Since the 1980s the number of Australian credit unions has declined from more than 700 to under 40 (June 2020). 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
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 March 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.