The Business Council for Co-operatives and Mutuals (BCCM) recently announced that the Co-operatives National Law (CNL) has been launched in NSW and in Victoria – a watershed day for ‘Australia’s most under-recognised sector’.
“Eight in ten Australians are members of a co-operative or mutually owned business including household brands like NRMA Motoring and Services, HCF, Australian Unity and Australia’s largest member-owned retailer, The Co-op. The level of awareness of co-ops and mutuals and their importance to the economy is much lower.” Melina Morrison, CEO of the BCCM.
To date co-ops and mutuals have had to deal with a fragmented regulatory system.
“The new Co-operatives National Law which commenced in NSW and Victoria on 3 March will reduce regulatory costs and simplify financial reporting. As well, the burden of having to register in multiple jurisdictions in order to do business across state and territory borders, will be removed.”
Despite the legislative challenges, co-operatives are thriving says Melina.
“Co-operatives and mutuals are the ‘quiet achievers’ in the Australian economy. There are over 1700 registered co-operatives in Australia. The ten largest agricultural co-operatives contribute around $7b to the wellbeing of rural and regional communities in Australia and consumer demand is encouraging the growth of new co-operatives in areas such as organic food, renewable energy and aged and healthcare.
We encourage the remaining jurisdictions to introduce the new laws in their state or territory as soon as possible to level the playing field for co-operative businesses, so they can focus just like any business, on their operational goals and growing markets.”
Go to www.bccm.coop
Melina Morrison, Chief Executive Officer, Business Council of Co-operatives and Mutuals
+ 61 410 902 656 | firstname.lastname@example.org