A new Parliamentary Friendship group for Mutuals and Co-operatives has been announced.
Melina Morrison, CEO of the Business Council of Co-operatives and Mutuals (BCCM), said that “it’s great that Senator Bridget McKenzie and Andrew Leigh MP will co-chair the friendship group. This bi-partisan chairing arrangement highlights the importance of co-operatives and mutuals to the Australian economy.”
“We know that 8 in 10 Australians are a member of a co-op or mutual. Sadly, they’ve been hiding in plain sight for too long, and this has been reflected in sub-optimal legislation and regulation for the sector. This Friendship Group will ensure that we start to create an enabling environment for these member-owned firms.”
The formation of the Parliamentary Friendship group comes after the recent Senate Economics References Committee inquiry into the co-operative, mutual and customer-owned sector of the economy.
It also follows on from the recent announcement by the Treasurer, the Hon. Scott Morrison, of a review of key recommendations of that Senate inquiry, to be undertaken by Mr Greg Hammond OAM.
Mr Hammond will be consulting with the industry into the ability for CMEs to raise capital through a number of new financial instruments.
The Parliamentary Friends of Mutuals and Co-operatives will provide a forum for Members and Senators to meet and interact with mutual and co-operatives organisations on matters relating to mutuals and co-operatives.