Yes. We’ve been in business since 1957 and we are one of the strongest small banks in Australia.
We are regulated in the same way as every bank in Australia. Deposits are guaranteed by the Australian Government. Learn more.
Governance
Bank Australia is a mutually owned unlisted public company limited by shares.
We are registered with ASIC and regulated by APRA. Bank Australia holds an Australian financial service licence (AFSL), an Australian credit licence (ACL) and is an authorised deposit-taking institution (ADI).
We are regulated in the same way as all Australian banks and are covered by the Australian Government’s guarantee on deposits. International rating agency Standard & Poor’s gives the bank an investment grade BBB/Stable/A-2 credit rating.
Bank Australia is governed by a board of directors. The day-to-day running of the bank is the responsibility of the Managing Director.
Customers elect Directors and have a vote on matters of importance at the bank's Annual General Meeting.
The Board comprises of eight Directors. It's role is to:
- establish corporate objectives in line with the bank's Constitution
- develop, with management, the corporate strategy
- appoint the Managing Director and evaluate their performance
- supervise Bank Australia’s operations and ensure they align with its corporate values
- accept responsibility for compliance with APRA prudential standards, Australian corporations law and other regulations, and
- approve the budget.
The board has a formal renewal program to ensure directors bring an appropriate level of expertise as well as diversity, commercial experience, and fresh perspective. The renewal program recognises the importance of ensuring the history, values and culture of the bank are preserved and built upon.
The Managing Director is charged with the bank’s day to day leadership and management, and is supported by a senior management team.
Customer advocate
In line with the Australian Bankers Association (ABA) measures, the bank has appointed a Customer Advocate. The purpose of this role is to ensure that there is an objective voice to ensure customer complaints and disputes are appropriately addressed and to ensure the bank is living up to our customer commitments.
Our Customer Advocate is Chris Newey, who is the Head of Operational Risk. The Customer Advocate reports on a quarterly basis to the Managing Director and Board.
Bank Australia is rated by Standard & Poor's and Moody's.
For access to Bank Australia’s Standard & Poor’s and Moody's credit rating (for wholesale customers only) please read the following statement.
Bank Australia’s credit rating information is restricted to viewing by "wholesale clients" only. Please read and agree to the terms below to access Bank Australia’s credit rating information.
By continuing to access, browse or use this web page from within Australia, you represent to Bank Australia that you, or your affiliates are accessing the credit rating as a "wholesale client", or representative of one, and that neither you nor the entity you represent will directly or indirectly disseminate the credit rating to "retail clients" within the meaning of section 761G of the Corporations Act 2001.
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