Bank Australia

Bank Australia is an Australian customer-owned bank based in Kew, Victoria. Bank Australia's purpose is "to create mutual prosperity in the form of positive economic, social, environmental and cultural impact". The organisation was formed in 1957 as the CSIRO Co-operative Credit Society which over time merged with 72 other credit unions and co-operative banks, eventually becoming Bankmecu in 2001, then Bank Australia in 2015.[1]

Bank Australia
FormerlyCSIRO Co-operative Credit Society (1957–2015)[1]
TypeCustomer-owned bank[1]
Industry
Founded1957 (1957) in Victoria, Australia
HeadquartersKew,
Victoria
,
Australia[2]
Number of locations
 16[1] (2020)
Area served
Australia
Key people
  • Judith Downes, Chair[3]
  • Damien Walsh, Managing Director[3]
Revenue A$131.4 million[4] (2020)
A$19.63 million[4] (2020)
Total assets A$7.20 billion[4] (2020)
Members 160,000+[4] (2018)
Number of employees
 441[5] (2020)
Websitebankaust.com.au

Bank Australia is a member organisation of the Australian Banking Association, the Global Alliance for Banking on Values, and is a certified B Corporation.[6][7][8]

History

Bank Australia is an amalgamation of 72 credit unions and co-operatives. Starting in 1957 as the CSIRO Co-operative Credit Society, the bank expanded to become Australia’s first customer-owned bank in 2011, trading under the name Bankmecu.[9]

In 2015, Bankmecu rebranded itself as Bank Australia.[10]

Responsible and ethical banking approach

Bank Australia’s position is that a responsible bank can make society better, and that where people and organisations put their money has a big impact on the world.

The company’s responsible banking policy[11] defines how it embeds its values into the way it does business. Its full range of deposit and home lending products are certified as responsible by the Responsible Investment Association of Australasia (RIAA).[12]

Bank Australia is a signatory of the United Nations Global Compact,[13] a member of the Global Alliance for Banking on Values[14] and RE100[15] and is a Founding Partner of the Victorian Government’s TAKE2[16] pledge.

In June 2020, Bank Australia became a certified B Corp.[17]

Clean money campaign

In 2018, Bank Australia launched their Clean Money campaign, with the master message that "The bank with clean money is the bank that Australia needs."[18] The campaign is based on the idea that where people put their money can do good, not harm, to people and the planet.[19] As part of this campaign, Bank Australia has reaffirmed that they have never and will never invest money in fossil fuels, live animal exports, military weaponry, tobacco, or gambling.[20]

Sustainability

Bank Australia has made a range of public commitments to sustainability and environmental practices.

Business operations

Bank Australia has been carbon neutral since 2011 and in 2018 became certified carbon neutral by the Australian Government’s National Carbon Offset Standard.[21]

Ahead of the Paris climate change talks in 2015, Bank Australia made seven commitments as part of We Mean Business platform.[22]

In 2019 they switched to 100% renewable energy. It was the first bank in Australia to do so.[23]

Conservation Reserve

The Bank Australia Conservation Reserve[24] is a 927 hectare private land reserve owned by the bank and its customers. The reserve is located in Victoria’s Wimmera region and is made up of three properties and is protected from development forever through a conservation covenant. The company purchased the first of the three properties in 2008 in response to customer concerns about the environment.

Greening Australia[25] and Trust for Nature [26] manage the Reserve.

In 2018, Bank Australia, in partnership with Greening Australia and Trust for Nature, won the Banksia Large Business Award for the Conservation Reserve’s ten-year strategy.[27]

Impact Fund

Bank Australia allocates 4% of their after tax profits to the Bank Australia Impact Fund. The fund supports projects and partnerships that “benefit people, communities and the planet”.[28]

As part of the Fund, the Bank runs an annual customer grants program, many concerned with investment in sustainability and community renewable energy projects.[29]

Locations

Bank Australia is 100% Australian based and has a public commitment to keep jobs in Australia.

The company’s head office is in Kew, Victoria and its National Contact Centre is located in Moe in the Latrobe Valley in Victoria.

Products and services

Bank Australia offers a full suite of banking products including everyday banking, savings, term deposits, personal and car loans, home loans, credit cards and commercial banking services.

It operates digital banking services through internet and mobile app banking. Customers also have access to Apple Pay, Google Pay and Android Pay, Round UP, and fee free withdrawals at Bank Australia ATMs and all of the major banks’ ATMs.

As an authorised deposit-taking institution, Bank Australia is covered under the Financial Claims Scheme. Like all other authorised institutions, balances of up to A$250,000 are guaranteed by the Australian Government should Bank Australia collapse.

Awards and recognition

Banksia Sustainability Award, Banksia Foundation

  • 2018 Winner: Banksia Large Business Award[30]

Business Leadership Award, Climate Alliance

  • 2018 Winner: Board Leadership of the Year

CANSTAR[31]

  • 2019 5 Star Rating: Home Lender
  • 2018 Winner: Customer-Owned Institution of the Year award
  • 2018 Winner: Customer-Owned Institution of the Year – Everyday Banking
  • 2019 Winner: Customer Owned Institution of the Year

Mozo[32]

  • 2019 Winner: Excellent Banking App
  • 2019 Winner: Outstanding Customer Satisfaction
  • 2019 Winner: Excellent Customer Service
  • 2019 Winner: Highly Trusted
  • 2019 Winner: Most Recommended
  • 2018 Winner: Green Car Loan

Domain name dispute

Bank Australia launched a domain name dispute on 21 January 2016 for the domain names bankaus.com.au and bankaustralia.com.au. In a single-member judgement on behalf of the WIPO Arbitration and Mediation Center, the claim was denied. As the domain names in question were registered in 2011 and 2008 respectively, there was no evidence that their owner had registered them to 'prevent the owner of a name, trademark or service mark from reflecting the mark in a corresponding domain name' (cybersquatting) or 'primarily for the purpose of disrupting the business or activities of another person'.[33]

References
  1. "About us". Bank Australia. Retrieved 4 September 2020.
  2. "Contact us". Bank Australia. Retrieved 4 September 2020.
  3. "Our people". Bank Australia. Retrieved 4 September 2020.
  4. "2020 Financial Report" (PDF). Bank Australia. Retrieved 4 November 2020.
  5. "2020 Impact Report" (PDF). Bank Australia. Retrieved 4 November 2020.
  6. "Our Members". Australian Banking Association. Retrieved 4 September 2020.
  7. "Bank Australia". Global Alliance for Banking on Values. Retrieved 4 September 2020.
  8. "B Corp". Bank Australia. Retrieved 4 September 2020.
  9. "Mecu blazes a trail as first mutual bank". The Australian. 2 September 2011. Retrieved 13 September 2011.
  10. Pretty in Pink, Brand New, 2015, retrieved 24 November 2019
  11. "Policy statement" (PDF). www.bankaust.com.au. Retrieved 4 September 2020.
  12. "Profile". Responsible Returns Investment Tool.
  13. "Global Compact Network Australia | GCNA". unglobalcompact.org.au.
  14. "Global Alliance – For Banking on Values ~ Independent banks delivering sustainable development for unserved people". www.gabv.org.
  15. "HOME - RE100". www.there100.org.
  16. Victoria, Sustainability. "TAKE2 – Victoria's climate change pledge". www.sustainability.vic.gov.au.
  17. "Bank Australia". B Corporation Directory. Retrieved 4 September 2020.
  18. "Clean Money 2020". YouTube. Bank Australia. 20 February 2020. Retrieved 17 September 2020.
  19. "Video". www.youtube.com. Retrieved 4 September 2020.
  20. "Responsible Banking | Bank Australia". www.bankaust.com.au.
  21. Department of Industry, Science (14 August 2020). "Australia's climate change strategies". Department of Industry, Science, Energy and Resources.
  22. "Take Action".
  23. Mazengarb, Michael (6 May 2019). "Bank Australia becomes first Australian bank to purchase 100% renewables".
  24. "Conservation Reserve - Supporting our Planet | Bank Australia". www.bankaust.com.au.
  25. "Reimagining the future – Bank Australia Conservation Reserve". Greening Australia. 2 November 2016.
  26. Nature, Trust for (4 September 2020). "Trust for Nature". Trust for Nature.
  27. "2018 BANKSIA LARGE BUSINESS AWARD".
  28. "Bank Australia Impact Fund". Bank Australia. Retrieved 17 September 2020.
  29. Renewable energy community projects receive $110,000 of grants, The Green List (published 31 July 2019), 2019, retrieved 24 November 2019
  30. "2018 Banksia large business award". Banksia.
  31. "Customer owned institution year 2019". CANSTAR.
  32. "Choice awards". Mozo.
  33. "Mecu Limited v. OZ8 Pty Ltd - Case No. DAU2016-0003". WIPO Arbitration and Mediation Center. 15 March 2016. Retrieved 1 June 2016.
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