According to ICMIF member Business Council of Cooperatives and Mutuals (BCCM), Australia’s cooperative and mutual sector has ambitions to emulate the UK sector’s planned doubling in size, after recording an 8.4 per cent increase in annual revenue.
This announcement came as BCCM published its latest National Mutual Economy (NME) report earlier this month, showing resilience by the sector against a backdrop of on-going global volatility and stabilising inflation.
The top 100 Australian cooperatives and mutuals posted revenue of AUD 47.7 billion in the year to 30 June 2024, up from AUD 44 billion in the previous year.
Total revenue for the sector is now 38.6 per cent higher than in FY 2021, reflecting consistently robust growth during the post-Covid period and laying strong foundations for continued expansion.
“Australia’s cooperatives and mutuals continue to demonstrate their resilience despite challenging conditions both globally and domestically, reinforcing the strength of this under-appreciated business model,” said Melina Morrison, Chief Executive Officer of the BCCM.
“There is enormous potential for the sector to make an even greater contribution to a more competitive and productive economy, given appropriate regulatory settings and support from government.
“Coops and mutuals are already delivering positive outcomes for members and their communities in a number of challenging areas, including affordable housing, aged care and disability support services, regional banking and agriculture.
“We look forward to working with government and regulators to position coops and mutuals at the centre of the economic and social agenda, similar to the UK Labor Government’s initiative to double the size of its mutual sector,” Ms Morrison said.
Findings by BCCM show cooperatives and mutuals have shown remarkable resilience in the face of economic headwinds, reinvesting surpluses locally and maintaining service delivery. The BCCM recommends the Government should look to the business model to help stimulate economic growth amongst smaller Australian firms. Sectors targeted for growth like manufacturing and renewable energy could benefit from cooperatives as a vehicle to scale small and medium businesses.
The top 100 features some of Australia’s biggest unlisted companies including West Australian grain handler CBH, health insurers HCF and HBF, motoring groups NRMA, RACQ and RAC as well as health and financial services group Australian Unity.
The mantle of Australia’s largest co-op again went to CBH, which recorded turnover of AUD 4.69 billion.
The NME report shows that the top 100 managed assets worth AUD 217 billion, up 4.8 per cent on the previous year, while net profit after tax was AUD 1.87 billion. Data from BCCM also shows eight in every 10 Australians are members of at least one cooperative or mutual.
Outgoing Chief Executive Officer of health insurer HCF, Sheena Jack, said the mutual model’s strength lay in “putting people before profits”.
“Our members aren’t just customers—they’re the reason we exist. Every decision we make has our members at the centre. Being part of a mutual like HCF means members benefit directly from the value we create, from lower premiums, more generous benefits, better customer service, and access to health programs that support their wellbeing.”
The NME report shows that Australia’s coops and mutuals had combined active memberships of 37.3 million during the 2024 financial year, up from a previous 34.7 million.
There was a total of 1834 coops and mutuals, directly employing at least 94,400 Australians. This was a slight increase on the previous year, despite heightened merger activity, particularly among customer owned banks, driven by the need to find scale and efficiencies in a competitive banking environment.
Top 10 Australian cooperative/mutual enterprises by turnover
1. CBH – WA, Agribusiness, AUD 4.69 BN
2. HCF – NSW, Health Insurance, AUD 4.18 BN
3. Capricorn Society – WA, Purchasing services, AUD 3.73 BN
4. HBF – WA, Health Insurance, AUD 2.34 BN
5. RACQ – QLD, Mobility Services, AUD 2.33 BN
6. Australian Unity – VIC, Financial Services, AUD 2.17 BN
7. RAC WA – Mobility Services, AUD 1.59 BN
8. People First Bank – SA/QLD, Financial Services, AUD 1.32 BN
9. Newcastle Greater Group – NSW, Financial Services, AUD 1.10 BN
10. Teachers Health – NSW, Health Insurance, AUD 1.01 BN
About the BCCM
The BCCM is the national peak body for Australian cooperatives and mutuals. Cooperatives and mutuals provide essential services and affordable pricing to their members across the economy from banking, insurance and superannuation to retail, agriculture, health, social care and housing. Serving eight in every ten Australians, cooperatives and mutuals are private sector, member-owned entities. They are formed to benefit their members, drawn from the stakeholders of the business such as customers, suppliers, employees or people in the local community.
