Great Southern Bank: Difference between revisions

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| former_name = Credit Union Australia (CUA) {{small|(1980–2021)}}<ref>{{cite web |url=https://www.afr.com/companies/financial-services/rebrand-as-bank-or-lose-millennials-says-great-southern-20211116-p599g9 |title=Rebrand as ‘bank’ or lose Millennials, says Great Southern |last=Walsh |first=Liam |date=2021-11-16 |website=[[Australian Financial Review]]|access-date=2024-01-18 |quote=}}</ref>

| industry = [[Banking]], [[financial services]]

| founded = {{Start date and age|1946}}

| founder = [[Credit union]]s and [[Cooperative banking|financial co-operatives]].

| hq_location = 300 [[George Street, Brisbane]], Queensland<ref>{{cite web |url=https://www.greatsouthernbank.com.au/about/news/blog/media-releases/2021/april/cua-signs-new-brisbane-headquarters-at-300-george-street |title=CUA signs new Brisbane headquarters at 300 George Street |last= |first= |date=2021 |website=greatsouthernbank.com.au |publisher= |access-date=2024-01-18 |quote=}}</ref>

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* Paul Lewis {{small|([[Chief Executive Officer|CEO]])}}<ref>{{cite web |url=https://www.greatsouthernbank.com.au/about/corporate-governance/executive-management |title=Executive Management |last= |first= |date= |website=greatsouthernbank.com.au |publisher= |access-date= |quote=}}</ref>

* Nigel Ampherlaw {{small|([[Chairperson|Chairman]])}}<ref>{{cite web |url=https://www.greatsouthernbank.com.au/about/corporate-governance/board-members |title=Board Members |last= |first= |date= |website=greatsouthernbank.com.au |publisher= |access-date= |quote=}}</ref>

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| revenue = [[Australian dollar|A$]] 44.5 million (FY23)<ref name=Report>{{cite web |url=https://www.greatsouthernbank.com.au/about/corporate-governance/annual-reports/annual-report-2023 |title=Annual Report 2023|last= |first= |date= |website=Great Southern Bank |publisher=Great Southern Bank |access-date=2024-01-18 |quote=}}</ref>

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| rating = Long term: BBB<ref>{{cite web |url=https://www.greatsouthernbank.com.au/about/corporate-governance/credit-rating/our-credit-rating |title=Our credit rating |last= |first= |date= |website=greatsouthernbank.com.au |publisher= |access-date= |quote=}}</ref>

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'''Great Southern Bank''' (formerly '''Credit Union Australia''' or '''CUA''') is one of Australia's largest customer-owned banks with corporate offices in [[Brisbane]], [[Sydney|Sydney,]] and [[Melbourne]].<ref>{{Cite web |last= |first= |date= |title=Work with us |url=https://www.greatsouthernbank.com.au/about/careers/work-with-us |access-date=2024-01-18 |website=Great Southern Bank |language=en}}</ref> It provided banking services to more than 400,000 Australians in 2023.<ref>{{Cite web |last= |first= |date=2024-09-21 |title=Customer 'flight to value' boosts growth at customer-owned bank |url=https://www.greatsouthernbank.com.au/about/news/results2223 |access-date=2024-01-18 |website=Great Southern Bank |language=en}}</ref>

Great Southern Bank is a [[mutual savings bank|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 (COBA),<ref>{{Cite web |last= |first= |date= |title=Our Members |url=https://www.customerownedbanking.asn.au/about-us/our-members/ |access-date=2024-01-18 |website=Customer Owned Banking Association |language=en}}</ref> the industry association for mutual banks, credit unions, and building societies, adhering to the association's Customer-owned Banking Code of Practice.<ref>{{Cite web |last= |first= |date= |title=Customer Owned Banking Code of Practice |url=https://www.greatsouthernbank.com.au/about/corporate-governance/customer-owned-banking-code-of-practice |access-date=2024-01-18 |website=Great Southern Bank |language=en}}</ref> It is also a member of the Business Council of Cooperatives & Mutuals (BCCM).<ref>{{Cite web |last= |first= |date=2022-12-23 |title=Co-ops and mutuals must work together for climate action, says Great Southern Bank CEO Paul Lewis |url=https://bccm.coop/co-ops-and-mutuals-must-work-together-for-climate-action-says-great-southern-bank-ceo-paul-lewis/ |access-date=2022-12-23 |website=Business Council of Cooperatives & Mutuals |language=en}}</ref>

The bank changed its name from CUA to Great Southern Bank in June 2021, but remains customer-owned and firmly focused on its renewed purpose of "Helping all Australians own their own home."

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,<ref>{{Cite web |date=2021-11-16 |title=Rebrand as ‘bank’ or lose Millennials, says Great Southern |url=https://www.afr.com/companies/financial-services/rebrand-as-bank-or-lose-millennials-says-great-southern-20211116-p599g9 |access-date=2024-04-28 |website=Australian Financial Review |language=en}}</ref> it has become the biggest customer-owned bank in Australia.<ref name=":0">Customer Owned Banking Association, [http://balancebanking.com.au/wp-content/uploads/2014/03/COBA-FSI-submission-20140331.pdf "Submission to the Financial System Inquiry"] {{Webarchive|url=https://web.archive.org/web/20140413142731/http://balancebanking.com.au/wp-content/uploads/2014/03/COBA-FSI-submission-20140331.pdf# |date=13 April 2014 }}, ''Customer Owned Banking Association'', March 2014</ref>

| 1966–1975 || After several mergers, in 1966 the Queensland Postal Cooperative (now CUA) was founded by staff of the General Post Office in Brisbane.<ref>{{Cite web|title=Credit Union Australia Limited - (1966- )|url=https://mymutualshistory.com.au/find-a-mutual/registers-of-mutuals/mutuals-c/credit-union-australia-limited-1966/|access-date=2022-01-04|website=Australian Mutuals History|language=en}}</ref> 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 Mr 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.<ref>{{Cite web|date=7 February 2006|title=CUA Celebrates Significant Milestone|url=http://www.woccu.org/newsroom/releases/CUA_Celebrates_Significant_Milestone|url-status=dead|archive-url=https://web.archive.org/web/20181128122930/http://www.woccu.org/newsroom/releases/CUA_Celebrates_Significant_Milestone|archive-date=28 November 2018|access-date=4 January 2022|website=www.woccu.org|publisher=[[World Council of Credit Unions]]|language=en}}</ref>

| 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.<ref>{{Cite web|title=Details of insurer {{!}} CUA Health Pty Ltd (CPS)|url=https://www.privatehealth.gov.au/dynamic/Insurer/Details/CPS|access-date=2022-01-04|website=www.privatehealth.gov.au|language=en-AU}}</ref> 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, and 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.<ref>{{Cite web|date=2005-10-12|title=Two largest credit unions to unite|url=https://www.theage.com.au/business/two-largest-credit-unions-to-unite-20051012-ge1180.html|access-date=2022-01-04|website=[[The Age]]|publisher=[[Nine Entertainment]]|language=en-AU}}</ref> Credit Union Australia was named Credit Union of the Year for four years in a row 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.<ref>{{Cite web|last=Yeates|first=Clancy|date=2013-06-02|title=Credit unions cautious when it comes to banks|url=https://www.smh.com.au/business/credit-unions-cautious-when-it-comes-to-banks-20130602-2njw4.html|access-date=2022-01-04|website=[[Sydney Morning Herald]]|publisher=[[Fairfax Media]]|language=en}}</ref> CUA was named Credit union of the Year at the Australian Banking + Finance Awards in 2010.<ref>Australian Banking and Finance, [http://www.australianbankingfinance.com/banking/abf-awards-2010-winners-announced/ "AB+F Awards 2010 winners announced"], ''Australian Banking and Finance'', 4 June 2010</ref>

| 2011–2020 || In 2012 CUA aimed to further differentiate itself from the Big Four 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.<ref>{{Cite web|date=September 2013|title=Home Loan Star Ratings|url=https://www.canstar.com.au/wp-content/uploads/2013/10/home-loans-sep-2013.pdf|website=Canstar}}</ref> 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 [[TCS BaNCS|BaNCS]] costing around $60 million.<ref>{{Cite web|date=12 November 2014|title=CUA banks on $60m IT overhaul to shake up big four|url=https://www.afr.com/p/technology/cua_banks_on_it_overhaul_to_shake_TZl8TSBZQWNMSp2BQ3hdTM|url-status=dead|archive-url=https://web.archive.org/web/20140413130910/http://www.afr.com/p/technology/cua_banks_on_it_overhaul_to_shake_TZl8TSBZQWNMSp2BQ3hdTM|archive-date=13 April 2014|website=Australian Financial Review|publisher=[[Fairfax Media]]}}</ref> In 2014, CUA won Best Non-Bank Lender and Best Mutual Lender at the Australian Lending Awards.<ref>{{Cite web|date=29 February 2016|title=Australian Lending Awards – 2015|url=http://www.australianlendingawards.com.au/ALA2014/Winner.htm|url-status=dead|archive-url=https://web.archive.org/web/20160229090417/http://www.australianlendingawards.com.au/ALA2014/Winner.htm#|archive-date=29 February 2016|access-date=5 January 2022|website=Australian Lending Awards|language=en-AU}}</ref>

| 2021–2022|| CUA is rebranded as a bank and changed its name to Great Southern Bank on its 75th anniversary. On 9 August 2021, Great Southern Bank announced that it was carbon neutral.<ref>{{Cite web |date=29 October 2022 |title=Climate Active Public Disclosure Statements |url=https://www.climateactive.org.au/buy-climate-active/certified-members/great-southern-bank |access-date=29 October 2022 |website=Climate Active}}</ref> On 16 November 2021, Great Southern Bank adopted a new constitution to elevate its commitment to mutuality and to provide a simpler constitution.<ref>{{Cite web|last=|first=|date=2021-12-03|title=Great Southern Bank reaffirms customer ownership with new Constitution|url=https://www.greatsouthernbank.com.au/about/news/blog/media-releases/2021/december/great-southern-bank-new-constitution|access-date=2022-01-05|website=Great Southern Bank|language=en-AU}}</ref><ref>{{Cite web|date=20 October 2021|title=2021 Notice of Annual General Meeting and Explanatory Memorandum|url=https://www.greatsouthernbank.com.au/__data/assets/pdf_file/0031/438097/CA1652006_AGM_NOTICE-OF-MEETING_LETTER_A4_211018_WEB.pdf|access-date=5 January 2022|website=Great Southern Bank|language=en-AU}}</ref><ref>{{Cite web|date=2021-11-15|title=Credit Union Australia Ltd Constitution|url=https://www.greatsouthernbank.com.au/__data/assets/pdf_file/0027/417546/20211611-Credit-Union-Australia-Ltd-Constitution.pdf|access-date=5 January 2022|website=Great Southern Bank|language=en-AU}}</ref> 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.<ref>{{Cite web |date=29 October 2022 |title=LiSTNR and Great Southern Bank partner on podcast about buying your first home |url=https://www.mediaweek.com.au/listnr-and-great-southern-bank-partner-on-the-clever-way-home/ |access-date=29 October 2022 |website=Media Week}}</ref>

* Principal partner – Brisbane Heat BBL and WBBL cricket teams<ref>{{Cite web |title=Proud Partner of Brisbane Heat |url=https://www.greatsouthernbank.com.au/about/partnerships/brisbane-heat |access-date=2024-01-18 |website=Great Southern Bank |language=en}}</ref>

* Co-Major Partner - Carlton Football Club's AFL and AFLW teams<ref>{{Cite web |title=Proud Partner of Carlton Football Club |url=https://www.greatsouthernbank.com.au/about/partnerships/carlton-fc |access-date=2024-01-18 |website=Great Southern Bank |language=en}}</ref>

* Community Partner - Mission Australia<ref>{{Cite web |title=Great Southern Bank and Mission Australia partner to cut utility bills and reduce emissions for community housing tenants |date=2023-08-17 |url=https://www.missionaustralia.com.au/media-centre/media-releases/great-southern-bank-and-mission-australia-partner-to-cut-utility-bills-and-reduce-emissions-for-community-housing-tenants |access-date=2024-01-18 |website=[[Mission Australia]]|language=en}}</ref>

* Forbes – Worlds Best Banks 2022<ref>{{Cite web |date=27 October 2022 |title=World's Best Banks |url=https://www.forbes.com/lists/worlds-best-banks/?sh=71978bac7ef6 |access-date=27 October 2022 |website=[[Forbes]]}}</ref>

== See also ==

* [[Banking in Australia]]

* [[List of banks in Australia]]

* [[List of banks in Oceania]]

* [https://www.greatsouthernbank.com.au/ Official website]

{{Banking Industry in Australia}}

[[Category:Australian companies established in 1946]]