National Mutual Economy Report
2026 National Mutual Economy Report
The National Mutual Economy (NME) Report is an annual report on the size and contribution of the Australian co‑operative and mutual sector. It incorporates Australia’s Top 100 list of co-ops and mutuals. The BCCM has published the NME Report each year since 2014.
Australia’s co-operative and mutual sector has again proved its resilience, recording an 8.4 per cent increase in annual revenue, against a backdrop of recurring domestic and global economic challenges.
The latest National Mutual Economy (NME) report, published today by the Business Council of Co-operatives and Mutuals (BCCM), reaffirms the sector’s robust health despite the impact of ongoing inflationary pressures in Australia and abroad.
Australia’s top 100 co-operatives and mutuals recorded record annual revenue of $50.9 billion in the year to June 30, 2025, up from $46.9 billion the previous year.
The 2025 year was also marked by a return to stronger earnings growth, with median EBIT for the top 100 rising 32 per cent on the back of solid gains by mutual health insurers, banks and agribusinesses.
The performance marks the fifth consecutive year of revenue gains by the sector and compares with growth in real GDP in the 2025 financial year of just 1.4 per cent.
Economic impact by industry
Australia’s Top 100 co-operatives and mutuals by industry FY2024–25 (excluding superannuation funds)
Economic impact by State and Territory
Australia’s Top 100 co-operatives and mutuals by State and Territory FY2024–25
2026 NME Report key statistics
About the 2026 NME Report
This is the thirteenth annual report on the scale and performance of the Australian co-operative and mutual sector. The report aims to map the size, composition and overall health of the sector using the Australian Co-operative and Mutual Enterprise Index (ACMEI), which started in 2012 with the first national data collection in 2014.
The ACMEI is a long-term research project undertaken by the University of Western Australia.
Its purpose is to provide a better understanding of co-operative and mutual businesses and their contribution to the national economy.
For this year’s report on the ACMEI, see Mazzarol, T. (2026), Australia’s Leading Co-operative and Mutual Enterprises in 2026, CEMI Discussion Paper Series, DP 2601, cemi.com.au, Centre for Entrepreneurial Management and Innovation.
All financial statistics presented in this report are in Australian dollars unless otherwise indicated.
The 2026 National Mutual Economy Report (NME 2026) was produced thanks to sponsorship by HCF, research by the University of Western Australia and the input of BCCM members and the co-operative and mutual movement.
From the University of Western Australia, we would like to thank Professor Tim Mazzarol for this long-term research collaboration and contribution to this year’s report.
We would also like to acknowledge BCCM researcher Karl Coombe for leading the work on this year’s NME Report.
Since the inaugural report in 2014, the National Mutual Economy Report (NME) has provided an annual stocktake of the scale and contribution of Australia’s co-operative and mutual sector. This year, we have also taken a deeper look at the social value of these businesses, reflecting on the enduring commitment of co-ops and mutuals to the Australian economy, the members they serve and the community.
In 2026, the data shows that co-operatives and mutuals remain strong across key indicators, reflecting a sector responding well and responsibly to changing economic conditions.
As Australia navigates geopolitical shocks, inflation, and cost-of-living pressures, co-operatives and mutuals are demonstrating their relevance in key industries including financial services, health, housing, agriculture, retail, motoring, energy and community and care services.
Across the economy, co-operatives and mutuals play an important role in strengthening competition, supporting participation and improving access to essential services, particularly in markets that are underserved or highly concentrated.
Trust in co-operatives and mutuals is reinforced through their ownership and governance structures, aligning decision-making with the long-term interests of members rather than external shareholders. This contributes to more stable, competitive and resilient markets, particularly during periods of economic uncertainty.
Using the Mutual Value Framework developed in partnership with Monash Business School, the report highlights how co-operatives and mutuals create value beyond traditional financial metrics.
This matters because many outcomes that co-operatives and mutuals deliver, including affordability, service expansion, economic stability and long-term resilience, are not fully captured by financial measures alone. In a year when headline asset growth has been influenced by broader asset price movements, particularly in superannuation, the framework – using six dimensions of Mutual Value (commerciality, markets, members, community, reciprocity and mindset) provides unique insights into the contribution of member-owned enterprises.
There is a clear opportunity to strengthen the role of co-operatives and mutuals in our domestic economy. An enabling environment for co-operatives and mutuals to prosper and grow allows them to work harder in the interests of their members and for the common good.
As governments consider reforms to improve productivity, affordability, competition and service delivery, Australia’s more than 1,800 co-ops and mutuals are a proven business model that can complement existing market structures while delivering broader value across the economy.
About the NME-ACMEI project
The National Mutual Economy (NME) Report is an annual report on the size and contribution of the Australian co‑operative and mutual sector. It incorporates Australia’s Top 100 list of co-ops and mutuals. The BCCM has published the NME Report each year since 2014.
The report maps the composition and overall health of the co‑operative and mutual sector using the Australian Co‑operative and Mutual Enterprise Index (ACMEI). The ACMEI is the longitudinal research project of Professor Tim Mazzarol at the University of Western Australia.
Despite representing some of Australia’s largest private businesses, Australia’s co-op and mutual sector is relatively poorly understood. Since the NME Report there is better understanding of these businesses and their contribution to the national economy.
Past NME Reports
2026 National Mutual Economy Report (NME) – Australia’s Top 100 CMEs
2025 National Mutual Economy Report (NME) – Australia’s Top 100 CMEs
2024 National Mutual Economy Report (NME) – Australia’s Top 100 CMEs
2023 National Mutual Economy Report (NME) – Australia’s Top 100 CMEs
2022 National Mutual Economy Report (NME) – Australia’s top 100 CMEs
2021 National Mutual Economy Report (NME) – Australia’s top 100 CMEs
2020 National Mutual Economy Report – Australia’s top 100 CMEs
2019 National Mutual Economy Report – Australia’s top 100 CMEs
2018 National Mutual Economy Report – Australia’s top 100 CMEs
2017 National Mutual Economy Report – Australia’s top 100 CMEs