Competition deficit can be answered by co-operative and mutual sector

10 November 2015

A report released today by the Business Council of Co-operatives and Mutuals (BCCM) has shown that the Top 100 co-operative and mutual enterprises (CMEs) in Australia have grown their combined annual turnover by 14% ($27.9 billion for the FY2013/14) and have added important competition to the economy.

The research, conducted by the University of Western Australia in partnership with the BCCM, is in the organisation’s 2015 National Mutual Economy Report, which was launched at the BCCM’s annual summit held in Melbourne today by the Parliamentary Secretary to the Premier of Victoria, Colin Brooks MP.

“The Australian economy needs more diversity and competition to help it grow in uncertain times and this is what the CME sector is providing already but can do so on an even greater level. We see this in financial services, grocery retail and in health care for example”, said BCCM CEO, Melina Morrison.

“14.8 million members, 14% growth in combined annual turnover, 7% growth in combined total assets, all demonstrate the economic importance and strength of these enterprises.”

“With a Federal Senate inquiry into the importance and performance of our sector on-going, the sector is showing policymakers and the public its strength and the much needed diversity it brings to our economy”, added Ms Morrison.