Bank Australia

The bank has its origins in the 19 September 1957 incorporation of the CSIRO (Commonwealth Scientific and Industrial Research Organisation) Co-operative Credit Society. Walter Ives was appointed as chairman, and the first 40 members, limited to officers and employees of CSIRO aged over 18, were admitted on 15 October.

At the end of 1966 the credit union had over 1770 members, and in that year Joel Belkin was appointed the first full-time general manager (which he held until 1981). In 1982 the society joined the Victorian Credit Co-operatives Association, the peak body for over 140 Victoria-based credit unions. In January 1986, the Canberra-based Laboratories Co-operative Credit Union Limited amalgamated with the CSIRO Co-operative Credit Society, and later that year rebranded as Sirocredit.

On 1 July 1998, Sirocredit merged with Enterprise Credit Union and Outlook Credit Union Co-operative to form Members Australia Credit Union Ltd and, in 2003, Members Australia Credit Union merged with the Education Credit Union (Ed Credit) to form the Members and Education Credit Union, styled as mecu.

In 2011, mecu began trading as Bankmecu, Australia's first customer-owned bank and, in 2015, it commenced trading as Bank Australia.

In 2019 Bank Australia switched to purchasing 100% renewable energy from its suppliers. It was the first bank in Australia to do so.

In June 2020, Bank Australia became a certified B Corp, that is, a for-profit corporation certified by B Lab for its social impact.

In April 2022, Bank Australia responded to shareholder demands and announced their Climate Action Strategy, setting a target to achieve net zero emissions by 2035. This included plans for reductions of their scope 3 emissions, and working with customers to help them reduce their emissions from electricity and gas use.

In 2024, Bank Australia announced plans to merge with Qudos Bank, claiming the new entity would be one of the largest customer-owned banks in the country, with 300,000 customers, total assets approaching $20 billion, and almost 900 employees. The merger was completed in mid-2025, with Bank Australia retaining the Qudos brand.

Locations

The company's head office is in Collingwood, Victoria, and its National Contact Centre is located in Moe in the Latrobe Valley in Victoria. It has 10 branches, mostly in Victoria but also in Queensland, New South Wales, and Canberra.

Products and services

Bank Australia offers banking products including everyday banking, savings, term deposits, personal and car loans, home loans, credit cards and commercial banking services.

It operates digital banking services through internet and mobile app banking. Customers also have access to services such as Apple Pay and Google Pay, and fee-free withdrawals at Bank Australia ATMs as well as all major banks' ATMs.

As an authorised deposit-taking institution, Bank Australia is covered under the Financial Claims Scheme. Like all other authorised institutions, balances of up to A$250,000 are guaranteed by the Australian Government should Bank Australia collapse.