ABACUS - Australian Mutuals

Abacus - Australian Mutuals is the industry body for 155 credit unions, mutual building societies and friendly societies. Credit unions, mutual building societies and friendly societies play a strong and important role in the Australian financial services, investment and insurance market.

• Credit unions, mutual building societies and friendly societies have more than 6 million members across Australia;
• Collectively, our sector holds more than $70 billion in assets;
• Credit unions and mutual building societies are collectively the second largest deposit-taking force in Australia, ahead of all but one of the major banks;
• Credit unions, building societies and friendly societies are subject to strict regulatory guidelines imposed by APRA and ASIC. Mutual ADIs meet the same high standards of regulation, capital requirements and oversight as the biggest banks in Australia;
• Our commitment to country communities is strong. Our industry is committed to regional Australia with strong representation around the nation.

Our industry is diverse, ranging in size from large, nationally operating institutions to smaller local credit unions, mutual building societies and friendly societies.

Our industry upholds values that reflect our mutual heritage and structure, namely:

• co-operation
• moral integrity
• trust
• financial prudence
• caring for members
• social responsibility

Abacus works to promote and enhance the role of mutual ADIs and friendly societies in the Australian financial services market. As the industry association for credit unions, mutual building societies and friendly societies, we represent our industry to government, in public debates and to the media.