Credit unions and mutual building societies set agenda in Perth
15 October 2006
Over 800 delegates are arriving in Perth today for the first Australian Credit Union and Mutual Building Society Convention.
Credit unions and building societies came together to form Abacus – Australian Mutuals in July this year. Abacus has 135 members organisations representing the majority of Australian credit unions and mutual building societies.
Abacus Chair, John Brogden, said mutuals are collectively the biggest force in Australian banking after the big banks. Credit unions and mutual building societies have over 4.5 million members and total assets of almost $50 billion.
Mr Brogden said the convention theme of "New Frontiers" reflected both the strength of the sector following the uniting of credit unions and mutual building societies, and also the challenges facing member-owned financial institutions.
"Mutual institutions are owned by their members. The profits made are all directed at improved service and a better deal for members and not towards the ever-increasing dividends demanded by the external shareholders of listed building societies and banks," he said.
"It is truly a different kind of banking, but the challenges facing this competitive and community-focused sector are many.
"Hostile takeover attempts by listed entities, increasing regulatory burdens and the challenges of engaging young people to think about their financial future are all on the agenda."
Keynote speakers at this year’s convention include: Dr John Laker, Chairman of the Australian Prudential Regulation Authority; Scott Pape, the Barefoot Investor and commentator on youth finances; and Dr Fiona Wood, former Australian of the Year. International payments system expert John MacAllister from the US will also be presenting.
The convention will be officially opened by West Australian Deputy Premier and Treasurer, the Hon Eric Ripper MLA on Tuesday.
The Abacus Chair, Directors, some speakers and delegates are available for interviews and photographs during the Convention. Please contact Julie Sheather to make appropriate arrangements.
Media contact:
Julie Sheather, 0409 514 643
