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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 | Dec 2013

Partial credit: The industry loses revenue as credit unions convert to banks

IBISWorld’s Credit Unions market research report can be used to help you: understand market size and growth potential; major companies; draft business plans and pitch books; and conduct benchmarking and SWOT analysis. Our industry analysis highlights macro industry trends in the overall sector and micro trends faced by companies that do business in the industry. The industry report also provides key industry statistics and 5-year forecasts to anticipate future industry prospects so you can decide with confidence.

Report Snapshot
Industry Statistics & Market Size
Revenue
$3bn
Annual Growth 09-14
-6.0%
Annual Growth 14-19
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Profit
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Employment
6,784
Businesses
88
Industry Analysis & Industry Trends

Like the rest of Australia's Finance subdivision, credit unions have 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 the industry to a large extent. Following two years of decline, industry revenue rebounded in 2010-11 due to higher interest rates. However, the exit of several industry participants and the expiry of the First Home Owner Boost dampened residential home loan growth and put further pressure on industry revenue. Credit unions were later bombarded with interest rate reductions, and 2012-13 was the industry's worst year in a decade. As a result of these conditions, industry revenue is forecast to decline at a compound annual rate of 6.0%... purchase to read more

Industry Report - Industry Locations Chapter

Credit unions have close to 782 branches throughout Australia. Some of the large credit unions are expanding their branch networks beyond traditional locations. For example, before the two entities merged to form People's Choice Credit Union, South Australia-based Savings & Loans expanded into Melbourne, while the Australian Central Credit Union expanded beyond its regional network into metropolitan Adelaide.

Credit unions have entered into agreements with councils to provide services in rural areas. The CreditCare program, a cooperative project between the Commonwealth Department of Primary Industries and Energy and Credit Union Services Corporation, is facilitating some of these agreements... 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. Credit unions are owned by their members and provide banking services, mainly deposit taking and lending, to these same members.

Industry Products
Personal lendingReal estate lendingOther loansDeposit accounts
 
Industry Activities
Credit union operationCooperative society operation


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