19 May 2019
Co-operatives and mutuals will continue to work with Government to build on the historic reforms achieved to date.
The Business Council of Co-operatives and Mutuals congratulates Prime Minister Scott Morrison and the Liberal and National Coalition on its successful re-election to Federal Government. The BCCM looks forward to our continued collaboration in the interests of competition, consumer standards and business model diversity.”
“Prime Minister Scott Morrison has a strong track record of backing co-ops and mutuals,” says Melina Morrison, CEO of the BCCM.
“As Treasurer, he supported all the Hammond inquiry recommendations and worked towards levelling the playing field for co-operative and mutual enterprises. As Prime Minister, he and Assistant Minister for Treasury and Finance, Zed Seselja, presided over the passing of legislation that allows capital raising for co-ops and mutuals.”
We look forward to working with the re-elected government to continue its work to unwind the red tape holding back the sector. In particular, regulation needs to be updated so that states and territories, as well as federal jurisdictions, are able to regulate co-ops as consistently as any other business.”
The National Party has played a significant role in the Coalition’s support for the wider sector. Senator the Hon. Bridget McKenzie is Chair of the Parliamentary Friends of Mutuals and Cooperatives and Deputy Leader of the Nationals, and has worked tirelessly to support the co-operatives and mutuals that are the backbone of many rural communities.
Rediscovering this transparent, member-owned business model, which has 4 in 5 Australians as members, can provide Australia with a model and a road map in an era in which we are all demanding more accountability of our institutions. In order to ensure these organisations are able to truly compete with listed companies, regulatory changes are vital,” said Ms Morrison.
“Recent reforms in capital raising legislation have laid the groundwork for further cooperation between BCCM and Government. The Coalition has demonstrated that it understands that policy, legislative and regulatory actions can help co-ops and mutuals fulfil their potential and in turn deliver a wide range of public policy objectives,” said Ms Morrison.
Ms Morrison said, “BCCM is thrilled with the support that co-ops and mutuals have received from all parties, and we would like to thank Ministers, Senators and staff for all their hard work. We will continue to engage across the aisle to create a more resilient and community-focussed economy.”