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Credit Unions in Australia: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Credit Unions Market Research Report | ANZSIC K6223 | Mar 2016

Cashing out: The conversion of eligible credit unions to banks has reduced industry revenue

IBISWorld’s Credit Unions market research report is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

Report Snapshot
Industry Statistics & Market Size
Revenue
$2bn
Annual Growth 11-16
-15.8%
Annual Growth 16-21
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Profit
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Employment
5,722
Businesses
72
Industry Analysis & Industry Trends

Like the rest of Australia's Finance subdivision, credit unions have been hurt by the successive cash rate cuts over the past five years. As the Australian economy transitions from an emphasis on mining to non-mining sectors, the Reserve Bank of Australia has cut the cash rate to historic lows. This has had a detrimental effect on the interest income generated from credit unions' loan portfolios. Even more damaging was the effect of many credit unions exiting the industry as they converted to bank status, which led to a portion of the industry's revenue and asset base being instead reclassified to the National and Regional Commercial Banks industry. As a result, industry revenue is forecast to decline at an annualised 15.8% over the five years through 2015-16 to reach $1.7... purchase to read more

Industry Report - Industry Key Buyers Chapter

The Credit Union industry exhibits a moderate level of market share concentration, which has been increasing over the past five years. The top four credit unions are expected to account for an estimated 67.2%. The industry has undergone consolidation for many years, particularly as many operators have transitioned to operating as banks and exiting the industry, and there is no sign of this process slowing.

Over the past five years, numerous credit unions were reclassified as mutual banks and exited the industry classification, according to the Australian Prudential Regulation Authority (APRA). This has increased the level of industry concentration. One example includes the Australian Defence Credit Union, which was reclassified as a bank in 2015 to become Australian Military Bank... purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Credit Unions Industry?

This industry consists of financial institutions known as credit unions or cooperatives, which are owned by their members and provide them with banking services, mainly deposit taking and lending.

Industry Products
Personal lendingInvestment mortgagesOwner-occupied mortgagesCommercial lendingDeposit accounts
 
Industry Activities
Mortgage lendingPersonal lendingCommercial lendingDeposit accounts


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