Dr Cullen said the release of the details of the Australian wholesale deposit guarantee scheme would assist in finalising the details of the proposed New Zealand wholesale guarantee scheme.
"Officials and I will be working together over the weekend to determine whether the proposals that we have been developing need any refinement in light of the Australian scheme," he said in a statement.
"Once we have finalised details of our proposals, officials will undertake further discussions with the banks and others in the financial sector before final decisions are taken."
The Government has already introduced a guarantee for retail deposits in banks.
A wholesale guarantee would cover money loaned to New Zealand banks by foreign banks.
National Party leader John Key has been urging the Government to move quickly to bring in a wholesale guarantee scheme, warning that New Zealand banks could find it difficult to raise offshore loans without it.
Wholesale guarantee schemes have been introduced, or are being introduced, in many other countries.
Mr Key says banks in countries with wholesale guarantee schemes would have an advantage over New Zealand banks.
Dr Cullen said he would ensure that Mr Key and National's finance spokesman, Bill English, were briefed on developments.
"It is anticipated that announcements will be made next weekend, if at all possible, while the New Zealand markets are closed," he said.
