HomeView 2017 Media ReleasesGovernment backs mutuals to grow & invest

COBA welcomes Treasurer Scott Morrison’s announcement today that the Government will examine reforms to support co-operatives, mutuals and member-owned firms so they can invest, grow and employ more Australians.

COBA welcomes Treasurer Scott Morrison’s announcement today that the Government will examine reforms to support co-operatives, mutuals and member-owned firms so they can invest, grow and employ more Australians.

Mr Greg Hammond OAM will consult with stakeholders on the March 2016 report of the Senate Mutuals Inquiry and assist in developing a Government response to deliver meaningful reforms for the sector.

“This is welcome recognition of the value of our customer-owned model and the contribution we make to competition and consumer choice,” said COBA CEO Mark Degotardi.

“COBA has worked with Greg Hammond in recent years on regulatory capital issues and we consider him an outstanding appointment for this task.

“Mr Hammond has been specifically asked by the Treasurer to make recommendations on whether there should be regulatory or legislative changes to improve mutual enterprises’ access to capital.

“This issue is one of COBA’s current top three regulatory reform priorities and a critical focus for the broader co-operative and mutual sector, so today’s announcement by the Treasurer is very welcome indeed.

“We commend the Treasurer on his commitment to a regulatory and legislative framework that helps the co-operative sector grow and provide competition in banking and other industries.

“As the Treasurer has stated, ‘a stronger mutuals sector will provide Australian consumers with better choices and more cost effective options’.

“On behalf of the customer-owned banking sector and our 4 million customers, COBA looks forward to participating in this consultation.”

For more information please contact:
Daniel McDougall, Senior Manager – Media and Communication
02 8035 8444 or 0407 637 541, This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Customer Owned Banking Association is the industry body for credit unions, building societies, mutual banks and friendly societies.  See www.customerownedbanking.asn.au

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Media Contacts

Mick Gibb
Corporate Affairs Manager
P: +61 2 8035 8444
M: +61 423 149 494
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