COOPERATIVES AND MUTUALS REFORMS

Almost two years after Labor unveiled our policy on the co-operative and mutual sector, and almost a year after the Coalition said they would back the reforms, the Morrison Government is still yet to draft all the necessary legislation.

 

In November 2016, we announced that a Shorten Labor Government would amend the Corporations Act to define mutual enterprises and implement reforms to facilitate new financial instruments for member-owned firms such as credit unions, building societies, insurance providers, and mutuals such as motoring societies.

 

Labor’s cooperatives and mutuals reforms will promote ethical competition and productivity, as well as encouraging social investment and the well-being of workers and small businesses.

 

Despite such benefits, it took the Coalition 12 months to announce its support for Labor’s reforms. Almost 12 months after that, the Coalition has drafted only part of the required legislation.

 

In that time, the Coalition have cycled through two Prime Ministers, two Treasurers and multiple assistant ministers. If only the Coalition were as cooperative as the sector, perhaps these changes could have happened more quickly.

 

Labor congratulates the stakeholders who have advocated for cooperatives and mutuals reforms, particularly the Business Council of Cooperatives & Mutuals and the Customer Owned Banking Association.