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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 | Jun 2014

Maxed out: Low interest rates and competition from banks reduces industry revenue

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
-7.1%
Annual Growth 14-19
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Profit
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Employment
6,784
Businesses
83
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. Their mutual status, prudent lending and heavy reliance on deposits for funding have shielded the industry to a large 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 7.1% over the five years through 2013-14 to reach $2.9 billion... purchase to read more

Industry Report - Industry Products Chapter

In general, credit unions offer the same basic products and services as the commercial banks, though of a more limited variety due partly to their small size and more limited resources. Unlike banks, whose customer base is split between individuals and businesses, credit unions primarily service individuals. Due to the significance of this market, credit unions' most popular products are residential and personal loans. The mix of industry products has continued to shift towards residential lending over the past five years.

Owner-occupied mortgages

Real estate lending mainly consists of mortgages for homeowners. These can be variable or fixed interest-rate mortgages and tend to have maturities of over 20 years... 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
Credit union operationCooperative society operation


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