Leslie Massey
Bank Australia is a customer-owned bank based in Collingwood, Victoria. It was formed in 1957 as the CSIRO Co-operative Credit Society and became Australia's first customer-owned bank in 2011 under the name bankmecu. In 2015, it changed its name to Bank Australia. The bank has a strong focus on responsible banking, sustainability, and ethical finance, and does not fund the fossil fuel industry. It has also committed to achieving net-zero emissions by 2035 and was the first bank in Australia to switch to 100% renewable energy. As of 2023, Bank Australia had 186,863 customers and is governed by a board chaired by Steve Ferguson, with Damien Walsh as the managing director.
| Characteristics | Values |
|---|---|
| Type of ownership | Customer-owned |
| Location | Collingwood, Victoria, Australia |
| Number of customers | 186,863 (as of 2023) |
| Number of employees | 591 (as of 2023) |
| Chairman | Steve Ferguson |
| Managing Director | Damien Walsh |
| Net zero target year | 2035 |
| Conservation Reserve area | 2,117 hectares |
| Number of former credit unions and cooperatives amalgamated | 72 (as of 2024) |
| Upcoming mergers | Qudos Bank, Australian Unity Bank Limited |
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What You'll Learn
Bank Australia is customer-owned
Bank Australia is a customer-owned bank based in Collingwood, Victoria. It is Australia's first customer-owned bank, with 186,863 customer-members as of 2023.
As a customer-owned bank, Bank Australia is committed to responsible banking, sustainability, and ethical finance. The bank's decisions are guided by its responsible banking policy, which puts customers at the centre and strives to balance purpose and profit. This approach allows the bank to make decisions that positively impact people, communities, and the planet.
The history of Bank Australia can be traced back to 1957, when the CSIRO Co-operative Credit Society was formed. Over the years, mergers with 72 other credit unions and co-operative banks led to the creation of the Members & Education Credit Union (mecu) in 2003, which later became Bankmecu in 2011 and, finally, Bank Australia in 2015.
Being customer-owned enables Bank Australia to pursue a balance between profit and purpose. The bank answers directly to its customers, not external investors, allowing it to focus on areas that are important to its customers, such as climate action, nature and biodiversity, First Nations Recognition and Respect, and affordable and accessible housing.
In addition to its customer-owned status, Bank Australia is also a certified B Corporation, recognised for its social impact. The bank has set ambitious targets for achieving net-zero emissions by 2035 and contributes to positive change through its impact lending approach.
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It was Australia's first customer-owned bank
Bank Australia is Australia's first customer-owned bank. It was formed in 1957 as the CSIRO Co-operative Credit Society. Over the years, it merged with 71 other credit unions and co-operative banks, becoming the Members & Education Credit Union (mecu) in 2003. In 2011, it began trading as bankmecu, Australia's first customer-owned bank. In 2015, it changed its name to Bank Australia.
As a customer-owned bank, Bank Australia puts its customers first and answers only to them, not external investors. Every customer is a shareholder and has an equal say and vote in how the bank is run. This means that profits are returned to customers in the form of competitive rates, fair fees, and quality products and services. The bank focuses on areas important to its customers, such as climate action, nature and biodiversity, First Nations Recognition and Respect, and affordable and accessible housing.
Bank Australia has a responsible banking policy and is committed to creating positive change in the world. It is a certified B Corporation, recognised for its social impact and commitment to serving people and the planet. The bank has set ambitious targets for reducing its environmental impact, including achieving net-zero emissions by 2035 and switching to 100% renewable energy.
As of 2023, Bank Australia had 186,863 customer-members and was governed by a board chaired by Steve Ferguson, with Damien Walsh as the managing director. The bank has a strong focus on environmental conservation and owns a 2,117-hectare conservation reserve in Western Victoria, Australia, in partnership with Greening Australia and Trust for Nature.
In summary, Bank Australia is Australia's first customer-owned bank, and its unique structure allows it to prioritise customers, create positive change, and have a strong focus on environmental and social responsibility.
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Bank Australia is committed to responsible banking, sustainability, and ethical finance
Bank Australia is a customer-owned bank that prioritises ethical and sustainable banking practices. With a strong commitment to environmental sustainability and social responsibility, the bank refrains from investing in industries that harm the planet, such as fossil fuels, tobacco, or gambling. Instead, it channels its funds into projects centred around renewable energy, conservation, and community development.
The bank's responsible banking policy places customers at its core, striking a balance between purpose and profit. This approach ensures that decisions are made with a positive impact on people, communities, and the planet. Bank Australia's dedication to sustainability is evident through its switch to 100% renewable electricity, making it the first bank in Australia to embrace this practice.
The organisation's commitment to responsible banking is further exemplified by its Climate Action Strategy, which sets a target of achieving net-zero emissions by 2035. This strategy involves reducing scope 3 emissions and assisting customers in lowering their emissions from electricity and gas usage. Bank Australia's conservation efforts extend beyond emissions, as they own a 2,117-hectare conservation reserve in Western Victoria, managed in partnership with Greening Australia and the Trust for Nature.
In alignment with its values, Bank Australia ceased funding car loans for new fossil fuel vehicles from 2025. The bank's impact lending and impact finance initiatives further demonstrate its commitment to responsible banking and sustainability. Through these initiatives, Bank Australia contributes to a world where people and the planet thrive by lending to and investing in carefully selected people, businesses, and projects.
Bank Australia's dedication to ethical finance is also reflected in its refusal to use customers' money in harmful ways. This commitment, known as "clean money," is central to the bank's responsible banking policy. As a certified B Corporation, Bank Australia holds itself to high standards of social and environmental performance, accountability, and transparency.
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It was formed in 1957 as the CSIRO Co-operative Credit Society
Bank Australia is a customer-owned bank based in Collingwood, Victoria. It was formed in 1957 as the CSIRO Co-operative Credit Society. The CSIRO Co-operative Credit Society was established to serve the officers and employees of the CSIRO (Commonwealth Scientific and Industrial Research Organisation) in Melbourne. The society was registered in Victoria on September 19, 1957, with Walter Ives as its first chairman. The first 40 members, who were all officers and employees of the CSIRO over the age of 18, were admitted on October 15, 1957.
The CSIRO Co-operative Credit Society experienced growth and change over the following decades. In 1982, the society joined the Victorian Credit Co-operatives Association, which represented over 140 Victoria-based credit unions. In 1986, the society rebranded as Sirocredit, and by 1988, it had over $47 million in total assets and served over 7,500 members across Australia.
In 1998, Sirocredit merged with two other credit unions to form Members Australia Credit Union Ltd. Further mergers with other credit unions and co-operative banks led to the creation of the Members & Education Credit Union (mecu) in 2003. In 2011, mecu became Bankmecu, Australia's first customer-owned bank. Finally, in 2015, Bankmecu transitioned to Bank Australia.
Bank Australia has maintained its focus on customer-ownership and social responsibility. It became the first bank in Australia to switch to purchasing 100% renewable electricity from its suppliers. Additionally, it has pursued initiatives such as the Bank Australia Conservation Reserve, a private land reserve owned jointly with its customers, demonstrating its commitment to environmental conservation.
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It has 186,863 customer-members
Bank Australia is a customer-owned bank based in Collingwood, Victoria. It has 186,863 customer-members as of 2023. The bank was formed in 2015 after a series of mergers between credit unions and cooperative banks.
The origins of Bank Australia can be traced back to 1957 with the formation of the CSIRO Co-operative Credit Society. Over the years, this society merged with 72 other credit unions and cooperative banks, leading to the creation of the Members & Education Credit Union (mecu) in 2003. This later became Bankmecu in 2011, the first customer-owned bank in Australia. In 2015, it changed its name to Bank Australia.
As a customer-owned bank, Bank Australia answers to its customers rather than external investors. This allows the bank to pursue a balance between profit and purpose, making decisions that positively impact people, communities, and the planet. The bank's responsible banking policy guides its operations, ensuring that customer deposits and interest payments are used for loans and investments that create positive change.
In addition to its commitment to responsible banking, Bank Australia prioritizes sustainability and ethical finance. The bank was the first in Australia to switch to purchasing 100% renewable energy from its suppliers in 2019. It also became a certified B Corporation, recognized for its social impact and commitment to creating a positive impact on the world.
Bank Australia's customer-members benefit from a range of services, including digital banking through internet and mobile app banking, access to Apple Pay and Google Pay, and fee-free withdrawals at Bank Australia and other major banks' ATMs. The bank is also an authorized deposit-taking institution, meaning balances of up to A$250,000 are guaranteed by the Australian Government in the event of the bank's collapse.
With its focus on responsible banking, sustainability, and customer-centric values, Bank Australia has established itself as a leading customer-owned bank in Australia, serving 186,863 customer-members as of 2023.
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Frequently asked questions
Bank Australia is a customer-owned bank. It is not owned by another bank.
Being customer-owned means that Bank Australia pursues a balance between profit and purpose by answering to customers instead of external investors.
Bank Australia was formed in 1957 as the CSIRO Co-operative Credit Society. Over the years, it merged with 72 other credit unions and cooperative banks to become the Members & Education Credit Union (mecu) in 2003, which became Bankmecu in 2011, and finally Bank Australia in 2015.
Bank Australia has committed to achieving net-zero emissions by 2035. This includes plans to reduce scope 3 emissions and help customers reduce their emissions from electricity and gas use.
The Bank Australia Conservation Reserve is a 2,117-hectare private land reserve in Victoria's Wimmera region owned by the bank and its customers. The reserve is managed by Greening Australia and the non-profit Trust for Nature and is protected from development through a conservation covenant.
