We feel lucky to share observations and learned lessons from our experience and observations.

Australia's mutual banking sector continues to consolidate, but is "bigger always better"? Our analysis reveals a more nuanced relationship between scale and sustainability. While financial thresholds matter, we think mid-sized mutuals ($2-10B) may be better able to balance operational efficiency with authentic member connection, avoiding both sub-scale challenges and the dilution of purpose that can accompany greater size. For mutual bank leaders, the strategic question isn't simply "How small is big enough?" but "What combination of scale, leadership, and strategic positioning enables sustainable member impact?"