Abacus - Media Releases

APRA statistics confirm impressive performance of credit unions & building societies

31 August 2010

Official figures out today on credit unions and building societies reveal a strongly performing mutual banking sector, with impressive growth and profit figures.

Stronger mutual banking sector = stronger regions

25 August 2010

The mutual banking sector welcomes the new focus on regional Australia in the wake of the August 21 election and the pivotal role of the three independent regional MPs.

Credit unions, building societies cautious on credit card reforms

15 August 2010

Credit unions and building societies issued a cautious welcome for the ALP's proposed credit card crackdown, warning more work is needed to make sure they work.

6 billion good reasons to switch: bank with a mutual

11 August 2010

New profit figures released today from a major bank will have shareholders celebrating and customers wondering.

Wake up call on competition in banking

06 August 2010

Research out today revealing that three in four Australians believe the big four banks have too much market power should trigger action to promote a more competitive banking market.

Country Credit Union is first credit licensee

30 July 2010

South West Slopes Credit Union has won the distinction of being the first Australian Credit Licensee under new laws regulating consumer credit.

Moody’s upgrades outlook for credit unions

15 July 2010

A report on Australian credit unions released today by ratings agency Moody's has indicated the mutual business model of credit unions is stable and sustainable.

TCU to double branch network

09 July 2010

Australia’s only Aboriginal-owned banking institution, Traditional Credit Union (TCU), plans to double its branch network after the announcement today of a $14 million grant from the Aboriginals Benefit Account.

Credit unions, building societies support National Cyber Security Awareness Week

07 June 2010

Credit unions and building societies have put their support behind the Australian Government initiative National Cyber Security Awareness Week, which is being held this week, June 6-11, to raise awareness of smart online practices.

APRA Statistics released today: Credit union, building societies record strong growth

01 June 2010

Figures out today from the Australian Prudential Regulation Authority show that total assets of credit unions and building societies increased by nearly $5 billion dollars in the year to March 2010.

Payments reform: RBA must consider cardholders

28 May 2010

The RBA's strategic review of innovation in the payments system announced today must focus on how far the RBA's interventions have tipped the balance away from cardholders towards big merchants.

Woolworths wrong about impact on customers

26 May 2010

It is now clear that Woolworths was wrong in its April Fools' Day claim that its decision to disable the 'credit' button for scheme debit cardholders was "unlikely to cause inconvenience to customers."

Moody’s report notes positive outlook for building societies

24 May 2010

In a report out today, Moody's Investors Service said there is a positive and stable outlook for Australian building societies, reflecting sound prospects for the Australian economy.

Mutuals reject ABA claim on banking competition research

21 May 2010

Abacus, the industry body for credit unions and mutual building societies, has rejected claims by the Australian Bankers' Association that it is seeking to mislead consumers.

Credit unions and building societies emerge from GFC with 30% growth in new home loans

20 May 2010

Today nearly one in ten homeowners are using a credit union or building society for their home loan according to new ABS figures released by Abacus.

Credit unions, building societies welcome commitment to increased savings, housing affordability

11 May 2010

Credit unions, building societies and friendly societies welcome the announcement of savings initiatives and changes to First Home Saver Accounts (FSHAs) in tonight's Budget.

Customers profit at mutual banking institutions

06 May 2010

Research published today by the Financial Sector Union research suggests that some customers are dissatisfied with Australia's major banks.

Henry calls for less tax on deposits

02 May 2010

Credit unions and mutual building societies are urging the Government to promptly accept the Henry Report recommendation to reduce tax on deposits.

Woolworths urged to think again on Scheme Debit

29 April 2010

Woolworths should reverse its clumsy intervention into the payments system to prevent any further inconvenience and confusion for scheme debit users.

Safe as banks: credit unions and building societies

16 April 2010

New research confirming that major banks unfairly benefit from the perception they are more secure than other regulated banking institutions should prompt the Government to take more action to promote competition.

Consider the mutual option, says ABA

13 April 2010

The Australian Bankers’ Association says banks might not be the best choice for many customers – and that bank clients should look at going to a credit union or building society.

Woolies denies customers payment choice

01 April 2010

The Woolworths retail empire has decided to deny customers choice about how they pay for their groceries with a new money grab announced on April Fools Day.

Abacus partners with APCA to urge consumers: “Protect Your PIN”

31 March 2010

Abacus – Australian Mutuals supports APCA’s new “Protect Your PIN” campaign, which is aimed to increase consumer awareness about the importance of PIN protection.

“Australian Mutuals safe & competitive” says Treasurer Swan

29 March 2010

Treasurer Wayne Swan highlighted the safety, value and competitive alternative of Australia’s credit unions and building societies in his Economic Note from yesterday, Sunday March 28.

Mutual banking sector strong and prudent

25 March 2010

The Reserve Bank’s Financial Stability Review out today provides further confirmation that credit unions and building societies have the competitive potential to become the missing ‘fifth pillar’ in retail banking.

More for your buck with credit unions and building societies

24 March 2010

Australians can get a better deal on their home loan by choosing a credit union or building society. The announcement from Australia’s largest credit union, CUA, that it is cutting its standard variable home loan rate by 0.25% to 6.37% shows that member-owned banking institutions can save their members thousands on their home loans.

Strong growth in home lending by mutual banking sector

16 March 2010

Credit unions and building societies recorded double-digit growth in home lending in 2009 and have the competitive potential to become the missing ‘fifth pillar’ in the retail banking market.

Action needed to promote competition in banking

12 March 2010

Confirmation from the RBA that major banks have fattened their margins above pre-crisis levels increases the need for more Government action to promote competition in retail banking.

Building societies, credit unions stay well ahead of banks

05 March 2010

Abacus – Australian Mutuals today offers its congratulations to banks for reaching record levels of customer satisfaction and urges banks to try harder to match the vastly superior satisfaction ratings of building societies and credit unions.

Credit unions, building societies join national taskforce in fighting online fraud

01 March 2010

Credit unions and building societies have joined with the Australasian Consumer Fraud Taskforce in its National Fraud Week, March 1-7, aimed to create public awareness to help combat online scams.

AFP joins with credit unions, building societies to say: "Don't be a money mule"

26 February 2010

Credit unions and building societies, in partnership with the Australian Federal Police (AFP), are warning the public about online job offers which can lure them into becoming money mules.

No loans in Green Loans Program

19 February 2010

Abacus – Australian Mutuals, the industry body for credit unions and mutual building societies, has today expressed disappointment at the announcement today regarding changes to the Government’s Green Loans Program (GLP).

Bank shareholders profit at expense of hardworking customers

16 February 2010

Westpac’s first quarter profit announcement today of $1.6 billion dollars – following the staggering $2.9 billion dollar profit posted by Commonwealth Bank last week – is a slap in the face to hard-working Australians who struggled as big banks raised interest rates in December last year.

Building societies, credit unions: strong and secure

08 February 2010

Most deposits in credit unions and mutual building societies are not affected by the decision announced yesterday by the Government to remove the Guarantee Scheme for Large Deposits and Wholesale Funding, which applies to bank funding and deposits over $1 million dollars.

Australians love a fair go – and Mutuals offer just that

25 January 2010

With Australia Day festivities about to launch into top gear, many Australians are worried about rising interest rates, especially pending the outcome of the RBA Board Meeting on February 2.

Media Releases

APRA statistics confirm impressive performance of credit unions & building societies

Stronger mutual banking sector = stronger regions

Credit unions, building societies cautious on credit card reforms

6 billion good reasons to switch: bank with a mutual

Wake up call on competition in banking

Country Credit Union is first credit licensee

Moody’s upgrades outlook for credit unions

TCU to double branch network

Credit unions, building societies support National Cyber Security Awareness Week

APRA Statistics released today: Credit union, building societies record strong growth

Payments reform: RBA must consider cardholders

Woolworths wrong about impact on customers

Moody’s report notes positive outlook for building societies

Mutuals reject ABA claim on banking competition research

Credit unions and building societies emerge from GFC with 30% growth in new home loans

Credit unions, building societies welcome commitment to increased savings, housing affordability

Customers profit at mutual banking institutions

Henry calls for less tax on deposits

Woolworths urged to think again on Scheme Debit

Safe as banks: credit unions and building societies

Consider the mutual option, says ABA

Woolies denies customers payment choice

Abacus partners with APCA to urge consumers: “Protect Your PIN”

“Australian Mutuals safe & competitive” says Treasurer Swan

Mutual banking sector strong and prudent

More for your buck with credit unions and building societies

Strong growth in home lending by mutual banking sector

Action needed to promote competition in banking

Building societies, credit unions stay well ahead of banks

Credit unions, building societies join national taskforce in fighting online fraud

AFP joins with credit unions, building societies to say: "Don't be a money mule"

No loans in Green Loans Program

Bank shareholders profit at expense of hardworking customers

Building societies, credit unions: strong and secure

Australians love a fair go – and Mutuals offer just that

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