The Power of Co: Supporting Australians on the path to home ownership

29 June 2026

The Power of Co is a video campaign showcasing the leadership, purpose and impact of Australia’s co‑operatives and mutuals.

The latest instalment features Paul Lewis, Chief Executive Officer and Managing Director of Great Southern Bank, who shares how customer ownership shapes strategy, culture and long‑term purpose in banking.

Through his perspective, the film highlights the role of mutual banking in addressing one of Australia’s most pressing challenges – access to home ownership.

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Putting purpose into practice through mutual banking

For Paul Lewis, the co‑operative and mutual model provides a clear framework for decision‑making grounded in customer ownership.

“We believe that the modern market failure is the inability, perceived or real, for young people to get into homes.”

Great Southern Bank traces its origins back nearly 80 years to Australia’s early credit union movement, reflecting a long‑standing commitment to community‑focused finance.

Within this model, customers are not simply clients, but owners. This changes how success is defined and how value is delivered.

“I think the beautiful thing about being in a co‑operative or a mutual is profit is not the primary drive. Profit’s important because it’s a source of capital, but it’s not the primary purpose.”

This distinction is central to the mutual banking approach – balancing commercial sustainability with a clear focus on customer outcomes and long‑term benefit.

Supporting first home buyers through shared ownership

A key focus in the film is the role mutual banks play in enabling access to home ownership, particularly for first home buyers.

Paul Lewis describes how Great Southern Bank directs its efforts towards those who may be underserved in traditional markets.

“We tend to look after the underdog as a concept and a philosophy.”

This philosophy is reflected in the organisation’s lending activity.

“At Great Southern Bank, we take three times our natural market share of first home buyers.”

A human‑centred experience of home ownership

Beyond lending, the film highlights the importance of the customer experience throughout the home buying journey.

Paul Lewis emphasises that the emotional dimension of securing a home is as important as the financial transaction.

“One of the most emotional parts of the home buying journey is not just getting the approval – that’s important – but actually getting the loan settled.”

Great Southern Bank’s focus on timely settlements reflects this understanding, reinforcing trust and reducing uncertainty at a critical life moment.

This approach illustrates how mutual organisations translate purpose into practical outcomes that matter to customers.

Customer ownership at the centre of decision‑making

The film also reinforces how governance structures in co‑operatives and mutuals shape leadership thinking.

“And if, as a leader and a manager of a mutual business, I have to think about stakeholders who own the business, ultimately the people that own the business are customers.”

This direct relationship between ownership and accountability encourages long‑term thinking and a stronger alignment between organisational strategy and community needs.

In sectors like banking, where trust and stability are critical, this model provides a distinct advantage.

A broader contribution to Australia’s housing challenge

The experience of Great Southern Bank reflects a broader contribution by co‑operatives and mutuals to economic participation and financial inclusion.

By supporting access to home ownership, mutual banks play an important role in addressing intergenerational inequality and strengthening community stability.

This aligns with the broader objectives of The Power of Co campaign, which aims to raise awareness of the transformative impact of co‑operation and shared ownership through the voices of sector leaders.

Through stories like Paul Lewis’s, the campaign highlights how co‑operative and mutual enterprises are delivering practical solutions to complex national challenges.

About The Power of Co

The Power of Co campaign aims to raise awareness of the positive impact of co‑operatives and mutuals on the economy, the community and society through a series of short films focused on leadership.

The films feature leaders from co‑operative and mutual enterprises and explore the transformational potential of co‑operation on people’s lives in areas as diverse as aged care and health, disability, motoring and banking.

Over the coming months, the Power of Co films will be shared across LinkedIn, Facebook, Instagram and YouTube. We would love to share more stories of co‑operation in future series. For inquiries, please contact [email protected].