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Politicians voice their support for CMEs at BCCM Summit

From 8-9 November, co-operative and mutual leaders from across the country gathered at Old Parliament House for the third annual BCCM Leaders’ Summit to discuss and debate the business strategies, disruptions and innovations to give CMEs the competitive edge.

The summit was a momentous day for the co-operative and mutual sector with the Cabinet Secretary, Senator The Hon. Arthur Sinodinos AO and the Shadow Assistant Treasurer, The Hon. Dr Andrew Leigh MP all highlighting their party’s support for our sector. Dr Leigh announced he will be taking responsibility of a new Labor ministerial portfolio for member-owned firms. This marks the first time in Australian history of a ministerial portfolio at Federal level for CMEs.

View a summary of events from the two days here.

Co-operative and mutual sector shows continued growth

Australia's Top 100 CMEs recorded 4% year-on-year growth according to the latest edition of the National Mutual Economy ReportThe BCCM's annual economic report maps the size, composition and overall health of the sector.

The report, supported by Bank Australia, shows a combined turnover for the Top 100 co-operative and mutual enterprises (CMEs) of $30.5bn, with combined assets of $143.7bn. Over a five year period, the Top 100 CMEs recorded a growth of 18% highlighting their economic importance to the Australian economy.

Research for the report is undertaken by the University of Western Australia.

Mutuals continue to outperform traditional banks

A report released by KPMG Australia has reinforced the fact that the customer owned banking model is thriving and is expected to continue growing next year despite regulatory constraints.

The KPMG Australia’s annual Mutual Industry Review found strong asset growth of 7.8%, compared to 5% for the overall banking industry. KPMG said this strong performance by the sector was built on effective business strategies.

SA co-operative scoops award at Australian Export Awards

SA-based almond co-op, Almondco Australia Ltd, was named the Australian Regional Exporter of the Year for the second time in five years at the 54th Australian Export Awards, hosted by Minister for Trade, Tourism and Investment Steven Ciobo.

The co-op of 140 growers was one of twelve national winners, selected from 81 finalists, who together generated $12.3 billion in export earnings and employed 34,500 people. 

World first as RACQ secures bank merger for Queensland

In April RACQ, a BCCM member, and QT Mutual Bank announced plans to establish a banking subsidiary within the RACQ Group. Last week, the merger was made official, following the completion of the final legal step of the transaction.

The merger between a motoring body and a bank was the first of its kind in the world, and provides Queenslanders with a new member-owned force in banking.

Upcoming events

27-28 February 2017: C4CE Community Energy Congress

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.