29 November 2021
Strong homebuyer demand has spurred growth among mutual banks, building societies, and credit unions over the past year.
According to KPMG Australia’s Mutuals Industry Review 2021, residential lending across the mutual sector increased by 5.1% to $112.4bn during the FY2021.
Overall, the mutual sector managed to record a 38.6% growth in operating profit before tax to $685m and a 7.4% gain in total assets to $148.2bn. …
Business Council of Co-operatives and Mutuals CEO Melina Morrison said the results of the KPMG review underscore the importance of the sector to the national economy.
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