Financial services built on integrity
Abacus - Australian Mutuals is the industry body for the Australian mutual financial services sector, a strong alliance of mutual building societies, credit unions, mutual banks and friendly societies.
The mutual sector has combined assets of some $85 billion, offering Australians a competitive alternative to banks and access to a range of savings, investment, loan and insurance products. Unlike banks, profits are not paid to external shareholders, but put back into better products and services for the over 5.3 million members (customers) and their communities.
As the official industry body, Abacus delivers a strong, united and clear voice for the mutual financial services sector as it brings together the strength and professionalism of its 120 member institutions. All are united in that they are all mutual organisations and have closely aligned values, including: cooperation, trust, integrity, care for members, professionalism and ethical practice.
Abacus is owned by its member institutions: 86 credit unions, 7 mutual building societies and 8 mutual banks; and represents 13 friendly societies though the Friendly Societies of Australia and a number of affiliate members.
As the industry body, Abacus provides representation and advocacy for its members to:
- federal and state governments;
- regulators, such as APRA and ASIC;
- the media;
- industry and consumer groups; and
- the general public and other stakeholders.
It also provides member institutions with expert advisory and support services, such as compliance, research and public affairs.