2011 Media Release Archives
Customer-owned banking sector offers cheapest credit card rates
21 December 2011
New data from Canstar Cannex shows mutuals well ahead of the major banks on offering the cheapest credit cards.
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Tired of big bank service? Try a mutual instead
05 December 2011
Customers of big banks who are worried about rate cuts or service standards should consider a "mutual" alternative, based on a recent survey by independent group CHOICE.
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Mutual banking continues to prove its strength
30 November 2011
Quarterly statistics released by APRA once again show the value of the customer-owned banking sector with mutuals growing faster than the Big 4.
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Exercise caution when Christmas shopping online say mutuals
29 November 2011
Abacus – Australian Mutuals, the industry body for credit unions, mutual building societies and mutual banks, is urging Australian consumers to take some simple steps to ensure safe Christmas shopping online this festive season.
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Mutuals support Australian launch of 2012 United Nations International Year of Co-operatives in Canberra
22 November 2011
Continuing turmoil within global financial markets and rising public disenchantment with big business provided a dramatic backdrop to today’s launch of the UN International Year of Co-operatives in Parliament House, Canberra.
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KPMG: “Mutuals recorded another year of strong performance”
22 November 2011
KPMG’s Building Societies and Credit Unions 2011 Survey released today highlights the strength and vitality of the mutual banking sector.
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Mutuals interest rate already ahead of big banks
01 November 2011
Today's announcement of the RBA rate cut of .25 per cent to 4.5 per cent is welcome news for Australian consumers struggling with the rising cost of living.
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New Chair for mutual banking industry body Abacus
31 October 2011
Greater Building Society Chief Executive Officer Don Magin has been elected as the Chair of Abacus – Australian Mutuals, the industry body for Australia's mutual banking sector.
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27 October 2011
The 2011 Abacus Industry Award winners were announced in an awards ceremony at the 2011 Abacus AM Institute Convention in Cairns yesterday.
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1000 plus delegates from Australia’s customer-owned banking sector gather at the 2011 Abacus AM Institute Convention in Cairns
27 October 2011
The 2011 Abacus AM Institute Convention officially opened this week with a plenary session and welcome video address from the Hon Wayne Swan MP, Deputy Prime Minister and Treasurer of Australia, to over 1000 industry delegates from credit unions, mutual building societies, mutual banks and friendly societies in Cairns.
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Joint Media Release: Shop safely in the lead up to the festive season
21 October 2011
As we head into the Christmas shopping season, the Australian Federal Police (AFP), the Australian Bankers' Association (ABA), and Abacus, the industry body for mutual banking institutions, are reminding consumers about protecting their credit and debit cards when spending in the stores or online.
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Credit Unions Build a Better World: International Credit Union Day, Thursday Oct 20
20 October 2011
This Thursday October 20, credit unions around the world will be celebrating International Credit Union Day, a day celebrated on the third Thursday of October since its inception in 1948.
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Mutuals keep up competitive pressure with "Mutual Banks"
12 October 2011
Abacus – the peak body for Australian mutuals – has welcomed the development of "mutual banks" as an important boost to competition in banking.
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Queensland gets its own mutual bank
01 October 2011
Australia's second mutual bank, QT Mutual Bank, will begin trading today in Queensland as QTMB.
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Mutuals top 2011 Mozo People’s Choice Awards
27 September 2011
Credit unions, building societies and mutual banks have triumphed in Mozo's 2011 People's Choice Awards announced today, again topping the list of Australia's best-rated financial institutions on key customer satisfaction criteria.
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Joint release - Abacus & ACFS - Financial Preparedness for Life Events: Looking Beyond Superannuation
15 September 2011
Abacus, the industry body for the Australian mutual financial services sector, and the Australian Centre for Financial Studies (ACFS) have released the research report, "Private Saving: The Role of Life Event Products" on behalf of the Friendly Societies of Australia.
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Change to Financial Claims Scheme a vote of confidence in Australia’s banking system, say mutuals
11 September 2011
Australian mutuals – credit unions, building societies and mutual banks – have welcomed today's announcement of a permanent deposit guarantee under the Financial Claims Scheme.
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Australia’s first mutual bank, bankmecu, springs into action today
01 September 2011
Australia's first mutual bank, bankmecu starts today to take competition up to the major banks, and get more Australians to know the value of being part of customer-owned banking institutions.
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30 August 2011
Official figures out today show the mutual banking sector outpacing the major banks in home lending and household deposits.
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Customer-owned banking sector welcomes ASIC proposals on advertising
30 August 2011
ASIC Chairman Greg Medcraft announced proposed new advertising guidelines for the advertising of financial products and financial advice at a gathering of more than 200 Chairs and CEOs of Australia's customer-owned banking sector in Sydney today.
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Fraser gets it right on account switching
21 August 2011
Today's report on improving the capacity for consumers to switch accounts between financial institutions strikes the right balance between consumer choice and avoiding unnecessary costs for smaller financial institutions.
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AFP investigation into card compromise at merchants
27 July 2011
The Australian Federal Police (AFP) has announced today that it is conducting an investigation into a data compromise of some merchants, following financial institutions informing the AFP of suspicious transactions.
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Mutual banks to take on the majors
27 July 2011
Abacus – Australian Mutuals welcomes today's announcement that Victorian-based credit union mecu will become Australia's first mutual bank on 1 September.
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Switch to a mutual lender
06 July 2011
The mutual banking sector sees new laws aimed at helping consumers to compare home loans and credit cards as an opportunity to steer more Australians to the customer-owned model.
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Exit fee ban not the main game for competition
17 June 2011
Credit unions and building societies are not campaigning to overturn the ban on exit fees.
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Mutual coalition could boost competition
17 June 2011
Abacus – Australian Mutuals, the industry body for the mutual banking sector, has welcomed news that Big Sky Credit Union and Australian Unity Limited are exploring potential merger options.
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Action overdue against excessive surcharging
08 June 2011
Moves to cap surcharges imposed by merchants on shoppers paying by card are welcome and well overdue, according to Abacus – Australian Mutuals, the industry body for Australia's credit unions and mutual building societies.
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Award-winning Mutuals gain recognition
01 June 2011
Money Magazine's Consumer Finance Awards 2011 results are out today, and the mutual banking sector – Australia's credit unions and mutual building societies – garnered some praise-worthy awards.
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Mutual sector prospers: Asset growth for credit unions & building societies outstrips major banks’
31 May 2011
APRA quarterly statistics released today show that the mutual banking sector – credit unions and building societies – grew by 8 per cent in the year ended March 2011, compared with 7.9 percent a year ago.
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Mutuals support National Cyber Security Awareness Week
30 May 2011
National Cyber Security Awareness Week 2011, aimed to help raise public awareness of online security risks, is being launched today at an event in Canberra.
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Review of Financial Claims Scheme
27 May 2011
Australia's mutual banking institutions support continuation of the existing $1 million cap for the deposit guarantee under the Financial Claims Scheme (FCS).
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Mutuals back banking inquiry call on guarantee
06 May 2011
Mutual banking institutions say the key recommendation of the Senate inquiry into banking competition is that the financial claims scheme should be retained in its current form.
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Consumers to take a swing at their bank and find true love with a credit union or building society
05 May 2011
Consumers are being invited to "take on the major banks" and consider banking with a credit union or building society.
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Government must retain deposit guarantee if serious about competition in banking say Mutuals
04 May 2011
Today in Sydney, nearly 200 senior representatives of credit unions and building societies – mutual banking institutions – will call on the Federal Government to reaffirm its commitment to banking competition by announcing the retention of the $1 million cap for the retail deposit guarantee.
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Financial advice reforms well targeted
28 April 2011
The mutual banking sector welcomes the Government's refined Future of Financial Advice reform package released today.
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Covered bonds may offer future funding option
24 March 2011
Australia's mutual banking sector has welcomed the focus on aggregated models in draft legislation for covered bonds released today but called for holistic measures to build competition in retail banking.
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Abacus partners in National Consumer Fraud Week 2011: Scams - It’s Personal
08 March 2011
The week of March 7-13 is National Consumer Fraud Awareness Week, an initiative of the Australasian Consumer Fraud Taskforce, to raise public awareness of the risk of scams.
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Fifth Pillar a win for consumers: new figures show Australians dumping banks
07 March 2011
Australians are voting with their feet and moving away from the big banks to credit unions and building societies, new figures show.
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Mutuals welcome CHOICE’s better banking report
03 March 2011
Abacus – Australian Mutuals, the industry body for credit unions and mutual building societies, today broadly welcomed CHOICE's Better Banking Report.
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5th Pillar on the march: Mutuals’ strong growth outstrips banks’
02 March 2011
In a sign of increasing market presence credit unions and building societies – flagged as banking's new fifth pillar – are seeing strong growth and loan demand.
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Mutuals cheapest on exit fees on average
23 February 2011
Contrary to some misreporting, credit unions and mutual building societies do not charge high exit fees.
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Credit unions, building societies offer ATM fee relief, flood assistance
14 January 2011
Credit unions and building societies are assisting the flood relief effort with QLD-based institutions offering hardship packages to affected members, and removing ATM-direct charge fees for the next two weeks.
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12 January 2011
Figures out today show mutual lenders are taking market share from banks in a welcome sign of a more competitive home loan market.
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