The Hon. Daniel Mookhey, NSW Treasurer speech at the BCCM-NRMA Icons Breakfast

20 March 2025

The Hon. Daniel Mookhey NSW Treasurer speaking at the BCCM-NRMA Icons Breakfast

On Wednesday, 19 March 2025, BCCM CEO Melina Morrison addressed over 80 policymakers, business leaders, and co-operative champions at the NSW Parliamentary BCCM and NRMA Icons Breakfast, hosted by New South Wales Treasurer, the Hon. Daniel Mookhey, MLC. The Breakfast marked the launch of the International Year of Cooperatives 2025 (IYC 2025) in NSW. In her speech, Melina underscored the crucial role of co-ops and mutuals in fostering a fairer, more resilient economy – highlighting their history of innovation, deep community impact and ongoing commitment to sustainable growth.

Among the key speakers were NSW Treasurer, the Hon. Daniel Mookhey, MLC, and the Hon. Anoulack Chanthivong MP, Minister for Better Regulation and Fair Trading, Minister for Industry and Trade, who addressed the audience on the importance of mutuals and co-operatives in today’s landscape.

Read a transcript of the Hon. Daniel Mookhey’s speech

In the International Year of Cooperatives here in New South Wales, it is an honour to be here with all Icons of industry.

I have to say I have been a huge fan and student of the co-operative movement for two reasons.

Firstly, Mick Veitch, who some of you would remember was a parliamentary colleague of mine in the Upper House, but I remember him doing an international tour to understand and study the history of mutuals and co-operatives and then work with the sector in order to modernise NSW law.

But equally I have to say, when Rohan was talking to me about the UK co-operative movement. I did recall that I had the opportunity few years ago to be in the UK and to meet with your equivalent association in the United Kingdom, but also with the co-operative political party in the UK, which itself got an amazing history.

And in fact I was really fascinated to learn that like so many of the most bold and innovative ideas, the ideas of co-operatives and mutuals came from Sydney and Beatrice Webb, who people would know with the founders of the London School of Economics and the Fabian Society as well. And this idea of mutuals came about to confront the concept of monopoly.

Particularly in the retail industry in the UK, people will recall that time where in the United Kingdom we obviously tended to mimic a lot of their laws at the time, we prohibited people from being able to compete with retail shops and equally to be able to compete on price. This was what was called retail price maintenance.

And here in this particular country, whilst it was removed in the UK in the 1920s, it continued here till 1971 when Bob Hawke lead a big movement to confront the end of retail price maintenance as well.

But the other thing that I learned in that trip was about the reasons why co-operatives and mutuals. He’s made a decision to politically organise and to create their own party was because in the First World War when there was conscription brought about by the Lloyd George government, the first category of people who were eligible for conscription were trade unionists. The second was mutuals and co-operatives, and that’s how you got the British Co-op Party and that’s how you got the British Co-op Party working in time with the British Labour Party.

Which is as my way of saying, I’m sure none of you were surprised that you were aligning yourself to such a bold political movement in this time.

It is amazing history and I’m so glad that this year, the United Nations made the decision to designate 2025 as the International Year of Cooperatives.

This is the second time the UN has made this decision, the last time being in 2012. And it is well justified because it’s more than just a name or a title, it’s a recognition of the contribution that co-operatives make to social and economic development across the globe.

And it is so important that we take this opportunity here in this Parliament in our 201 year to mark the occasion.

The first co-operatives here in NSW were friendly societies, set up around the mid-1800s, making these institutions almost as old as the NSW Treasury itself. I did ask the NSW Treasury, when did the NSW Treasury first try to tax you? We’re not able to give me an answer so I’m happy to take bits.

But these organisations were founded on the principles of democracy and open membership, where all members were awarded a vote of equal value regardless of any financial stake. In fact, the founding co-operatives in the 1840s were amongst the first to give women the right to vote in their organisations.

And co-operatives, mutuals have long been at leaders in social progress and they become integral to achieving sustainable practises.

One of the points that I heard Rohan was making, and I think it’s an important point to remember, is that co-operatives and mutuals tend to grow at a time when other capital is scarce, when no one else is capable of stepping up in a community, in organising.

To build a big [inaudible], which I know is a big part of the modern mutual movement. Renewable power as well, but also financial capital. We shouldn’t forget the first people here in NSW to get insurance got it from mutuals because no one else would give it to them. Equally at a time when our banking sector particularly was quite notorious for being pretty restricted to who they would lend – we got friendly societies so people could get access to loans.

When we’re thinking about how we built home ownership and how we built a middle class here in NSW, we should not forget that building societies were often the only people who would lend to working people here in NSW and that is how we were able to democratise access to economic opportunity and that is still the tradition that is happening here.

In NSW and in Australia, I’m so pleased to learn that there are 1800 active co-ops and mutuals with a combined membership base of more than 34.8 million.

Australians do trust organisations like mutuals and they do trust organisations like co-ops. And the 750 co-ops and mutuals that call NSW home are making a vital contribution. Including 41 of the top 100 firms here in Australia. You are providing more than just an economic benefit, you’re also giving back.

One of the points that I think we should all celebrate is that throughout 2023, co-ops and mutuals investing more than $58,000,000 and I remember visiting a lot of these communities that have been dealing with the retreat of services in the town. And to have and see them self organised, to pick up and revitalised that tradition in our politics, in our democracy now for many, many years, is very, very pleasing.

Hence when you invited me to come and speak to you this morning, I relish the opportunity. I wasn’t going to miss it for anything.

I do apologise for being late. I’m so glad to be here and help you launch the International Year of the Cooperative and mutual, I do thank the NRMA and all the sponsors who gather, who organised today.

I also take this opportunity to thank Melina Morrison the CEO of the Business Council of Co-operatives and Mutuals as well.