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Bank levy will enhance competition: credit unions and mutual banks

Better Values: #switchnotbitch

One of the most talked about measures in the 2017/2018 Federal Budget, released on 9 May, is the proposed banking levy that will raise billions of dollars from the big four banks and Macquarie. 

While the big four banks have, as expected, panned the measure and threatened to pass the costs on to customers, the policy has recieved the endorsement of mutual banks and credit unions. 

The BCCM is encouraging customers to consider switching to a customer-owned alternative by launching a social media campaign (#switchdontbitch) and a microwebsite with information on how to switch.

Listen to BCCM member ME Bank's CEO, Jamie McPhee, make the case for policies that enhance competition in banking to Peter Ryan on ABC Radio.

Read the BCCM media release on the issue.

Beyond Bank recognised as best for Corporate Social Responsibility

Beyond Bank recognised as best for Corporate Social Responsibility

BCCM member Beyond Bank has been announced as the winner of Best Bank in Corporate Social Responsibility at the Australian Banking & Finance Retail Banking Awards. 

In 2016, Beyond, one of Australia's largest customer-owned banks, invested 9% of net profit after tax into community partnerships and programs, reduced its greenhouse gas emissions by 4.2% and provided employees with 3 work-life balance days.

“This is a huge honour for us as we are driven by our desire to be the best bank for our community” said Beyond Bank CEO Robert Keogh.

Ag co-ops will have competitive advantage in the digital age, says futurist

Ag co-ops will have competitive advantage in the digital age, says futurist

Speaking at the 40th anniversary of Yolla Co-op, Dr Paul Higgins said that agricutlural co-ops are likely to enjoy competitive advantages in their ability to pool data and expertise

As data analytics becomes increasingly important, more agriculture will use data to make real time decisions.

Robotics and automation, such as drones, will also be a more important part of on-farm operations. 

#BuyTwitter co-operative proposal still on the table


Twitter stockholders voted at the company AGM on a proposal to investigate moving to a co-operative ownership structure.

The motion was voted down, but the 4% of votes in favour are enough for the motion to be reintroduced at the next AGM. 

This means the campaign to #BuyTwitter has a year to build momentum among the retail stockholders who hold 60% of Twitter.

Proponents of co-operative ownership of Twitter have pointed to its "public utility" status and its continued failure to become profitable. 

Trebor Scholz completes Australian tour

Trebor Scholz Australian tour

Leading thinker of platform cooperativism, Associate Professor Trebor Scholz, toured Australia in late May, speaking at free events in Adelaide, Sydney and Melbourne.

The tour was timely, given the news that Twitter stockholders would consider a proposal to investigate becoming a platform co-operative (see above story). 

Dr Scholz introduced attendees to the problems with the so-called "sharing economy" and the alternative of co-operative ownership of internet platforms. 

Listen to what Dr Scholz had to say to Geraldine Doogue on Radio National about #BuyTwitter and #platformcoops.

On the back of the tour an Australian platform cooperativism working group is in formation and accepting expressions of interest.

Upcoming events

Creatives get Co-operative, Sydney, 4-5 June

Farming Together national forum, Adelaide, 6 June

Of Labour and Liberty Sydney Book Launch, Sydney, 16 June

For all the latest news from the co-operative and mutual sector, please visit the BCCM website and for information on how to run and set up a co-operative, visit Get Mutual.