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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 | Oct 2014

Give them credit: The industry rebounds well as interest rates are set to rise

IBISWorld’s Credit Unions market research report provides the latest industry statistics and industry trends, allowing you to identify the products and customers driving revenue growth and profitability. The industry report identifies the leading companies and offers strategic industry analysis of the key factors influencing the market.

Report Snapshot
Industry Statistics & Market Size
Revenue
$2bn
Annual Growth 10-15
-8.8%
Annual Growth 15-20
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Profit
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Employment
6,112
Businesses
82
Industry Analysis & Industry Trends

Like the rest of Australia's Finance subdivision, credit unions have been hurt by the global financial crisis and a slowing economy in 2008-09. Their mutual status, prudent lending and heavy reliance on deposits for funding have shielded the industry to some extent, but the past five years have been difficult nonetheless. As the Australian economy transitions from mining to non-mining sectors, the Reserve Bank of Australia has dropped interest rates to historic lows. This decimated the revenue generated from lending portfolios. Even more detrimental was the effect of credit unions leaving the industry and taking portions of revenue and asset base with them. As a result, industry revenue is forecast to decline at an annualised 8.8% over the five years through 2014-15 to reach $2.4... purchase to read more

Industry Report - Industry Key Buyers Chapter

The level of concentration in the industry is medium. IBISWorld estimates that the two largest companies share 38.3% of industry revenue, while the top four account for an estimated 47.4%. This compares with the Building Societies industry, where the top five players hold an estimated 89% of industry assets, and the National and Regional Commercial Banks industry, where the top four major banks hold 84.7% of domestic banking assets. The Credit Unions industry has, however, been undergoing consolidation for many years, and there is no sign of this process abating.

Over the past five years, several credit unions were reclassified as mutual banks and exited the industry classification, according to Australian Prudential Regulation Authority (APRA)... 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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