IYC2025 launched at Parliamentary Friends of Co-operatives and Mutuals

25 November 2024

On 21 November 2024, 7:30 – 9:30 am, we launched the UN International Year of Cooperatives and handed down a groundbreaking report on the performance of Discretionary Risk Mutuals (DRMs) in Australia, at Parliament House Canberra.

The event was hosted by Parliamentary Friends of Co-operatives and Mutuals. The group’s co-Chairs are Ms Louise Miller-Frost MP and the Hon Kevin Hogan MP.

Political representation at the event is a strong sign of bipartisan support for our key messages and the reforms we seek. During one of the last sitting days of the parliament, it was great to welcome cabinet and shadow cabinet members for the breakfast and policy roundtable.

The Assistant Treasurer, Stephen Jones, launched the United Nations International Year of Cooperatives, referring to the five million Australians who are members of mutual banks alone. Co-ops and mutuals directly touch the lives of most Australians so it is important that the government recognises the fundamental role and impact of our businesses in our economy and communities. This is vital going into a federal election. We will be counting on support across the political aisle to ask the major parties to make election commitments to improve the business environment for co-ops and mutuals to thrive.

Thank you to the members who came along to discuss the role of mutuals in providing much needed risk cover where traditional insurance is not available or has become less affordable. We launched our inaugural report on Discretionary Risk Mutuals produced with Hamilton Locke, and CivicRisk and Picnic Labs showed how discretionary risk mutuals work in practice.

It was an important opportunity to discuss how people and smaller businesses can respond to cost of living pressures, hard to insure markets and compliance and regulation through a shared services model like a DRM. More communities than ever, are turning to tried and tested models to transfer risk through coop and mutual structures to stay resilient and sustainable.

Parliamentary Friends of Co-operatives and Mutuals was formed in 2017 following the BCCM’s advocacy for bipartisan political support. The Group galvanises political support for co-ops and mutuals across the political parties. The group holds biannual meetings at Australian Parliament House to focus political attention on the sector.

This was the final Parliamentary Friends of Co-operatives and Mutuals for the current parliament. The BCCM will seek to re-establish the group in the next parliament.

View the photo gallery.