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Can see how it could be read that way, but AFAIK it was only reduced and the guarantee (with cap lowered from $1m to $250k) is still in place. This doc was updated by APRA in December 2014: http://www.apra.gov.au/CrossIndustry/Documents/APRA-FCS-FAQ-ADI.pdf

If you do park it in a bank account/s, make sure you split it over 3-4 institutions, government guarantee only goes to $250k per ADI. http://www.guaranteescheme.gov.au/