How tall are you? If you are a baby boomer like me there’s a good chance your answer will be in imperial measures. Even though Australia introduced metric weights and measures in 1970, I still refer to my height as 5 feet 8 inches. This is a tangible demonstration of the concept of “first in stays in”.
Once we get something in our minds, it’s hard to change. This is constantly borne out in research we do with members. On an annual basis Gateway conducts a survey to track how it’s going in meeting members’ needs. We also conduct ad-hoc research to ascertain the attitude of members to various product and service initiatives.
Regardless of the type of research we do, one thing never changes: Many members believe that membership of Gateway is available only to employees of the Commonwealth Bank or Reserve Bank. This was true in the distant past when we had what was called a closed or restrictive bond of membership. But that has not been the case for many years.
Anyone can join a credit union and everyone should, particularly this year. Credit unions are financial co-operatives and the United Nations has designated 2012 as the International Year of Co-operatives in recognition of the important contribution of co-operatives worldwide to social and economic development.
A co-operative is a democratic organisation owned and controlled by the people it serves who voluntarily join together for a common and mutual benefit. Co-operatives are not motivated by profit but exist solely to serve the needs of their members who believe in the ethical values of honesty, openness, social responsibility and caring for others.
All members of a co-operative have an equal say in the running of the enterprise which employs a one-member, one-vote process of decision making. There are many types of co-operatives including agricultural co-ops, credit co-ops, housing co-ops and education co-ops. Together, they act to build a better world.
The UN acknowledges that co-operatives drive the economy, respond to social change and are successful businesses creating jobs in all sectors. UN Secretary General, Ban Ki-moon, believes that “co-operatives are a reminder to the international community that it is possible to pursue both economic viability and social responsibility”.
The global co-operative movement brings together over one billion people as members around the world and provides over 100 million jobs. The UN estimates that the livelihood of nearly three billion people is made secure by co-operative enterprises. If co-ops were a country, they would be ranked tenth in the world for GDP - just behind Spain.
In Australia, there are two million more member-owners of co-operatives and mutual businesses than there are private retail investors. Australia’s 2,000 co-operatives and 108 mutual banking institutions are owned by more than ten million Australians. Australia’s mutual banking sector (ie, credit unions and building societies) is the third largest in the world after the US and Canada.
Gateway is delighted to join the global co-operative movement in celebrating the International Year of Co-operatives.
Regards
Paul J. Thomas
Podcast is available here 
Posted Monday, January 30, 2012 
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