Australian Mutuals Archives

09/06/2026

Welcome to our June 2026 newsletter.

Australian Mutual Archives are excited to be attending WOCCU 2026 in Sydney, July 19-22. It is an excellent opportunity to share stories with mutual people from all over the world.

03/06/2026

The Wallis Report (Financial System Inquiry) handed down in 1997 was a momentous event in Australian financial history. The changes were widely heralded by customer owned banks at the time but perhaps there are some misgivings 30 years on?

As part of our ongoing digitisation program, last year we digitised this 17-minute film produced by Cuscal on the Wallis Report and what it meant for credit unions. In short, the Wallis Report led to customer owned banks being brought under the same regulatory and capital adequacy requirements as major banks. This was said to give credit unions greater credibility and allowed them to compete on a more equal footing.

The video features the views of several experts and interested parties, including Professor Ian Harper, who was a member of the Wallis Inquiry. Harper states at the beginning of the film that the inquiry is “probably the best thing that has happened to the credit union movement in years”.

Later he says that “the main concern that regulatory authorities have had with mutuals in the past is their inability to raise capital fast enough in the event of financial stress … Indeed, this has been the main reason why the Reserve Bank, in the past, has refused to license mutuals as banks. What the committee wants to do is say there must be other ways in which this capital can be raised to allow the prudential supervisor to meet its commitment to protect depositors and if those mechanisms can be found to protect credit unions, and we believe that that they can, there’s no longer any reason why mutuals can’t be licensed as banks”.

Also appearing in the video is John Buttle, a partner at KPMG, who outlines “the threats and opportunities” of this new financial landscape. Buttle says credit unions are well placed to compete with banks because of their close relationship with their customers.

He also says, “moving forward there’s going to have to be an additional investment to make sure those customer relationships remain strong and this may be through a better interface with the customer, a greater range of products, more technology applied to distribution channels. These are the sorts of things that will bond the customer better to the institution”.

The changes introduced through Wallis were addressed by Patmore, Balnave and Marjanovic in their book, A History of Australian Co-operatives 1827-2023. Summing up the new environment they write, “while these changes gave credit unions greater flexibility, removing restrictions on lending, foreign currency transactions and director’s remuneration, their cumulative effect was to increase operating costs for small credit unions and greater demands on volunteer directors, which accelerated the push towards amalgamation to obtain economies of scale”.

Towards the end of the video there are appearances by Peter Timmins of , Col Thomson, Chair of NSW Teachers Credit Union (Teachers Mutual Bank, Bill Brady, Chair of Select Credit Union (Australian Mutual Bank) and John Curtis, Chair of Community First Credit Union (Community First Bank).

26/05/2026

When Satisfac Direct Credit Union merged with PowerState Credit Union in October 2009 becoming Credit Union SA, it had already served the people of South Australia for 51 years. “Satisfac” is an acronym that stands for South Australian Teachers Institute Savings and Finance Co-operative Society. Initially registered as a “finance co-operative”, it became Satisfac Credit Union Limited in 1979.

In December 1981, Satisfac General Manager Brian Flew gave an extensive interview to Australian Credit Unions Magazine, mostly about the credit union he leads. He noted that the membership was drawn from “the education community (state and private schools) who are eligible and who have joined the South Australian Institute of Teachers. The families of these members were included in the bond as late as June, 1980”.

Flew went on to say:
“The Satisfac board and management have strongly supported credit union development in SA. They have had directors on the old league and since inception have had directors on the SA Credit Union Association and the Credit Union Co-operative of SA. In addition, senior management participate on numerous boards and committees within the movement. Being an education community-based credit union, Satisfac strongly supports and participates in the Association of Australian Teachers’ Credit Unions – as the name implies, an association of all the teacher credit unions in Australia (representing 155,000 members and $290 million in assets).”

He also spoke about the innovation undertaken by Satisfac on his watch:
“We saw the need and have upgraded our computer system for member transactions and were largely responsible for promoting the idea of a bureau type operation serving on-line access to credit union service centres, ATMs and central banking using plastic debit cards. We have supported this technological development financially and by supplying senior staff for the development and control of this exciting venture in the belief that not to do so would be folly, and not in the best interest of providing our members with service opportunities equal to or better than our competitors. It also provides that platform for future technological opportunities for such things as national links, credit cards, payroll whole of pay services, point of sale terminals, cheque drawing and clearing facilities.”

In time Satisfac would merge with Adelaide Savings Credit Union, Marine Officers Credit Union Society and as mentioned at the beginning it merged with PowerState Credit Union in 2009, becoming Credit Union SA.

20/05/2026

Australian Mutuals Archives staff have always been Jacks and Jills of all trades. Shot in 2003 by late tireless archives volunteer John Lee, we bring you video of a gala event celebrating the publication of Select Credit Union 1963-2003 – a history compiled by Australian Mutuals Archives champion, Richard Raxworthy.

The video is mostly a succession of speeches, but they are instructive. After the introduction, first up is Select board chair, Neil Peninton.

Neil is followed by the CEO Gary Eggert, who passed away recently. Gary’s speech is witty and eloquent and gives a solid overview of not only Select history but also important milestones in mutual history like credit union tax emption and reinstatement, deregulation, the internet, etc. etc.

John Gilbert, CEO of Cuscal, gives a rousing speech comparing banking to a rugby league match with credit unions analogous to a half back and the big banks brainless hulking prop forwards.

Inaugural Chair Ray Pemberton tells the story of Select’s beginnings as Sydney County Council Employees Credit Union and the hard work of the early volunteers feverishly doing the books for 1000 new members in the first three months, by hand, on top of their day jobs. Neil Peninton and Ray Pemberton are shown jointly cutting the cake while guests enjoy a glass and reminisce. The video production is signed off by another tireless worker for mutual history, Tom Kelly.

Select Credit Union sailed on for another 13 years until it merged with Encompass Credit Union, and then with SCU (Sydney Credit Union) in 2019 to form Australian Mutual Bank.

13/05/2026

Congratulations! 🥳

In 2026, Central West Credit Union proudly celebrates 60 years of serving our communities. 💙🧡

From humble beginnings in Parkes in 1966 with just 86 members, CWCU has grown into a trusted regional financial institution built on community, connection, and member-first banking.

For six decades, we have remained committed to supporting local families, businesses, and communities across the Central West while staying true to the values that shaped us from the very beginning.

As we celebrate this incredible milestone, we thank our Members, staff, Directors, volunteers, and communities for being part of the CWCU story. Your support, trust, and loyalty have helped shape who we are today.

While we reflect on the past 60 years, we are also excited for the future as we continue investing in our communities, enhancing our services, and supporting the next generation of Members.

To read more about CWCU’s 60-year journey, visit our website. 💙🧡

13/05/2026

Earlwood is a suburb in Sydney’s Inner West. Soon to be quite hip perhaps as it’s adjacent to trendy and multicultural Marrickville. Its modern roots stem from a land grant obtained by John Parkes in 1827. Initially known as Parkestown, it became Earlwood in 1918.

Earlwood Credit Union Co-operative was instituted in 1954 with a bond to serve the residents of Earlwood, making it an early example of a community credit union. The first credit unions were created by workplaces and church parishes.

Money Matters noted in April 1976 that, “the Earlwood Credit Union commenced business in a temporary office in Our Lady of Lourdes Church Hall. On 30 June 1954 after less than three month's business, the credit union had 93 members. The Business moved to an office at 263 Homer Street [Earlwood] in 1959 and again to 301 Homer Street in 1969”.

In 1970, it won an award for credit unions with assets over $150,000 but not exceeding $500,000. A year later Quest reported that, “Earlwood Credit Union is aiming for a savings goal of $1 million by next June 30. Last June 30 its savings and shares stood at $563,080 – half way there. Three months later it had risen to $708,000 – almost three quarters of the way. The magic figure seems well within reach!”.

In 1972, Canterbury Municipal Council signed up for payroll deduction services for staff that were members of Earlwood Credit Union and other local businesses soon followed. In June 1975, Earlwood purchased an NCR 399 Mini Computer to process accounts.

During 1976, Earlwood Credit Union moved yet again into more spacious rooms on the corner of Homer St and View St. The office was officially opened by NSW Premier, Sir Eric Willis, on 13 March 1976.

Also in March 1976, members agreed to open the bond of the credit union to those living outside the boundaries of Earlwood. In 1980, Earlwood Credit Union transferred engagements to Georges River Credit Union and its name was removed from the register.

Below NSW Premier, Sir Eric Willis, opens the new Earlwood Credit Union office on 13 March, 1976

06/05/2026

On September 7, 1996, NSW Premier Bob Carr opened a new branch of Orana Credit Union in Trangie NSW, amid much pomp and ceremony. This digitised VHS tape of the event shows how important such banking facilities were in regional and rural Australia. As the RBI Alliance shows, it’s still a pressing concern.

Premier Carr is seen meeting officials and locals. Naturally there are speeches but there’s also a children’s choir and a parade of sheep. The branch opening was celebrated by the town like a music festival or an agricultural show.

Some viewers may recognise long time mutual personality Mark Genovese who spoke at the opening due to his role with the CreditCare project, which helped open the branch. CreditCare was a partnership between Cuscal and government to keep bank branches in regional Australia. The abandonment of the bush by the major banks is mentioned in several speech snippets.

Orana Credit Union merged with New England Credit Union in 2008 which today is known as Regional Australia Bank. The video was made by WIN TV and acquired by Australian Mutuals Archives.

29/04/2026

Wayback in 1983, the Australian Federation of Credit Unions Ltd (AFCUL) launched the Australian Credit Union Video Network. Here we bring you the Network’s “Volume 1” which we recently digitised. Created as low-cost, in-house training for credit union staff and directors, each volume runs for an hour and is split into segments.

Volume 1 includes the first part of a series on “Teller Training” followed by “The Importance of Good Government Relations” featuring AFCUL’s Peter Timmins, “Collections - The Collection Call”, “Directors - Is This A Matter For The Directors?”, featuring Alan Parry, Chair of ED Credit, “Financial Counselling: Why & How” and “The Supervisor's Role In Staff Training”.

The last two segments feature material from the American Credit Union Video Network, a creation of American peak body CUNA, which inspired AFCUL to start its own video network. A proportion of all the Australian Credit Union Video Network volumes are repackaged CUNA material.

The Victorian Credit Co-operative Association (VCCA) produced the videos on behalf of AFCUL. Australian credit unions could subscribe to the series for two years, receiving one video a month for a cost of $3000.

21/04/2026

“Only this morning I had a chap in the office who tried to borrow money from a bank to complete a house he was building himself. They said they would loan him money only after the house was completed. He joined the credit union and we agreed to lend him $2000 and keep lending more as he repays the loan”.

That was a quote from Stan Watterson from Dependable Credit Union in 1969 when it was known as Matraville Credit Union. It illustrates the important part mutuals have played in Australian life.

The wonderfully named Dependable Credit Union is a good example of an industrial credit union that became a community credit union to keep growing its membership. It was begun by workers at ICIANZ Ltd in Botany, Sydney, a chemical factory. They were aided in their goal by the NSW Credit Union League who met with the workers onsite.

ICIANZ agreed up front that subscriptions and loan repayments could be deducted from credit union member salaries. This made it easier for the credit union to get off the ground and with that the ICIANZ Employees' Credit Union Co-operative was registered on 7 July 1960 with membership open to all ICIANZ employees. The initial HQ was at 16-20 Beauchamp Road, Matraville, with the administration of the credit union conducted by volunteers.

In its first year of operation there were 172 members and 99 loans were made. By August 1963 a credit union office had been fitted out with enlarged systems that included addressograph plates and history data cards.

In 1968, the business was renamed Matraville Credit Union. That same year Noel Bain commenced as the credit union’s first full time manager and he worked with two other employees. In 1980, the credit union’s records were transferred to Financial Computing Services' Prime On-Line Computer System. The next major step came the following year when the NSW Government authorised the credit union to extend membership to people who live or work in the Municipality of Botany or the Central or South wards of the Municipality of Randwick.

Finally, in 1984 the credit union was re-branded Dependable Credit Union and a new office was opened in Maroubra. Dependable Credit Union continued to trade until 2002 when it merged with Members Australia Credit Union.

15/04/2026

Is it generally known that Bendigo Bank has mutual roots? Bendigo Bank is short for Bendigo and Adelaide Bank and formed from a merger of Bendigo Bank and Adelaide Bank. Both Bendigo and Adelaide Banks were former building societies. Adelaide Bank was formed in 1994 from a merger of the Co-operative Building Society of South Australia and Hindmarsh Building Society.

Australian Mutuals Archives holds a copy of Co-operation: The History of The Co-operative Building Society of South Australia 1900-1987 by Anne Fricker. The following is an overview of the book’s contents which are an excellent secondary resource for any researcher of building societies or Bendigo and Adelaide Bank.

The 137-page hardcover book contains many photos and illustrations and has a foreword by former South Australian Premier, John Bannon. Bannon notes that the book begins “in 1900, when few people could afford to buy their home, and progresses to South Australians enjoying one of the highest levels of home ownership in the world”.

Divided into six chapters, the first is centred around Alwin Fisher who was the “founding father” of the building society, according to Fricker. Fisher was a Christian philanthropist and believed that everyone had the right to their own home, not just the prosperous few.

Like every building society, it was created to provide members with the wherewithal to purchase a home. They did this by pooling resources. Getting a building society off the ground is the hardest part. The basis of the Fisher system was to use loans offered by banks, life assurance companies and friendly societies – who loaned about two-thirds of the value of a property-and supplement them with the collective savings of society members.

It was initially a terminating building society whereby loans were paid out by ballot and when your number was picked out, you had your loan. Repayments did not start until a member’s house was ready to live in. At this point the subscription fee for joining the society ceased and loan repayments began.

Chapter Two investigates the Depression years, Chapter Three is “Making a Million, 1934-1953”, then “The Big Quake (& Other Shake-ups), 1954-1968”, followed by “Branching Out, 1969-1979” and finally “The New Financial Era, 1979-1987”.

The author, Anne Fricker, was a librarian and researcher who was employed by the the Co-operative Building Society of South Australia to write the book. She said the most enjoyable part of the project was getting to know the building society staff and receiving their support.