Regulatory bodies to face Senate committee public hearing

26 February 2016

At a hearing today at Parliament House, the Senate Economics References Committee will question representatives of the Australian Securities and Investments Commission (ASIC), the Australian Tax Office (ATO) and the Australian Competition & Consumer Commission (ACCC) about whether their oversight and regulation of co-operatives and mutuals is appropriate and fair.

At two previous public hearings held late last year, the Senate Economics References Committee inquiry into the operation of co-operative and mutual firms, heard evidence of duplicative practices, red tape and inconsistencies in the way that co-operative and mutual firms are regulated.

“This inquiry has shone a light on the economic importance of the country’s co-operative and mutual businesses and how they can bring competition and fairness to the Australian economy”, said Business Council of Co-operatives and Mutuals CEO, Melina Morrison.

“But there are many aspects of the legislative and regulatory frameworks that govern co-ops that are antiquated and inappropriate. It should not be more difficult to set up and run a co-operative than any other form of business”, added Ms Morrsion.

The inquiry received 59 submissions from the sector and is due to report on 17 March 2016. The public hearing takes place in Committee Room 2S1 from 9am.