Since the 1980s the number of Australian credit unions has declined from more than 700 to under 40 (June 2021). Credit unions are mutually owned financial institutions and their first point of business is to serve members rather than to maximize profits. Australian credit unions collectively hold over $45 billion in assets, employ more than 7,000 people and serve over 3.5 million customers through approximately 900 branches across the country, although New South Wales is home to the bulk of these with about 45% of all branches. The two major players in the sector are Credit Union Australia and People's Choice Credit Union. They provide a full range of banking products and services including personal and home loans, low interest car loans, savings accounts, credit and debit cards, life and general insurance, internet banking, international money transfer, foreign exchange and payment services. Typically credit unions charge less than the major banks in loan interest and offer attractive deposit rates.

List of Credit Unions

Australian Central Credit Union Ltd (trading as People's Choice Credit Union)
Central Murray Credit Union Ltd
Central West Credit Union Ltd
Coastline Credit Union Ltd
Community First Credit Union Ltd
Credit Union Australia Ltd (now Great Southern Bank)
Credit Union SA Ltd
Family First Credit Union Limited
Fire Service Credit Union Ltd
First Choice Credit Union Ltd
Goulburn Murray Credit Union Co-operative
Horizon Credit Union Ltd (trading as Horizon Bank)
Illawarra Credit Union Limited
Laboratories Credit Union Limited
Lysaght Credit Union Ltd
Macarthur Credit Union Ltd (trading as THE MAC)
Macquarie Credit Union Limited
Maleny Credit Union (MCU Ltd)
Northern Inland Credit Union
Orange Credit Union Limited
Police Credit Union Limited
Pulse Credit Union Ltd
Queensland Country Credit Union
Railways Credit Union Limited (trading as MOVE)
South West Slopes Credit Union Ltd
Southern Cross Credit Union Ltd
South-West Credit Union Co-Operative Ltd
Summerland Financial Services (trading as Summerland Credit Union)
The Broken Hill Community Credit Union Ltd
The Capricornian Ltd
Traditional Credit Union Limited
Transport Mutual Credit Union Ltd
Warwick Credit Union Ltd
WAW Credit Union Co-Operative Ltd

Note:
In September 2019, a Melbourne-headquartered Nexus Mutual Credit Union merged with Beyond Bank Australia.
In February 2020, Queensland Country Credit Union changed its name to Queensland Country Bank.
In May 2020, a Newcastle-based Hunter United Employees’ Credit Union merged with IMB Bank.

Updated as of August 1, 2021

Top Credit Unions in Australia

Rank Name State Assets (A$m, 2019) Deposits (A$m, 2019)
1 Credit Union Australia QLD 15,758 10,581
2 People's Choice Credit Union * SA 9,630 6,422
3 Queensland Country Credit Union QLD 2,404 2,004
4 Bananacoast Community Credit Union NSW 1,703 1,531
5 Credit Union SA Ltd SA 1,281 1,065
6 Police Credit Union Limited SA 1,259 1,040
7 Community First Credit Union Limited NSW 1,096 995
8 Sydney Credit Union Ltd NSW 929 823
9 Railways Credit Union Limited QLD 670 600
10 Illawarra Credit Union Limited NSW 643 591
11 Holiday Coast Credit Union Ltd NSW 630 577
12 Southern Cross Credit Union Ltd NSW 575 513
13 Coastline Credit Union Limited NSW 536 491
14 WAW Credit Union Co-Operative Limited VIC 495 456
15 Goulburn Murray Credit Union Co-operative VIC 401 350
16 Horizon Credit Union Ltd NSW 374 343
17 The Capricornian Ltd QLD 348 319
18 Hunter United Employees' Credit Union NSW 334 306
19 Warwick Credit Union Ltd QLD 310 282
20 Northern Inland Credit Union NSW 307 267
21 Macarthur Credit Union Ltd NSW 253 225
22 Orange Credit Union Limited NSW 213 185

* People's Choice Credit Union is a trading name of Australian Central Credit Union Ltd.