{ "@context": "https://schema.org", "@type": "Article", "mainEntityOfPage": { "@type": "WebPage", "@id": "https://www.bankaust.com.au/blog/{{slug}}" }, "headline": "{{title}}", "description": "{{desc}}", "image": "{{image}}", "author": { "@type": "Organization", "name": "Bank Australia", "url": "https://www.bankaust.com.au/" }, "publisher": { "@type": "Organization", "name": "Bank Australia", "logo": { "@type": "ImageObject", "url": "https://cdn.prod.website-files.com/64d5d5beb2a67e9491ecdff8/64d5d5beb2a67e9491ece00c_BA-logo-white.webp" } }, "datePublished": "{{datePublished}}", "dateModified": "{{dateModified}}" }
Alert notice

Alert: Beware of scammers posing as Bank Australia staff - Scammers are posing as Bank Australia via text messages and phone calls, attempting to gain information from customers to access their accounts or internet banking. Learn more.

2022-10-07 2:57 pm
Back to blog
Impact

Our 2023 Impact Report: another year of clean money

Photo journal

Clean money is our promise to our customers – who now make up a fast-growing movement of over 186,000 people – to use their money in ways that help people and the planet thrive. We’re proud to share highlights of the impact we created together with our customers in the 2023 financial year.

Here are 6 key achievements published in our 2023 Impact Report:

1. Our total assets grew to over $10 billion

Our bank hit a milestone of $10 billion in assets this year, growing to a total of $10.5 billion by the end of the 2023 financial year. This is a significant moment in Bank Australia’s history, signalling a strong and sustainable future and making us the 5th largest mutual bank in the country.

2. We continued to lead on climate action, setting a 2030 science-based target

After launching our climate action strategy in 2022 with a headline commitment to reach net zero emissions by 2035, we set a 2030 science-based target this year, validated by the Science Based Targets initiative (SBTi). We’ll keep working hard to reduce emissions from our lending portfolio and operations to stay on track for achieving our climate action goals.

3. Our customers benefitted from products with impact

Impact finance assets now make up 17% of our total assets, a total of $1.8 billion. This includes our Clean Energy Home Loan (CEHL) products, which reward customers buying, building or renovating green homes. Our CEHL mortgage portfolio grew by 33% this year to a total of $197 million in home loans. We also piloted an Impact Term Deposit, which matched customer deposits with loan products like our CEHLs for 6 months. 

4. We continued to grow the clean money movement

Over 16,000 new customers joined our bank this year, and the majority of these customers were from our socially aware target market. Socially aware customers now make up 51.9% of our customer base and represent 57.6% of total banking value. We’re pleased to know over two thirds of our new customers chose our bank because of our approach to responsible banking

5. Our impact fund supported issues our customers care about

Each year we invest up to 4% of our net profit after tax in our impact fund, supporting programs, partnerships and projects focused on the issues our customers care about. This year we invested $656,530 in our conservation reserve, which spans 2,177 hectares across 4 properties in western Victoria. We also proudly supported the ‘Yes’ campaign in the lead up to the referendum on an Aboriginal and Torres Strait Islander Voice to Parliament. Additionally, our customer community grants program supported 16 organisations with funds totalling $295,282. These values-aligned organisations, purpose-driven businesses and social enterprises have a positive impact in our communities.

6. We continued creating positive experiences for our staff and customers

Throughout the year we invested in our customer experience, ensuring we deliver a high quality of service. Additionally, we invested in training and development for our employees, which will help us attract and retain great people in our workforce.

Related stories

Impact

How Nalderun is helping young First Nations people thrive

On Djaara Country in Central Victoria, Bank Australia community customer grant recipient Nalderun has been changing the lives of young First Nations people for over 15 years. Their aim? To help their kids thrive and become the leaders of tomorrow.

Impact

First Nations Recognition and Respect: An update one year on from our strategy launch

In May 2024, Bank Australia launched its First Nations Recognition and Respect strategy, setting out our vision for walking together towards First Nations justice, reconciliation and self-determination. One year on, we spoke with Rafe Pfitzner Milika, our Manager Reconciliation Strategy, to reflect

Read the highlights one year on from our First Nations Recognition and Respect strategy Launch

News

Bank Australia variable loan rate decrease

Bank Australia will decrease variable home loan and commercial rates in response to the RBA’s recent decision to cut the official cash rate.

News

We've signed up to Respect and Protect – Combating financial and domestic abuse

We’re proud to announce that Bank Australia has signed up to the ‘Respect and Protect’ program where we join like-minded customer-owned banks in updating our terms and conditions to better protect customers from domestic and financial abuse. We recognise the significant responsibility we have in add

Impact

Hold on, what does banking have to do with biodiversity?

Impact

What is a ‘nature positive’ economy, and how do we get there?