As a part owner in a cooperative, did you know that Australia's top 100 cooperative and mutual enterprises had a combined turnover of $28 billion in FY2014?
This was up 14% from the previous year, and was one of the findings of new research from the Business Council of Cooperatives and Mutuals and the University of Western Australia.
The top 100 cooperative and mutual enterprises include farmers' cooperatives like Devondale Murray Goulburn, superfunds like Australian Super, and banks like Bank Australia.
The 2015 National Mutual Economy Report described the sector as "strong and healthy", and revealed that 8 in 10 Australians are members of at least one mutually owned or cooperative enterprise. In the banking sector, there are over 4 million cooperative and mutual enterprise memberships.
As a mutual bank with a 58-year history, Bank Australia was proud to support this research into the state of Australia's mutual economy through its Impact Fund.
This research contributes to the growing interest in the Australian mutual economy, including:
- A current Federal Senate inquiry into the role and importance of cooperative, mutual and member-owned firms in Australia
- A recent KPMG review of the mutual financial sector, which found that mutual banks' assets grew by over 6% in FY2015 and that sector profitability was strong
The report was launched in November at the Business Council of Cooperative and Mutuals 2015 Leaders' Summit. Bank Australia is a founding member of the Business Council of Cooperatives and Mutuals.