Bank Australia Limited is a mutually owned Authorised Deposit-taking Institution (ADI) and an unlisted public company. The bank is 100% owned by its customers, which includes employees. Customers share in the bank’s prosperity through competitive rates and fees, service improvements, and investments to create positive social and environmental change. Like all Authorised Deposit-Taking Institutions, the bank is heavily regulated by ASIC, APRA and the Banking Executive Accountability Regime (BEAR).
From its beginnings in 1957 as part of the Australian credit union movement, Bank Australia has operated according to the International Cooperative Principles – specifically, customer-owned banks exist to benefit customers, not to deliver profits to external investors. Bank Australia aims to inspire and empower its customers to use their money to create a world where people and the planet thrive. Bank Australia aspires to be the nation’s most trusted bank and a leading purpose-driven business.
Headquartered in Melbourne, all 591 staff are Australia-based, and the bank is committed to regionally based roles. Currently, 45% of staff are employed in regional Victoria across branches, offices and national lending and contact centres. Bank Australia has a branch network across the country to service customers.
Bank Australia has a strong reputation as a trusted bank and, in financial year 2023, reached more than $10 billion is total assets. It has 186,000 customers and a customer satisfaction rate of 88.6%. Its organisational success is underpinned by an ongoing focus on people and planet – effectively and efficiently using resources to grow profitably through a purpose-driven approach to banking that serves the needs of customers, communities and the planet.
Bank Australia is a certified B Corporation which demonstrates that it operates using sustainable and ethical practices while also meeting a global best practice framework to measure and evaluate its impact performance. Bank Australia is also certified carbon neutral under the Climate Active program, the first Australian RE100 member bank to operate on 100% renewable electricity and a signatory to the United Nations Global Compact as part of its climate change action commitments. Additionally, each year, Bank Australia commits up to 4% of annual after-tax profit to its Impact Fund, which supports several major projects and partnerships that benefit people and the planet, with customer (shareholder) input guiding which projects the Impact Fund supports.
In August 2008, Bank Australia demonstrated its commitment to climate change and environmental sustainability by purchasing 201 hectares of land (in Western Victoria), which transformed into a protected conservation reserve. Through successive land purchases, Bank Australia’s conservation reserve currently totals 2117 hectares of land across four properties in the West Wimmera region of Victoria.
Bank Australia focuses on three differentiated capabilities to drive growth, distinguish the bank in the market, and prioritise business plans and projects. These capabilities include putting customer well-being at the centre, looking after employees and culture, and raising the bar for responsible banking.
For information about Bank Australia, visit bankaust.com.au