During the global financial crisis (GFC), banks, building societies, and credit unions were allowed access to the Australian government’s AAA credit rating, empowering them to compete for funding on the global market.
Australia’s scheme was more favourable than other countries’. It had no size limit; banks could use the AAA rating for any value of liabilities. It matured later; banks could issue maturities up to a maximum of five years unlike many foreign schemes, which did not guarantee debt beyond three years. There was no end date; it was open “until conditions normalise”.
It was cheaper too, and there were no upfront costs.