'Freehold property for mechanics': a brief insight into Starr-Bowkett societies

Abstract

Deregulation of Australia's financial system has dramatically changed the face of our financial system. One of the most notable impacts is that long established forms of co-operative finance and self-help, Building and Friendly Societies and Credit Unions, have declined in number and membership. However, rationalisation by the large banks in regional centres combined with concerns about home affordability has led to co-operative finance schemes being considered anew. This paper provides an insight into one of the oldest, most enduring and least known of co-operative finance schemes, Starr-Bowkett societies, focussing on the genesis of and major personalities behind the schemes.