Building society

Building society was the name given in 19th century Britain for working men's co-operative savings groups: by pooling savings, members could buy or build their own homes.

Australia

In Australia, building societies evolved along British lines. Because of strict regulations on banks, building societies fluorished until the deregulation of the Australian financial industry in the 1980s. Eventually many of the smaller building societies disappeared, while some of the largest (such as St. George) officially attained the status of banks.

Related Topics:
Australia - Bank - 1980s - St. George

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