Co-operatives and mutuals demonstrate resilience with another year of strong revenue and earnings growth

17 June 2026

• The top 100 revenue up 8.4% to $50.9 billion
• Return to earnings growth with median EBIT up 32%
• Co-ops and mutuals well positioned to assist with productivity

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 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 financial 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.

“Australia’s co-ops and mutuals have again demonstrated their ability to prosper and grow in spite of difficult economic conditions, reinforcing the strength and adaptability of this business model,” said Melina Morrison, Chief Executive Officer of the BCCM.

“Every day we are reminded of how co-ops and mutuals deliver positive outcomes for their communities across difficult areas such as aged care, housing affordability, health, disability support services, banking and agriculture.

“At a time when the Federal Government is focused on how best to achieve greater productivity and long-term reform to the Australian economy, co-ops and mutuals have shown how they can contribute to that goal. Business dynamism, competition and choice is flourishing in our part of the Australian economy.

“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. This is good growth and shapes the behaviour of other firms in the markets where co-ops and mutuals operate.”

The top 10 co-ops and mutuals in 2024/25 features some of Australia’s biggest unlisted companies including West Australian grain handler CBH, car services group Capricorn, health insurers HCF and HBF, motoring organisations RACQ and RAC and financial and care services group Australian Unity. Three banks made the list – People First Bank, Newcastle Greater Mutual Group and Great Southern Bank.

Australia’s largest co-op was CBH, which recorded an impressive 24 per cent jump in turnover of $5.8 billion, up from $4.7 billion the previous year.

Co-operatives and mutuals exist for the benefit of their members, which may be customers, staff, suppliers or a combination of stakeholders. Unlike listed companies they are not motivated by the need to maximise profits and pay dividends to investors. Instead, they can use surplus funds to reinvest in services and deliver benefits to members. Eight in every 10 Australians are members of at least one co-operative or mutual.

The 2025 NME showed that Australia’s co-ops and mutuals had combined active memberships of 37.8 million, up slightly from the previous year. There was a total of 1810 co-ops and mutuals, directly employing nearly 95,000 Australians.

Top 10 co-operative and mutual enterprises by turnover

1. CBH – WA, Agribusiness, $5.83 BN
2. HCF – NSW, Health Insurance, $4.43 BN
3. Capricorn Society – WA, Purchasing services, $3.97 BN
4. Australian Unity – VIC, Financial Services, $2.60 BN
5. HBF Health – WA, Health Insurance, $2.42 BN
6. RACQ – QLD, Mobility Services, $2.39 BN
7. RAC – WA, Mobility Services, $1.91 BN
8. People First Bank – SA/QLD, Financial Services, $1.39 BN
9. Newcastle Mutual Greater Group – NSW, Financial Services, $1.18 BN
10. Great Southern Bank – QLD, Financial Services, $1.10 BN

Related resources & reading

Read the full 2026 National Mutual Economy (NME) report.

Media enquiries

Sue Frost, P&L Corporate Communications 0409 718 572

About the BCCM

The BCCM is the national peak body for Australian co-operatives and mutuals. Co-operatives and mutuals provide essential services and affordable pricing to their members across the economy from banking, insurance and superannuation to retail, agriculture, health, social care and housing. Serving eight in every ten Australians. Co-operatives and mutuals are private sector, member owned entities. They are formed to benefit their members, drawn from the stakeholders of the business such as customers, suppliers, employees or people in the local community.