2010 Media Release Archives
Credit union website helps unhappy bank customers find a better deal
28 December 2010
Australia's strong customer-owned banking institutions – credit unions and mutual building societies – have welcomed a poll commissioned from independent group CoreData showing up to a million unhappy mortgage holders could be looking to leave their banks.
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Opening statement - Inquiry into Competition within the Australian banking sector
13 December 2010
Opening statement by Louise Petschler, CEO, Abacus – Australian Mutuals, to the Senate Economics References Committee's inquiry into Competition within the Australian banking sector
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Credit union, building society correction on banking reform debate
13 December 2010
Abacus – Australian Mutuals is the industry body representing credit unions and mutual building societies. In commentary on the Government's banking competition policy today a number of commentators have made inaccurate claims about mutuals. Clarification is provided below.
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Credit unions, building societies to ramp up competition in banking
12 December 2010
Australia's strong customer-owned banking institutions – credit unions and building societies – have welcomed today's announcement as a good step towards more bank competition.
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Mutuals’ mortgage market share accelerates
09 December 2010
Latest housing finance data shows more Australian borrowers are voting with their feet, and applying for mortgages with Australia's credit unions and building societies.
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Be savvy online when shopping this Christmas
06 December 2010
It may be the season for giving, but Australians risk having their identities and finances stolen by giving away too much personal information when shopping online this festive period.
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Mutuals drive competition in banking
02 December 2010
Credit unions and mutual building societies say empowering consumers and fairer access to funding are the keys to a more competitive banking market.
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Accolades for the mutual sector as credit unions and building societies win Money’s Best of Best Awards
01 December 2010
Credit unions and building societies have been awarded 18 gold awards in Money Magazine's 2011 Best of the Best Awards, which is the 10th year of these prestigious awards.
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Big bank customers want more information and real choice
25 November 2010
Australian consumers want more information about alternatives, and believe that it is too difficult or costly to shift away from the big banks.
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KPMG: Credit unions, building societies show their strength, resilience, competitiveness
16 November 2010
KPMG's Building Societies and Credit Unions 2010 Survey released today highlights the "strength, resilience and competitiveness" of the mutual banking sector.
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Shock rate rise shows need for choice
02 November 2010
Today's move by the Commonwealth Bank to lift variable home loan rates by 45 basis points highlights the need for a competitive banking market.
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Inquiry welcome, but don’t delay action
28 October 2010
Australia's customer-owned banking institutions will use the new Senate inquiry into banking competition to highlight their contribution to competition and to pursue measures to empower banking consumers.
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Credit unions, building societies: real competitors to Big 4
25 October 2010
The banking competition debate was furthered with a welcome voice today, as banking commentator Michael Pascoe correctly identified the mutual sector as genuine competition to the big banks; the nation's credit unions and building societies.
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Credit unions, building societies call for action on bank competition
22 October 2010
Australia's customer-owned banking sector – credit unions and mutual building societies – has called on policy makers and politicians to take practical steps to increase competition against the big banks.
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Why do 186 million people worldwide choose credit unions?
21 October 2010
This Thursday October 21 is International Credit Union Day, a day celebrated internationally on the third Thursday of October since its inception in 1948.
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Awards recognise outstanding achievements
20 October 2010
The 2010 Abacus Industry Award winners were announced in an awards ceremony at the Abacus 2010 Convention in Adelaide this morning.
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Attorney General opens Abacus 2010 Convention in Adelaide
18 October 2010
The Abacus 2010 Convention was officially opened today by the Attorney General, Minister for Justice and Minister for Tourism, the Honourable John Rau MP at the Adelaide Convention Centre, in front of almost 900 industry delegates from credit unions, mutual building societies and friendly societies.
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RBA’s review notes strong credit unions, building societies
30 September 2010
Credit unions and mutual building societies welcomed the RBA's acknowledgement of their strong capital position in the Financial Stability Review, out today.
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Credit union, building society ads back on air
15 September 2010
Australia's credit unions and mutual building societies will launch the second run of a national advertising campaign, 'Back to you', from Sunday.
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Credit unions, building societies win 2010 Mozo People’s Choice Awards
14 September 2010
In the inaugural Mozo 2010 People's Choice Awards released today, consumers have overwhelmingly favoured credit unions and building societies when it comes to overall value.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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."
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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“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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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).
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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.
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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.
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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.
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