In addition to tracking any bank crisis which occurs in Australia, this blog will also try to look at any alternatives to the big banks, where savers can move their money.
So a good place to start is a post on the topic by savingsguide.com.au. A fair point that it makes in favour of building societies and credit unions is their narrower focus and conservative practices - in short they are not tainted by vast portfolios of toxic loans and vaults of alphabet soup securities:
...Though many credit unions and building societies have been around for many years, earning the reputation as sound platforms for financial management. Even St.George bank started out in the early days as a building society. So the answer is they are safe. They are highly regulated just like the banks, just without the numerous layers of fluff....(here)