Strength, resilience and competitiveness

KPMG's Building Societies and Credit Unions 2010 Survey released recently highlights the "strength, resilience and competitiveness" of the mutual banking sector.

"The Australian mutual sector is well-capitalised with strong growth performance, as noted by KMPG's report. This is great news for Australians who may be looking for a better value banking," said acting CEO of Abacus - Australian Mutuals’, Mark Degotardi.

KPMG's Martin McGrath said credit unions "offer healthy competition against other lenders in the highly competitive home-mortgage and retail deposit markets. They'll go into next year well-positioned for further growth."

"Major bank customers can vote with their feet and move their banking to a credit union. They are strong, secure and offer great rates across a range of products," said Abacus acting CEO Mark Degotardi.

The KPMG report confirms that credit unions across Australia are giving consumers choice. ”Whether you want to switch your home loan, personal loan or credit card, or get a better rate on your deposit, switch today. Switching is easier than most people think and credit unions can help consumers to make the switch.”

"We're seeing a surge in enquiries and applications right across the sector, as more and more consumers turn from the major banks to the better deals that can be found at credit unions.”

"KPMG has confirmed today what we have known for some time. Credit unions are strong, secure and regulated the same way as banks. And they are ready to put competition back into retail banking and give Australian consumers a better deal," Degotardi said.