Bank Australia welcomes the Commonwealth Government’s response to the recommendations of Mr Gregory Hammond OAM into access to capital for cooperatives and mutuals.
Bank Australia supports these reforms and believes they will strengthen the ability of customer owned mutual banks to grow and provide greater competition in the Australian banking sector.
Managing Director, Damien Walsh said “We believe that these reforms help address constraints to future growth for customer owned banks like Bank Australia, and unlock the potential for alternative banking models to offer a better banking experience for more Australians.
“Future access to external capital from ethical investors will allow us to continue growing our business, while retaining the inherent protections that the customer owned model provides to our customers.”
“As a values based bank, serving the real economy and with a truly customer centric business model, Bank Australia is committed to using the tools of banking to solve human problems and to create mutual prosperity for customers, communities and our environment, “ Mr Walsh said.
Bank Australia looks forward to seeing these reforms progress through Parliament.