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Great Southern Bank

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Great Southern Bank
FormerlyCredit Union Australia
Company typeCredit union, member-owned bank
IndustryBanking, financial services
Founded1946
Headquarters300 George Street, Brisbane, Queensland
Key people
ProductsHome Loans, Personal Loans, Credit Cards, Small Business Banking
Revenue$44.5 million[3] (2023)
RatingLong term: BBB[4]
Websitewww.greatsouthernbank.com.au

Great Southern Bank, formerly Credit Union Australia, is one of Australia's largest customer-owned banks with corporate offices in Brisbane, Sydney, and Melbourne.[5] It provided banking services to more than 400,000 Australians in 2023.[6]

Overview

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Great Southern Bank is a mutual bank with origins dating back to 1946. It has branches located around Australia, predominantly on the east coast. Great Southern Bank has an Australian-based contact centre in Melbourne. It is part of the Customer-owned Banking Association,[7] the industry association for mutual banks, credit unions, and building societies, adhering to the association's Customer-owned Banking Code of Practice.[8] It is also a member of the Business Council of Cooperatives & Mutuals (BCCM).[9]

The bank changed its name from CUA to Great Southern Bank in June 2021.[10]

History

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The earliest precursor to Great Southern Bank was officially founded in 1946. It was created through the amalgamation of several small Queensland based credit unions in the 1940s and had around 180 members in total. Since then, through the joining of more than 171 credit unions,[10] it has become the biggest customer-owned bank in Australia.[11]

Timeline

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1946–1965 The origins of CUA can be traced back to a few small credit unions in the 1940s including the Catholic Thrift and Loan Co-op in 1946, the Thrift and Loan credit Union in 1948,[12] and the postal Workers Co-op Credit Society in 1949.
1966–1975 After several mergers, in 1966 the Queensland Postal Cooperative (now CUA) was founded by staff of the General Post Office in Brisbane.[13] The first loans were issued to a maximum value of $550. In 1968, the credit union's name was changed to the Australian Postal Credit Union and Jack Harvey, a Post Master, was appointed General Manager on a full-time basis. In 1975 members' accounts were fully computerised and term deposits were introduced.[14]
1976–1992 In 1976 the credit union purchased a travel agency to provide discount travel to members. In 1977, full insurance was provided including CUA Health.[15] In 1978, it introduced 24-hour ATM access for members. It was officially renamed Credit Union Australia in 1980 and had more than 30 branches. Various amalgamations continued and between 1978 and 1992, Credit Union Australia (CUA) continued to introduce new products and services including 24-hour ATMs, financial planning, housing loans and Visa cards.
1993–2006 Credit Union Australia rapidly expanded its presence into Victoria, New South Wales, the Australian Capital Territory and Western Australia through various mergers. In 1996, fixed home loans were introduced to offer members an alternative to variable rate home loans. Following its merger with Australian National Credit Union (ANCU), Credit Union Australia became the country's largest credit union by membership, staff numbers and assets.[16] Credit Union Australia was named Credit Union of the Year for four consecutive years by the Australian Banking + Finance Awards.
2007–2010 In 2007 Credit Union Australia rebranded to CUA and merged with Victorian-based Plenty Community Credit Union in 2010 amassing more than 380,000 members, making it the biggest credit union in Australia. That same year the Federal Treasurer, Wayne Swan, credited CUA for bringing competition to Australian banking when it dropped its standard variable home loan by 25 basis points outside of any official rate movement.[17] CUA was named Credit union of the Year at the Australian Banking + Finance Awards in 2010.[18]
2011–2020 In 2012 CUA aimed to further differentiate itself from the Big Four banks by rolling out a number of new products. Alongside CUA Super and CUA Pension, it launched its CUA Rate Breaker Home Loan Package which offered a discounted one per cent lower interest rate than the average of the Big Four banks' variable rate. In 2013 the product won Best Innovator award from Australian Lending Awards 2013 and a 5-Star rating from CANSTAR.[19] In 2012, the Youth e-Saver account was launched, an online transaction account designed specifically for 10 to 17 year-olds.

In November 2013, CUA updated its whole core banking system to BaNCS costing around $60 million.[20] In 2014, CUA won Best Non-Bank Lender and Best Mutual Lender at the Australian Lending Awards.[21]

2021–2022 CUA is rebranded as a bank and changed its name to Great Southern Bank on its 75th anniversary.[22][23] On 9 August 2021, Great Southern Bank announced that it was carbon neutral.[24] On 16 November 2021, Great Southern Bank adopted a new constitution to elevate its commitment to mutuality and to provide a simpler constitution.[25][26][27] On 14 February 2022, Great Southern Bank launched a 10-episode podcast series called The Clever Way Home, hosted by Sophie Tieman, with the aim of demystifying the home buying process and helping first-time buyers.[28]

Partnerships

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Recent recognition/awards

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  • Forbes – Worlds Best Banks 2022[33]
  • Canstar – Customer-Owned Institution of the Year winner 2022[34]
  • Canstar – Savings 2022[35]

References

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  1. ^ "Executive Management". greatsouthernbank.com.au.
  2. ^ "Board Members". greatsouthernbank.com.au.
  3. ^ "Annual Report 2023". Great Southern Bank. Great Southern Bank. Retrieved 18 January 2024.
  4. ^ "Our credit rating". greatsouthernbank.com.au.
  5. ^ "Work with us". Great Southern Bank. Retrieved 18 January 2024.
  6. ^ "Customer 'flight to value' boosts growth at customer-owned bank". Great Southern Bank. 21 September 2024. Retrieved 18 January 2024.
  7. ^ "Our Members". Customer Owned Banking Association. Retrieved 18 January 2024.
  8. ^ "Customer Owned Banking Code of Practice". Great Southern Bank. Retrieved 18 January 2024.
  9. ^ "Co-ops and mutuals must work together for climate action, says Great Southern Bank CEO Paul Lewis". Business Council of Cooperatives & Mutuals. 23 December 2022. Retrieved 23 December 2022.
  10. ^ a b Walsh, Liam (16 November 2021). "Rebrand as 'bank' or lose Millennials, says Great Southern". Australian Financial Review. Retrieved 18 January 2024.
  11. ^ Customer Owned Banking Association, "Submission to the Financial System Inquiry" Archived 13 April 2014 at the Wayback Machine, Customer Owned Banking Association, March 2014
  12. ^ "Thrift and Loan Credit Union Limited, The - (1948-1987)". Australian Mutuals History. Retrieved 4 January 2022.
  13. ^ "Credit Union Australia Limited - (1966- )". Australian Mutuals History. Retrieved 4 January 2022.
  14. ^ "CUA Celebrates Significant Milestone". www.woccu.org. World Council of Credit Unions. 7 February 2006. Archived from the original on 28 November 2018. Retrieved 4 January 2022.
  15. ^ "Details of insurer CUA Health Pty Ltd (CPS)". www.privatehealth.gov.au. Retrieved 4 January 2022.
  16. ^ "Two largest credit unions to unite". The Age. Nine Entertainment. 12 October 2005. Retrieved 4 January 2022.
  17. ^ Yeates, Clancy (2 June 2013). "Credit unions cautious when it comes to banks". Sydney Morning Herald. Retrieved 4 January 2022.
  18. ^ Australian Banking and Finance, "AB+F Awards 2010 winners announced", Australian Banking and Finance, 4 June 2010
  19. ^ "Home Loan Star Ratings" (PDF). Canstar. September 2013.
  20. ^ "CUA banks on $60m IT overhaul to shake up big four". Australian Financial Review. 12 November 2014. Archived from the original on 13 April 2014.
  21. ^ "Australian Lending Awards – 2015". Australian Lending Awards. 29 February 2016. Archived from the original on 29 February 2016. Retrieved 5 January 2022.
  22. ^ "CUA to rebrand as a bank in its 75th year". Great Southern Bank. 2 February 2021.
  23. ^ "Great Southern Bank is the new name of CUA". Great Southern Bank. 1 June 2021.
  24. ^ "Climate Active Public Disclosure Statements". Climate Active. 29 October 2022. Retrieved 29 October 2022.
  25. ^ "Great Southern Bank reaffirms customer ownership with new Constitution". Great Southern Bank. 3 December 2021. Retrieved 5 January 2022.
  26. ^ "2021 Notice of Annual General Meeting and Explanatory Memorandum" (PDF). Great Southern Bank. 20 October 2021. Retrieved 5 January 2022.
  27. ^ "Credit Union Australia Ltd Constitution" (PDF). Great Southern Bank. 15 November 2021. Retrieved 5 January 2022.
  28. ^ "LiSTNR and Great Southern Bank partner on podcast about buying your first home". Mediaweek. 29 October 2022. Retrieved 29 October 2022.
  29. ^ "Proud Partner of Brisbane Heat". Great Southern Bank. Retrieved 18 January 2024.
  30. ^ "Proud Partner of Carlton Football Club". Great Southern Bank. Retrieved 18 January 2024.
  31. ^ "Great Southern Bank and Mission Australia partner to cut utility bills and reduce emissions for community housing tenants". Mission Australia. 17 August 2023. Retrieved 18 January 2024.
  32. ^ Penrith Panthers re-name stadium to BlueBet Stadium Sporting News 22 March 2021
  33. ^ "World's Best Banks". Forbes. 27 October 2022. Retrieved 27 October 2022.
  34. ^ "2022 Bank of the Year and Customer-Owned Bank of the Year Awards". Canstar. 27 October 2022. Retrieved 27 October 2022.
  35. ^ "2022 Savings Award". 20 September 2022. Retrieved 27 October 2022.
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