Bank Australia is a customer-owned bank that operates under co-operative principles, offering an alternative to shareholder-driven banking. Headquartered in Kew, Victoria, the bank traces its origins to 1957, when the CSIRO Co-operative Credit Society Ltd was established. It became the first mutual bank in Australia in 2011 after securing a banking licence from the Australian Prudential Regulation Authority and the Reserve Bank of Australia. The bank adopted its current name, Bank Australia, in 2015, transitioning from bankmecu to better reflect its national footprint and customer-owned structure.
Every Bank Australia customer holds an equal share in the organisation, making them both a customer and a part-owner. Customers have the right to vote at the Annual General Meeting and play a role in shaping the bank’s direction, including the issues it supports through its impact fund. Because it is not listed on the stock exchange, Bank Australia answers solely to its customers.
Profits are reinvested into the bank to support competitive rates, fair fees and quality services. The bank aligns its operations with the international principles for co-operative financial institutions and maintains a strong focus on social and environmental responsibility.
Bank Australia does not invest in fossil fuels, gambling, tobacco, live animal exports or the arms industry. Instead, it directs funding toward areas such as the clean energy transition, inclusive and community housing, sustainable investments and support for not-for-profit organisations. It has set a target to reach net zero by 2035, one of the most ambitious targets among Australian banks, and manages a customer-owned conservation reserve.
With digital banking services, ethical products and no executive bonuses or shareholder dividends, Bank Australia continues to offer customer-centric services grounded in co-operative values.
