Co-operatives & Mutuals Move great for all Australians

National’s Senator for Victoria Bridget McKenzie said the
coalition government decision to initiate a consultation on reforms to support
co-operatives, mutuals and member-owned firms in Australia is great news for
investment and jobs, especially in regional Australia.
“This is a great outcome and is a result of a lot of work and
promotion of the sector by the Nationals.
“The Victorian National Party adopted a co-operatives and mutuals framework
at its conference last year which included many of the key recommendations from
the Senate Inquiry which form part of this government initiative.
Senator McKenzie said 8 in 10 Australians are members of at least
one co-operative or mutual organisation in the banking sector alone which
controls about 10 per cent of the home loan market.
Chairman of the peak body for co-operatives and mutuals and CBH
Group, CEO, Dr Andrew Crane said the government announcement is recognition of
the important contribution co-operatives and mutuals make to the economy.
“I also welcome the significant contribution made in reaching this
point by National’s Senator Bridget McKenzie who has worked tirelessly in
promoting and supporting this sector.
“Co-operatives are owned by their Australian members and users and
just like any other business co-operatives need access to working capital to fund
their growth and development,” Dr Crane said.
Deputy Prime Minister Barnaby Joyce said co-operatives and mutuals
have a significant part to play in regional Australia, contributing
significantly to the economy and providing vital jobs in country towns.
Greg Hammond OAM is being appointed as an independent facilitator
to conduct consultations on the recommendations of the Senate Economic
References Committee report, Co-operative,
Mutual and Member-owned Firms and assist in developing a government
response to deliver meaningful reforms for the sector.
Senator McKenzie said co-operatives and mutuals have been a
successful business and corporate model in Australia for more than 100 years
and are more relevant today than ever before.
Submissions can be made to:
coopsandmutualsreview@treasury.gov.au.