Main image: David Carter of RACQ, David Janetzki MP, Melina Morrison of BCCM and Paul Lewis of Great Southern Bank
Co-operatives and mutuals in the Australian state of Queensland are committed to expanding their presence in the regional economy under the state government’s new social impact agenda, say sector leaders.
Melina Morrison, CEO of the Business Council of Co-operatives and Mutuals (BCCM), spoke up for the sector at a Queensland Parliament breakfast event attended by senior government and opposition politicians.
“Co-operatives are uniquely structured to deliver social and economic good, putting people at the centre and making profits serve purpose,” she said, noting a recent Centre for Social Impact research report, which found that co-ops and mutuals are a significant component of Australia’s social economy.
“Our movement, in all its diversity, is an ideal partner for the Queensland government’s social impact agenda,” she added.
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Earlier this year, the Queensland government opened its Office of Social Impact and has committed $20m annually to the Social Entrepreneurs’ Fund.
David Janetzki – state treasurer and holder of the ministerial portfolios for energy and home ownership, and Liberal National MP for Toowoomba South – said: “I spent 10 years of my career working in the mutual sector and know first hand the vital role mutuals play in building community, delivering value for customers and offering competition to big multi-nationals and corporates.”
Morrison pointed to Queensland’s more than 200 co-ops and mutuals, which collectively have 3.2 million memberships, directly employ more than 15,000 people and have turnover of more than $6.2b. The total turnover of Australia’s top 100 co-ops and mutuals is $47.7bn, says BCCM.
“Co-ops distribute wealth equitably through their shared ownership models; this makes them very well suited to local economic growth and building strong, engaged and tolerant communities,” added Morrison.
Among Queensland’s key mutuals is RACQ, which has grown from a motoring club into the state’s largest member-owned organisation, providing roadside assistance, insurance, banking, solar, automotive and travel services.
With 1.7 million members, RACQ reinvests profits into member benefits, advocacy, resilience projects and road safety.
“As a mutual, our advocacy is driven by community need, not shareholder returns,” said CEO David Carter. “Because that is what mutuals do, we advocate for improvements to make our society better, and we partner with government, and other organisations to make this happen.”
Another Queensland icon, Great Southern Bank, was founded in 1966 but can trace its roots back a further 20 years through the Catholic Thrift and Loan Co-operative. It is now one of Australia’s largest customer-owned banks, with a purpose to help all Australians own their own home.
CEO Paul Lewis said the bank – created through a series of mergers between like-minded credit unions and community groups – has always been built on the simple idea of “people helping people”.
“That co-operative spirit still drives us at Great Southern Bank today,” he said. “Together with our community partners, we are improving access to affordable housing, upgrading community homes, and helping ease cost-of-living pressures.
“As we look ahead, our strength lies in working together – as mutuals, as co-operatives, and as partners with government – together championing a fairer way of doing business.”
