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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 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 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 Analysis Chapter

Even though the worst of the global financial crisis took place more than five years ago, its effects on the financial sector are still evident today. Like other finance industries, credit unions have been hit hard by the global financial crisis. Furthermore, the conversion of eligible credit unions to banks has resulted in fewer enterprises, reduced assets and lowered aggregate industry revenue. IBISWorld forecasts industry revenue to contract at an annualised 8.8% over the five years through 2014-15.

The industry is forecast to generate revenue of $2.4 billion in 2014-15, down 4.8% from the previous year. However, this representation of the industry's performance is misleading due to the reclassification of several credit unions as banks... 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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