of savings account customers.

The paper went on to state that while political wrangling continues, the banks are rushing to give their customers some good news, referring to the flurry of new low-interest home loans on the market.

Many banks and other lenders have dropped home loan rates following on from the Reserve’s decision to cut the base rate by one per cent.ADNFCR-1761-ID-18843008-ADNFCR