14 February 2019
Yesterday, Treasury Laws Amendment (Mutual Reforms) Bill 2019 had its first and second readings in the upper house.
Federally registered co-ops and mutuals are a step closer to the passage of this Bill through Parliament with bipartisan support.
In his second reading speech, the Minister responsible, Assistant Minister for Treasury and Finance, Senator the Hon Zed Seselja, said ‘…despite their value to customers and the community, mutuals and cooperatives in Australia have long been underappreciated and ignored by our federal laws…Our reforms will mean more opportunities for mutual organisations by allowing them to raise the funds they need to make long-term investments for the benefit of their members, and to compete effectively with shareholder-owned companies for the benefit of all Australians.’
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