The Liberal-National Government has taken a huge step towards boosting competition and improving customer experience by levelling the playing field for cooperative, mutual and member-owned firms by passing historic legislation through the Parliament yesterday.
The legislation will substantially increase the ability of co-operatives and mutuals to raise the funding they need to grow, innovate and compete in their sectors.
“Prime Minister Scott Morrison lead the charge on these reforms by commissioning the Hammond Review as Treasurer, that will boost competition across sectors from health to banking, by supporting the mutual and co-op sectors,” Assistant Minster Seselja said.
“Cooperatives, mutuals and member-owned firms have long delivered high quality customer and community-focused services to Australians, across industries as diverse as agriculture, banking, housing, insurance, and retail,” Assistant Minister Seselja said.
“These reforms represent a historic recognition of a vital sector of the economy, and mean these firms will be able to compete more vigorously with their investor-owned competitors, delivering benefits for all Australians,” Assistant Minster Seselja said.
“Throughout this process the Government has enjoyed a constructive and cooperative arrangement with industry on these reforms, and I would like to thank the sector for their input.”
This Bill implements the legislative recommendations of the Hammond Report on Reforms for Cooperative, Mutuals and Member-Owned Firms.