The Latrobe Valley in Gippsland has been described as the Ruhr of Australia. Open cut mines covering hundreds of acres scar the valley. Extensive urban areas, Morwell, Traralgon, Moe-Newborough-Yallourn North, and Churchill fringe the industrial developments. Power stations, with their ever-present exhaust plumes dominate the landscape – ‘Victorian Places’
As per statistics from a few years ago, the Latrobe Valley produces over 80% of Victoria’s power as well as hosting related engineering industries, timber mills, agriculture, dairy, information technology, health care, education and more. These often-unionised professions and trades for many years formed the backbone of Australia’s credit union movement.
In 1982 in major Latrobe Valley centre Moe there were five building societies operating. In nearby Morwell there were six building societies operating. Dominating the local scene however were Latrobe Valley Savings Credit Cooperative and Moe District Credit Union.
Latrobe Valley’s General Manager, Graham Benson, said in 1982 that “there are no other financial institutions in the Valley of our size that are owned by local residents, that keep the money working in the Valley, thus providing income and employment for local residents. The members can be well proud of their achievements”.
Latrobe Valley CU was registered in 1964 and by 1982 it had 14,000 members. Not bad considering Morwell’s population was then 18,000. By 2007 Latrobe Valley Savings was known as Latrobe Country Credit Cooperative and its annual report of that year noted:
Latrobe Country Credit will be upgrading its computer system in line with most other credit unions in the next financial year. Funds have been set aside for this purpose.
Latrobe Country Credit will continue to work on increasing its market share in Gippsland, especially in the home lending market in the coming years by attracting new members to the credit union with its personal service and its expanded range of products and services.
In 2009, Latrobe Valley Country Credit Cooperative transferred engagements to CUA which trades today as Great Southern Bank.
