As a result, subject to regulatory approval, Big Sky Credit Union’s business will transfer to Lifeplan Australia Building Society Limited which is operated by Australian Unity Investments – the funds management arm of Australian Unity. It is proposed Lifeplan Australia Building Society Limited will be renamed ‘Big Sky Building Society Limited’. It will have around 34,000 customers and approximately $650 million in gross assets.

It is anticipated that the effective date, following the final regulatory approval, will be 1 March 2012.

Big Sky Credit Union members will retain all existing product benefits and will become members of Australian Unity Limited, an organisation with a broader range of products and services.

Mr Tony Ryan, chief executive officer of Big Sky Credit Union, who will become chief executive officer of Big Sky Building Society, said that the credit union board and management are delighted members have supported the plan to join with Australian Unity to form a larger, stronger, financial services business.

“We believe that the joining of two like-minded, member- and customer-focused organisations will ensure our business is well-positioned to offer an attractive range of consumer financial services and become a strong alternative to the banks,” Mr Ryan said.

Mr Rohan Mead, group managing director of Australian Unity, said that Australian Unity’s members and customers will also benefit from a broader product and service offering.

“There is an excellent business opportunity for an organisation that can become an attractive alternative to the “big four” banks.

“Our intention is that Big Sky Building Society will take on this position, and in doing so, we will be able to offer our members competitive deposit and loan interest rates, as well as an online mortgage product that we believe will be very appealing,” Mr Mead said.

Mr David Bryant, chief executive officer of Australian Unity Investments, agreed that there is a place for a larger organisation in the consumer finance area that can take a similar role to that of building societies in the past.

“Because of Australian Unity’s already substantial base in investments and finance, we believe we are better placed than most to take on this role.

“Joining with Big Sky Credit Union rounds off the range of financial services we can offer, putting us in a very strong position when up against other broad-based financial institutions,” Mr Bryant said.

-oOo-

Big Sky Credit Union is regulated under the same rigorous legislation as all Approved Deposit Taking Institutions and is run on cooperative principles for the benefit of its members. Profits are used to benefit members in many forms including lower interest rates on loans, a low cost fee structure, higher rates on deposits and personalised service.

Big Sky Credit Union has more than 30,000 members and $560 million in gross assets.

Australian Unity is a national healthcare, financial services and retirement living organisation providing services to more than 560,000 Australians, currently including some 285,000 members nationwide, 10,000 of whom have been members for more than 50 years.

 In the financial year ended 30 June 2011, Australian Unity’s revenue was more than $1 billion. It employs around 1,500 staff nationally.

 23 February 2012

The property, known as the “Olderfleet Building”, comprises three historic buildings and a modern, eight-level office tower with a net lettable area of approximately 11,986 square metres, and a commercial car park.

The marketing campaign for the sale was run by CB Richard Ellis.

Mr Mark Pratt, general manager – property, mortgages & capital markets, said selling the property to Aviva Investors enables AUI to provide investors with enhanced liquidity and higher than expected capital returns.

“Our active management approach for each of our property trusts involves regular assessment of appropriate opportunities to manage assets within each fund, always with the aim of optimising outcomes for investors.

“Strong demand, tight supply and a lack of development in Melbourne over the past three years presented us with a window of opportunity to maximise the value of the Olderfleet Building on behalf of investors.

“While we considered a range of alternative options including refurbishing the property, we determined the best outcome for investors was to sell the property into an improving market, achieving a sale price above current book value,” Mr Pratt said.

Australian Unity Property Limited, the property funds management business of AUI, became the Responsible Entity of the Acumen Office Trust – which owned the Olderfleet Building – in 2007.

Australian Unity Investments is the funds management arm of financial services, health and retirement living services provider Australian Unity.  It has over $11.5 billion in funds under management (as at 31 January 2012).  Its investment approach is to use its established in-house expertise in property and mortgages while also forming joint ventures and strategic alliances with other organisations with specialist expertise.

 -oOo-

For further information please contact:

Mark Pratt – Phone: 03 8682 4448

22 February 2012

Ms Tabitha Lovett, head of philanthropy at EQT, says that the culture of philanthropy and charitable trusts in the USA is well-known as the most advanced in the world.

“Cari’s experience in working with high net-worth individuals and Fortune 500 corporations in the US will be very useful to EQT.

“EQT has over 125 years experience and expertise in setting up and managing Australian charitable trusts and we are always seeking to enhance our approaches.

“Having access to the experience and knowledge of someone like Cari, who has worked in a very sophisticated charitable trust market where philanthropy is a natural and integral part of estate planning, will expose us to new ways of thinking,” Ms Lovett said.

In addition to her work in estate planning, Cari has also been involved in pro bono family law services for indigent women and children, refugees and the homeless, as well as corporate services for not-for-profit organisations.

In Australia, she has previously worked as Special Counsel at Australian Executor Trustees (AET) in Melbourne in a business development role to promote AET as a provider of fiduciary services to law firms, financial planners, the philanthropic community and the not-for-profit sector.

She was also the Grants and Awards Manager at the Victoria Law Foundation, where she oversaw the annual distribution of over $500,000 in grants to improve Victorians understanding of the law and access to justice.

She has a law degree from Fordham University School of Law in New York.

About Equity Trustees:  Equity Trustees is a publicly listed company that provides a range of financial services to corporate and private clients. Its businesses include private client wealth management, funds management, responsible entity appointments, and corporate and personal superannuation.

The company manages over $4 billion in its funds management, private client and superannuation businesses and has more than $19 billion under responsible entity administration. Equity Trustees employs over 180 people in its Melbourne, Sydney and Brisbane offices.

-oOo-

 For more information please contact:

Tabitha Lovett – Phone: 03 8623 5379

22 February 2012

“It coincides with high net worth investors shying away from equity markets while looking for sources other than direct property, bank deposits and bonds to provide yield and diversity,” says Ryan Levin, co-head of Wingate’s property group.

“Over the last three years, Wingate has been involved in the funding of property and development projects valued at more than $1.7 billion, in the process providing over $220 million in mezzanine funding facilities to property owners and developers.

“In the post-global financial crisis environment, with banks having curtailed their lending, and valuations generally reduced, many substantial and well established property owners and developers have found themselves with insufficient equity and bank support to fund their portfolios and developments.  At the same time, most specialised property lenders have themselves disappeared from the market.

“This has created excellent ongoing opportunities for private investors who are in a position to provide funding, and we have been working closely with our clients and co-investors on these.

“While the returns we generate are attractive, our primary focus is on risk mitigation and security of our positions. Only once we have satisfied ourselves that a particular investment represents a good risk proposition, do we focus on the return side of the equation,” Mr Levin said.

Mr Mark Harrison, co-head of the Wingate property division, added that property developers are also seeing the benefits of private investment.

“Developers are finding that many of the funding sources they may have used in the past are no longer able to deliver the finance they need, when they need it.

“With timing and responsiveness perhaps the most important considerations for developers in the current market environment, our active approach allows us to move quickly to assess an opportunity and, if it meets our criteria, deliver the funding for the project to proceed,” he said.

“Wingate has substantially increased its property lending activity since the global financial crisis, making it one of the dominant specialised property funders in the Australian middle market, and we continue to see outstanding opportunities in this area for investors.

“We’ve maintained our pristine performance record for our co-investors while delivering excellent returns,” Mr Harrison said.

Wingate’s approach is to fund its facilities in partnership with a select group of private investors, and it has delivered a net return in excess of 20 percent per annum to its co-investors over the last three years.

The Wingate Group, founded in 2003, is a private investment and advisory firm focused on property, private equity and listed investments.   The Group has been active in mezzanine property funding and investing for the past five years and currently has over $1 billion in property assets under finance.

Wingate’s clients and co-investors include some of Australia’s most substantial private families and business owners. 

Over the years Wingate has built partnerships with its clients by ensuring a complete alignment of objectives and incentives, and by taking co-ownership of their goals.

 -oOo-

For more information please contact:

Ryan Levin or Mark Harrison – Phone: 03 9913 0700

 20 February 2012

“Some people who have a Will have made simple mistakes which can lead to confusion, or even mean their Will is invalid.

“A poorly written Will can make it less likely their intentions will be realised, and more likely that the Will is challenged.

“If a Will is successfully challenged, the legal cost of the challenge is paid for out of the estate, thus reducing the amount for distribution to beneficiaries,” he said.

“Not having a Will at all means that a statutory formula applies to the distribution of your estate.  This may mean that people you do not want to give anything to, may receive part of your estate.

“People who spend a lifetime minimising any unnecessary dealings with government will end up leaving the distribution of their estate to a legislative formula, if they do not a Will.”

Mr Hardy said that for those who do have a Will, the task of choosing a suitable executor is commonly misunderstood.

“When appointing an executor, it might be easy, and seem sensible, to choose an old friend because they are someone who can be trusted.

“However, two major problems can arise if friends are appointed as executor.  The first is that they may not be capable of doing the job required (ask yourself whether they are financially competent).  The second problem is that if they are the same age as you (or older), they may die before you,” he said.

Mr Hardy warns that if your executor dies before you, and your Will is not changed with the appointment of another executor, then by law their executor will become your executor – and this may be someone you do not know, or who you do not trust.

Mr Hardy says that some common mistakes people make with their Wills include:

1. Executors

As already mentioned, Mr Hardy advises that appointing an executor needs careful consideration.

“Avoid putting anyone in a position of conflict (such as a business partner who may want to buy your shares) or people who are likely to die before you; people who may not be competent; or a family member if there is any prospect of family conflict concerning the estate.”

2. Give executors power

Make sure executors are given the necessary power to carry out your wishes easily.

“Otherwise executors may have to apply to the court for approvals to carry out fairly routine actions, a cost which will end up reducing the size of the estate,” Mr Hardy said.

3. Clarity of wording

Mr Hardy said that people who use “do-it-yourself” Wills often word them very badly, don’t make their intentions clear, or word bequests ambiguously.

“This is one reason to have your Wills drafted by professionals, particularly if there are complicated bequests,” he said.

4. Effect of debt

If you have debt against particular assets, such as a mortgage over a property, recognise the effect of this in your Will and specify that all debt must be repaid before distributions are made.

“For example, someone may have two investment properties of equal value and leave one each to their children,” Mr Hardy said.

“If one carries a mortgage, care needs to be taken that this debt is not inherited with the property, making the inheritance unequal.”

5. Tax effect

Not recognising the effect of tax, particularly capital gains tax (CGT), is another common mistake that can lead to unintended unfairness in bequests.

“If one child receives the family home and the other a holiday home of equal value, the second child will receive less because CGT will be payable,” Mr Hardy said.

6. Guardians

If you have young children you should name a guardian, Mr Hardy advises.

“Otherwise the decision will be made for you, possibly by the court.”

7. Only have one Will

Mr Hardy says this might sound obvious but often people prepare a Will, and subsequently write notes to show new estate planning considerations, which may be interpreted as a new Will.

“This can result in costly challenges to the Will and cause unnecessary family stress,” he said.

8. Not keeping it up-to-date

Review your Will when your financial or personal circumstances change.

“This includes family changes such as births, marriage and divorce, or financial circumstances such as sale of assets,” Mr Hardy says.

9. Leaving someone out

If you decide not to leave anything to a family member, Mr Hardy suggests obtaining professional advice on whether a statement providing reasons why the person has been excluded should be included in the Will or in an accompanying document.

“It may not prevent them challenging, but with proper advice a useful defence may be established.  Also, if there is a good financial reason they have been left out, such as giving them various financial gifts over the years, details in the Will itself might well be helpful.”

10.  Not providing for dependants

Dependants often contest a Will if they believe they are not adequately provided for.

“This may include a divorced spouse if you have not met maintenance obligations,” Mr Hardy says.

11.  Nominating assets not owned

This problem often occurs when some of a person’s assets are held jointly, for instance by a family trust, a company, business or partnership, a superannuation fund, or a property owned in joint names rather than as tenants in common.

“A person can only leave assets directly owned by them,” Mr Hardy said.

“Another mistake that can be made is gifting an asset in a Will, such as a share portfolio, that is sold after the Will was signed.”

12.  Hiding the Will

Not being able to find the Will is a fairly common occurrence.

“Make sure that the executor knows where it is and, ideally, talk through the contents so that he or she knows what you intend and why.

“It is also best to have a copy of the Will kept by the executor separately from other family papers,” he said.

About Equity Trustees:  Equity Trustees is a publicly listed company that provides a range of financial services to corporate and private clients. Its businesses include private client wealth management, funds management, responsible entity appointments, and corporate and personal superannuation.

 The company manages over $4 billion in its funds management, private client and superannuation businesses and has more than $19 billion under responsible entity administration. Equity Trustees employs over 180 people in its Melbourne, Sydney and Brisbane offices.

 -oOo-

 For more information please contact:

Stephen Hardy – 03 8623 5257

16 February 2012

Increasingly, people are getting their “immediate” news from sources such as Twitter – from people who are on the spot who tweet about a traffic accident, a riot, or even a fall of government. In this role, it has largely replaced the “breaking news” that I always associated with radio.

This was really brought home to me recently when I found out about an accident on the Sydney Harbour Bridge through Twitter and, rather than then visit a “news” website, I used the hashtag “#sydney” to find out more about it.

The question is, where does this leave more “traditional” news sources such as newspapers?  The point made by journalists at my lunch is that newspapers still tend to set the news agenda – tune in to talk-back radio and evening TV news bulletins, and a good number of the topics and issues they pick up on were in the newspapers that morning.

Nonetheless, print media is finding it increasingly difficult to remain relevant in a world where they have traditionally been the main source of information – such as sports results, financial figures or major events.  These days their readers have already known about events well before newspapers are published, thanks to social media.

The emerging value of newspapers is opinion, commentary and interpreting what is going on.

It’s still a developing issue that will no doubt be playing out for a few more years to come. But it seems to me that a logical outcome is that people will turn to newspapers and similar sources for the detail and the explanation of a story or an issue, rather than the breaking news. They will go to sources they have confidence in, which is still a flaw in the internet – which sources can you trust?

For instance, someone asked me the other day whether I knew where that they could find a full explanation of the issues in Greece – why it was in such trouble and what had happened to date.  They knew the facts about it, but not the detail of how it came about.

To me, this is still a mojor role that traditional media plays – and one that social media such as Twitter is unable to play.  Clearly, outlining complex and detailed information can’t be done in 140 characters!

Another interesting aspect of social media – particularly texting and tweeting – is how they create, or become part of, the news.

For example, the riots in the UK last year were, in some ways, created by social media.  Similarly, social media was a major component in initiating the demonstrations in the “Arab Spring” leading to the overthrow of governments.

Some traditional publications have already found a niche through interpretation and commentary rather than “news” approach, as well as through targeting a specific readership.  For instance, The Economist continues to enjoy a strong and loyal readership while maintaining the traditional weekly magazine format, without the use of ‘breaking news’. It can do this because of the reputation of its in-depth analysis and explanation of events around the world.

It seems to me that it is this kind of role that will ensure the value of traditional media in the future.

Australian equities manager Platypus Asset Management; international equities manager Wingate Asset Management; and fixed interest manager Altius Asset Management all agree that the economic, investment and financial world has continued to change over the past seven years and many rules that previously held true will need to be reassessed if investors are to see positive returns this year.

Mr Donald Williams, chief investment officer at Platypus, said that since the global financial crisis there has been a number of further shocks, including the current European debt crisis but he believes things are now beginning to look better for equity investors.

“The second half of 2011 was a very difficult time for equity investors. However, 2012 has already shown more positive signs.

“The data from the US is upbeat and we are about as certain as we can be that there will be no ‘double-dip’ recession.

“China’s inflation appears under control and while the problems in Europe remain serious, it seems governments there are at last treating the issues with the urgency they need.

“At home, we think the Australian dollar (AUD) will remain uncomfortably high this year, and in the short term it could make new highs against the US dollar (USD), as it has already done against the Euro.

“This will continue to affect a number of industries directly and make USD/Euro revenue earners less attractive.  The only positive to come from this is that the Reserve Bank of Australia (RBA) is likely to be more aggressive on rates to keep a lid on the AUD.  Most of last year they were cheering on the AUD strength – now it is a policy problem.

“However, the RBA has done the right thing by cutting interest rates at the end of last year, and overall we believe the Australian economy is in a solid position.

“Our view is that the Australian market will stay relatively subdued for the next six months while overseas issues play out and Australian investors achieve a level of comfort with what is happening there.

“After that, and assuming there are no more major shocks to the system, we believe the market could end the year having overcome the 5000 point milestone,” Mr Williams said.

Mr Chad Padowitz, chief investment officer at Wingate, agrees investors now need to take a new look at investment options and approaches they may previously have disregarded.

“It can be easy for Australian investors to dismiss international equities as too risky, too exposed to the downturn in the US and Europe, and look to the past 10 years’ subdued performance as justification.

“Certainly there are some serious adverse overseas considerations that must be taken into account.  Global deleveraging is continuing – as it should, with debt having been built up for over 50 years in most developed countries that now needs to be repaid.

“Additionally, the risks from Europe have the potential to create a ripple effect around the world, in the same way the Lehman collapse did.  Another failure by a major organisation such as a bank, or a major shift to the hard left – or for that matter extreme right – in politics could create global problems.

“But at the same time, many top tier global companies have good earnings and strong balance sheets, despite the difficult economic environment. Therefore they should be very attractive to investors, particularly because of the yield being offered on current prices.

“On top of this, many companies are buying back their own shares as opposed to over-investing in potential future growth, which by itself will create better returns for investors in those companies. Home improvement retailer Lowes is a good example of this,” Mr Padowitz said.

Mr Chris Dickman, senior portfolio manager at Altius, said bond markets are also an example of how many of the traditional axioms of investment markets no longer hold true.

“The exceptional level of interest in Australian bond markets by international investors and central banks surprised many investors in 2011, who did not expect our market to perform as well as it did.

“We believe this interest from off-shore investors will continue in 2012. The Fed has announced it will be keeping US rates at very low levels for the next couple of years.  In this light, Australia continues to offer high yields compared to other developed economies, which will act as a magnet for ‘carry trades’.

“This is in addition to the benefits of being seen as a safe haven, having a relatively strong economy, one of a diminishing number of AAA-rated, and a hedge against the risk of a Chinese slow-down,” Mr Dickman said.

Altius also believes 2012 will see some positive activity in bond market issues, added Mr Dickman.

“Globally there is something of a log jam of issuers who have been waiting for the ‘right’ time to issue but at some point during the year they will simply have to push the button.

“The success of the Commonwealth Bank’s covered bond issuance, followed quickly by Westpac’s, demonstrates the appetite among investors for different types of funding.  We think it is likely that corporates, who would usually have used bank loans for financing, will instead consider corporate bonds.  This brings corporate bonds to the fore,” Mr Dickman said.

Platypus Asset Management is a boutique Australian equities manager with a specialist approach focusing on long-term growth potential, formed through a joint venture with Australian Unity Investments. Its investment approach focuses on companies that exhibit a track record of earnings and preferably dividend growth. 

Wingate Asset Management is a joint venture between Australian Unity Investments and Melbourne-based Wingate Group.  It is a boutique international equities fund manager with a large- company, value-based investment philosophy. Its investment process seeks to combine long-term capital growth with continual income generation.  

Altius Asset Management is a boutique fixed interest asset management business, formed through a joint venture with Australian Unity Investments. Altius takes a diversified approach to fixed interest funds management, combining both credit and duration strategies, and seeks to optimise returns for investors in all market conditions.

Australian Unity Investments is the funds management arm of financial services, health and retirement living services provider Australian Unity. It has $11.4 billion in funds under management as at 31 December 2011.  Its investment approach is to use its established in-house expertise in property and mortgages while also forming joint ventures and strategic alliances with other organisations with specialist expertise.

 -oOo-

For further information please contact:

Donald Williams - Phone: (02) 8270 8201

Chad Padowitz - Phone: (03) 9913 0704

Chris Dickman - Phone: (02) 9112 4700

31 January 2012

“While annual plans might be good for the household budget, and as a stepping-stone for longer lasting savings strategies, people must put some thought into long term planning, especially when there is so much short-term doom and gloom around.

“We notice many clients stood firm on their investment strategies following the global financial crisis in 2008 but continuing bad news and falling markets have eroded the resolution of all but the strongest.

“Every investor and saver should consider the start of 2012 as the beginning of a new cycle (whether it turns out to be or not) and develop a 10 year strategy to re-energise their savings and investment.

“A ten year strategy for building wealth helps maintain focus on achieving goals and means people are less susceptible to making changes to their investments based on current economic worry.

“All the bad news is short-term impact.  Over the longer-term there is time to recover and investment returns will smooth out,” he said.

Mr Philpot said that the people should start by identifying their ten year financial goals, which will depend on their financial life stage.

“For instance, someone in their mid-thirties with young children may be focussed on insurance needs, school fees and mortgage repayments, while someone in their forties should be starting to think about wealth accumulation and building up their superannuation.

“Once the goals have been set, the process should then be how to achieve them, and there are four main steps – savings, investments, structure and protection,” Mr Philpot said.

“The first is creating a savings plan.  The key to building wealth is the ability to save.  First, review budgets and identify where savings are possible.  As a general rule, being able to save 10 percent of a net salary (excluding super) is a good start, but it may not be sufficient for some to meet their goals.

“As part of this, develop some projections for the next 10 years of the savings and when the big expenses will pop up.  The growth rate will be determined by asset allocation (see step 2), but over a few years the benefits of compounding become evident.  Keep in mind, however, that it takes time to build wealth.

“The second step is to determine the asset allocation for investments.  The key driver of investment returns is the mix between equity and fixed interest investments.  Professional advice can help determine the correct asset allocation to suit individual circumstances.  As a general rule, the longer the investment horizon, the more people can invest into the volatile investments, as in the end it is the additional volatility that provides the excess return.

“Thirdly, it’s important to choose the correct structure to invest in.  For those approaching retirement, this may be superannuation, but those in their thirties may want to access this money much sooner so it may be better to invest personally or in a spouse’s name. If there are sufficient funds to invest and some tax advantages can be gained, family trust structure might be appropriate.

“This stage may also need a combination of plans, such as increasing superannuation contributions to build retirement wealth, repaying the mortgage to reduce the non-deductible debt and an investment plan in a non-working spouse name or geared savings.  All these options need to be fully explored.

“Finally, it is important to have the right personal protection in place.  This means having appropriate income protection, critical illness and life cover, and also estate planning arrangements and appropriate powers of attorney.

“Working through each of the above steps is the best way to ensure that the ten year goals can be reached,” Mr Philpot said.

HLB Mann Judd Sydney is a firm of accountants and business and financial advisers, and a member of the HLB Mann Judd Australasian Association.

 -oOo-

For more information please contact:

Jonathan Philpot – Phone: 02 9020 4196

30 January 2011

If the proposal, which has the unanimous support of the directors of Big Sky, goes ahead, Big Sky’s business will transfer to Lifeplan Australia Building Society, which is part of the Australian Unity Group, and would have around 34,000 customers and approximately $650 million in gross assets. The proposal is for the business to be renamed Big Sky Building Society.

Both Big Sky and Australian Unity are mutual companies that operate on behalf of their members rather than shareholders. As part of the proposal, Big Sky members would exchange their Big Sky membership for Australian Unity membership.

A minimum of 75 percent of Big Sky members who vote (either in person or via proxy) must vote in favour of the proposal for it to be approved. A number of information meetings have been held for Big Sky members throughout Australia to explain details of the proposal and answer questions raised by members.

Mr Tony Ryan, chief executive officer of Big Sky, believes Big Sky will become a stronger organisation as part of the Australian Unity Group and provide more benefits to its members.

“The new combined business would be able to offer our members improved deposit and loan interest rates; better transaction packages; new products and services including an online mortgage product; and an expanded service centre network.  Members would immediately have access to an Adelaide service centre and we would seek to establish further centres in Western Australia, South Australia, Queensland and Victoria over time.

“At the information sessions we held for members, a common query raised was about maintaining our level of service if the integration takes place.  We were able to reassure members of our commitment to member services and ongoing commitment to the principles of customer-owned banking.

“While we have considered other strategic options for Big Sky, we believe that operating under the Australian Unity Group is the best strategy for creating an even stronger, customer-owned organisation,” he said.

Under the terms of the proposal, Big Sky members would retain all existing product benefits and become part of an organisation with a broader range of products and services.  It is intended that the products and services currently offered by Big Sky will be continued by the combined entity.

Mr Rohan Mead, group managing director of Australian Unity, said the integration would bring together two like-minded mutual organisations with a focus on member services.

“We believe that there is an opportunity to expand our range of financial services with quality banking services and will be committed to achieving this,” Mr Mead said.

About Big Sky

Big Sky is a credit union that is regulated under the same rigorous legislation as all financial institutions and is run on cooperative principles for the benefit of its members.  Profits are used to benefit members in many forms including lower interest rates on loans, a low cost fee structure, higher rates on deposits and personalised service.

Big Sky has more than 30,000 members and $560 million in gross assets. 

About Australian Unity

Australian Unity is a national healthcare, financial services and retirement living organisation providing services to more than 560,000 Australians, currently including some 285,000 members nationwide, 10,000 of whom have been members for more than 50 years.

 -oOo-

 25 January 2012