10/11/2017 - 11:18

CBH leads as WA co-ops feature in national report

10/11/2017 - 11:18

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The Western Australian cooperative and mutuals sector continues to perform strongly on the national stage, with WA accounting for four of the country’s top 10 co-ops and mutual enterprises, a new report has found.

CBH has topped the list for the fourth straight year

The Western Australian cooperative and mutuals sector continues to perform strongly on the national stage, with WA accounting for four of the country’s top 10 co-ops and mutual enterprises, a new report has found.

The 2017 National Mutual Economy Report, released by the Business Council of Co-operatives and Mutuals, provides a snapshot of the industry and includes a list of the nation’s top 100 CMEs according to annual turnover.

WA has recorded four of the top 10 companies on the list since the report was introduced four years ago.

Co-operative Bulk Handling Group has topped the list for the fourth straight year with a turnover of $3.27 billion in 2015-16, well ahead of second placed Devondale Murray Goulburn ($2.77 billion).

CBH also leads the BNiQ Search Engine not-for-profit rankings.

Automotive group Capricorn Society and HBP Health were third and fourth respectively, while RAC WA recorded the ninth highest turnover.

WA-based Geraldton Fisherman’s Co-operative, Western Australian Meat Marketing Co-operative, Health Insurance Fund of Australia, and P & N Bank were all inside the top 40, leaving WA with eight CMEs in that band.

WA also contributed $8.1 billion of the nation’s $29.9 billion turnover for the top 11 CMEs.

Overall, the report found that CMEs contributed 8.3 per cent of Australia’s GDP in 2015-16.

BCCM chief executive Melina Morrison said the organisations played an important role in the local economy.

“CMEs are owned by their members, not by investors,” she said

“This means the needs of members are put first, with a focus on delivering long-term benefits to members rather than short-term profits for investors.

“Member control also means profits stay within the local community, rather than leaking out or fleeing offshore.

“The report referenced findings that 76 cents in every dollar spent with a CME stays in the local community, helping contribute to the wealth and quality of life of people who use its products or services.

“So supporting a CME means supporting your local community.”

The federal government announced earlier this week that it will adopt a host of Senate committee recommendations aimed at improving mutual and cooperative firms’ ability to raise capital.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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