Industry Analysis & Industry Trends
Like the rest of Australia's Finance subdivision, the Credit Unions industry has been hurt by the financial crisis and a slowing economy. However, their mutual status, prudent lending and heavy reliance on deposits for funding have shielded credit unions to a large extent. Following two years of decline, industry revenue rebounded in 2010-11 due to higher interest rates. However, this was followed by a series of quarterly declines in revenue. This was partly attributable to the exit of several industry participants and the expiry of the First Home Owner Boost dampening residential home loan growth. Over the five years through 2012-13, industry revenue is expected to decline at a compound annual rate of 5.5% to $3.4 billion. In 2012-13, revenue is forecast to decline by 18.6%... 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 35.4% of industry revenue. The top 10 credit unions hold an estimated 63% of total industry assets, up from 57% in 2007, prior to the global financial crisis. This compares with the Building Societies industry, where the top five building societies hold 89% of industry assets, and the National and Regional Commercial Banks industry, where the top four major banks hold 83% 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... purchase to read more