As a 100% customer owned bank, Bank Australia exists to create mutual prosperity in the form of positive economic, social, environmental and cultural impact. From its beginnings in 1957, Bank Australia has operated according to the international cooperative principles. Its core business is retail banking for personal customers, community and public sector organisations. The bank’s day-to-day operations are led by a single executive team, and the company’s staff are 100% Australia based. It is regulated in the same way as all Australian banks.
Today Bank Australia is one of the strongest mutual banks in Australia. In 2018 the bank achieved a net profit of $26.1 million and reached $5.7 billion in assets. Its customer numbers grew to 135,786 and customer satisfaction was 91.2%. Its efforts in the banking and finance industry were recognised when the bank won the CANSTAR Customer Owned Institution of the Year in 2018.
As a member for the Global Alliance for Banking on Values, Bank Australia works to change the banking system so that it serves people, is more transparent, supports economic, social, environmental and cultural sustainability, and serves the real economy. To do this the bank is focussed on effectively and efficiently using resources to grow profitably, through a values-based approach to banking that serves the needs of customers, communities and the planet. Bank Australia is also a signatory to the United Nations Global Compact, which guides the bank’s approach to providing responsible banking.
In 2017 the bank launched the ‘Bank Australia Needs’ campaign to draw attention to its responsible banking approach. This campaign has attracted a large number of new customers who share the bank’s values. Building on this, in late 2018 the bank launched its ‘Clean Money’ campaign, which encourages people to think about how their bank uses their money, and whether that is in line with their values.
Bank Australia is headquartered in Melbourne, Victoria and has a branch network across Australia. Its national lending and contact centre is located in the Latrobe Valley in Gippsland, where approximately 30% of the bank’s employees work. Furthermore, Bank Australia has committed to never offshoring jobs.