Policy shift supports member-owned banks serving frontline workers
The Business Council of Co-operatives and Mutuals (BCCM) has acknowledged continued support from the Victorian government as the state’s co-operative and mutual sector seeks to grow across areas including housing, health, energy, retail and agriculture.
Speaking at the BCCM and Australian Unity “Icons” luncheon earlier this week – held to launch the United Nations International Year of Cooperatives in Victoria – BCCM chief executive Melina Morrison (pictured) credited the government’s efforts to streamline regulation.
“The regulatory settings now in place including the new myCAV system will allow Victoria’s 581 co-ops and mutuals to make an even greater contribution to a more competitive and productive economy,” Morrison said.
The myCAV platform, an online portal introduced last month by Consumer Affairs Victoria, is designed to simplify registration and compliance for co-operatives. According to the BCCM, the new system allows organisations to focus more on operations and community services rather than administrative processes.
“Co-operatives and mutuals are trusted social businesses, based on values of solidarity, democracy and self-help,” Morrison said. “Our sector shares with Labor the goal of a sustainable economy that works in the interests of ordinary people. The International Year of Cooperatives 2025 is an excellent time to reflect on this alignment and the diverse application of co-ops and mutuals across Victoria.”
The BCCM highlighted data from its most recent National Mutual Economy Report showing that the sector remained strong despite global instability. Nationally, the top 100 co-ops and mutuals generated $47.7 billion in revenue in the year to June 2024 – an 8.4% increase. In Victoria, the sector recorded $8.7 billion in revenue, with 4.36 million members and over 26,000 employees.
Morrison pointed to co-operative housing models and customer-owned banks as examples of how the sector is contributing to key policy areas. She said organisations like Common Equity Housing are offering secure and affordable housing options, while mutual banks – including Bank Australia, Bank First, Defence Bank and Bank Vic – are providing essential financial services and mortgage products to frontline workers.
Australian Unity, a founding BCCM member, was also cited for its role in the health and aged care sectors. The organisation provides care to more than 4,000 residents in retirement living and aged care, and delivers home health services to over 60,000 people nationwide.
The BCCM sees growing potential for the co-operative and mutual sector to help address major social and economic challenges, supported by a regulatory framework that enables innovation and long-term stability.
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