Australia’s co-operative and mutual sector has recorded an 8.4% increase in annual revenue, with sector leaders hailing its resilience against a backdrop of recurring domestic and global economic challenges.
The latest National Mutual Economy Report (NME) from the country’s Business Council of Co-operatives and Mutuals (BCCM) show that the top 100 co-ops and mutuals recorded record annual revenue of AU$50.9bn in the year to June 30, 2025, up from $46.9bn the previous year.
The 2025 financial year was also marked by a return to stronger earnings growth, with median EBIT for the top 100 rising 32% on the back of solid gains by mutual health insurers, banks and agribusinesses.
The performance marks the fifth consecutive year of revenue gains by the sector and compares with growth in real GDP in the 2025 financial year of just 1.4%.
“Australia’s co-ops and mutuals have again demonstrated their ability to prosper and grow in spite of difficult economic conditions, reinforcing the strength and adaptability of this business model,” said Melina Morrison, chief executive of the BCCM.
“Every day we are reminded of how co-ops and mutuals deliver positive outcomes for their communities across difficult areas such as aged care, housing affordability, health, disability support services, banking and agriculture.
“At a time when the federal government is focused on how best to achieve greater productivity and long-term reform to the Australian economy, co-ops and mutuals have shown how they can contribute to that goal. Business dynamism, competition and choice is flourishing in our part of the Australian economy.
“There is a clear opportunity to strengthen the role of co-operatives and mutuals in our domestic economy. An enabling environment for co-operatives and mutuals to prosper and grow allows them to work harder in the interests of their members and for the common good. This is good growth and shapes the behaviour of other firms in the markets where co-ops and mutuals operate.”
The top 10 co-ops and mutuals in 2024/25 features some of Australia’s biggest unlisted companies including West Australian grain handler CBH, car services group Capricorn, health insurers HCF and HBF, motoring organisations RACQ and RAC and financial and care services group Australian Unity. Three banks made the list – People First Bank, Newcastle Greater Mutual Group and Great Southern Bank.
Australia’s largest co-op was CBH, which recorded a 24% jump in turnover to $5.8bn, up from $4.7bn the previous year.
The 2025 NME showed that Australia’s co-ops and mutuals had combined active memberships of 37.8 million, up slightly from the previous year. There was a total of 1810 co-ops and mutuals, directly employing nearly 95,000 Australians.
Top 10 Co-operative Mutual enterprises by turnover
- CBH – WA, Agribusiness, $5.83bn
- HCF – NSW, Health Insurance, $4.43bn
- Capricorn Society – WA, Purchasing services, $3.97bn
- Australian Unity – VIC, Financial Services, $2.60bn
- HBF Health – WA, Health Insurance, $2.42bn
- RACQ – QLD, Mobility Services, $2.39bn
- RAC – WA, Mobility Services, $1.91bn
- People First Bank – SA/QLD, Financial Services, $1.39bn
- Newcastle Greater Group – NSW, Financial Services, $1.18bn
- Great Southern Bank – QLD, Financial Services, $1.10bn
