The Role and Evolution of Friendly Societies in Australia

Friendly societies are mutual, member-owned organisations that first emerged in Australia during the 1830s with the arrival of free workers. In an era when state-supported welfare systems were non-existent, friendly societies played a vital role in providing financial and social security to working Australians and their families.

In 19th-century Australia, an injured worker faced uncertain and often dire circumstances. To address this, friendly societies offered a structured model of mutual support. Members contributed modest fortnightly payments, which entitled them to a range of essential benefits—including medical care for their families, funeral assistance, and sick pay during periods of incapacity.

Over time, these organisations have evolved significantly. Today, friendly societies operate across a range of sectors, including private health insurance, aged care services, education savings plans, investment products, and funeral insurance.

Sureplan Friendly Society Ltd: A History of Purpose-Driven Service

Sureplan Friendly Society Ltd was established in Brisbane in 1935 by a group of Commonwealth public servants under the name Public Service Death Benefit Society of Queensland. For approximately five decades, it served as the primary funeral insurance provider for Commonwealth public servants in Queensland—particularly those employed by the Postmaster-General’s Department, the predecessor to Telstra and Australia Post.

As a mutual organisation, Sureplan shares structural similarities with building societies and credit unions. All surpluses are retained within the organisation and used to benefit its members. Unlike shareholder-owned companies, Sureplan has no external shareholders and no obligation to pay dividends, allowing it to operate with a singular focus on member outcomes.

Product Innovation: Sureplan Gold Funeral Bond

In 1998, Sureplan launched the Sureplan Gold Funeral Bond—a product designed to support individuals undertaking funeral pre-arrangements, pre-paid funeral planning, or simply wishing to set aside funds for funeral expenses. The bond has become a popular choice across Australia, valued for its simplicity, security, and flexibility.

An important advantage of Sureplan Gold is its exemption from asset testing under Centrelink and aged care means testing rules (conditions apply), making it an effective tool for individuals looking to preserve entitlements while planning responsibly for future expenses.

Regulation and Oversight

Since 2019, all friendly societies in Australia have been subject to rigorous oversight. Sureplan is regulated by the Australian Prudential Regulation Authority (APRA), ensuring full compliance with Australia’s financial and governance standards. This oversight provides members with confidence in the society’s long-term stability and ethical operation.