Great Southern Bank launches report into climate change risks for the bank and its customers

Great Southern Bank is today launching its first report into how climate change is likely to impact on its operations and its customers.

With the bank lending over $14 billion last year to help Australians own their own homes, the report has a key focus on the impact on its mortgage portfolio of natural disasters, such as severe weather events recently experienced in South East Queensland and NSW.

Publication of the Climate Related Financial Disclosure report follows the bank becoming carbon neutral in 2021 and acknowledges support for the Paris Agreement, which aims to limit global warming to well below two degrees Celsius this century and achieve global net zero emissions by 2050.

“The information in this report will help us better manage the impacts of climate change, assess further climate change-related risks, and seek out opportunities as we and our customers transition to net zero emissions,” said Paul Lewis, CEO and Managing Director of Great Southern Bank.

“The vast majority of our loans - currently over $14 billion in lending - supports our purpose of helping Australians to own their own home. Armed with a better knowledge of the impacts of climate change on these homes, we believe we will be able to help those Australians make more informed choices when it comes to finding the right home and preparing for the future.”

The report, also known as a TCFD, follows a globally recognised reporting standard to provide a level of disclosure more commonly found among the world’s biggest financial institutions.

The TCFD is part of the bank’s broader response to climate change which includes a Climate Action Plan to be published later this year.

“Ultimately, the approach we are taking means we are better prepared for the climate challenges we are likely to meet in the future,” said Paul Lewis. “I look forward to ensuring Great Southern Bank continues to be part of the solution.”

About Great Southern Bank

For over 75 years, we’ve been putting our customers first, and today we look after the financial and insurance needs of more than 375,000 Australians. We have changed our name from CUA to Great Southern Bank but we remain customer owned and firmly focused on helping all Australians own their own homes.

Media contact:

Michael O’Toole
Corporate Communications Specialist
Mobile: 0428 051 754
Email: michael.o’toole@gsb.com.au