Climate Change Data

Australian Mutual Bank Ltd

Climate Impact & Sustainability Data (2020)

Reporting Period: 2020

Environmental Metrics

ESG Focus Areas

  • Members
  • Governance
  • People
  • Community
  • Environment
  • Suppliers

Environmental Achievements

  • Increased electronic service delivery, reducing paper usage.
  • Australian and local sourcing of goods and services.

Social Achievements

  • Launched children's 'Kickstart' account and 'Lifestyle Account' to attract younger members.
  • Retirement Savings Account and Pensioner Aware Accounts for older members.
  • Donated $230,000 to the Australian Mutuals Foundation.
  • Supported Barnardos and Asian Confederation of Credit Unions.
  • Improved employee wellbeing initiatives.

Governance Achievements

  • Established the Australian Mutuals Foundation.
  • Implemented robust fraud prevention policies.
  • Removed pay confidentiality clauses from employment contracts to promote gender equality.

Climate Goals & Targets

Long-term Goals:
  • Be members’ first choice for financial services.
Short-term Goals:
  • Return to long-term average profitability.
  • Implement two-year program of voluntary redundancies and branch closures.

Environmental Challenges

  • Low interest rate environment due to the COVID-19 pandemic affecting profitability.
  • Aging member base.
  • Increasing fixed costs relative to asset size.
  • COVID-19 impact on loan repayment deferrals.
Mitigation Strategies
  • Restructuring arrangements including branch closures and voluntary redundancies.
  • Launching new products for younger members.
  • Pursuing economies of scale, including through mergers.
  • Managing COVID-19 affected loan repayment deferrals effectively.

Supply Chain Management

Responsible Procurement
  • Co-operation with other mutuals for competitive pricing.
  • Australian and local sourcing of goods and services.

Climate-Related Risks & Opportunities

Physical Risks
  • Increased risk of flooding, droughts, and increased frequency and severity of extreme weather events.
  • Lethal heat waves and bushfires.

Reporting Standards

Frameworks Used: AA1000 principles, GRI (partially aligned)

Awards & Recognition

  • CANSTAR 5 Star Outstanding Value Awards (Variable Home Lender, Savings Account, Transaction Account, Visa Credit Card, Personal Loan, Term Deposit Secured Loan)
  • Finder Award (Best Personal Loan)
  • Mozo Experts Choice Award (Personal Loans)
  • RateCity Gold Award (Best Kids Savings Account)