Victoria and NSW lead the way in co-op reform

Victorian Minister for Consumer Affairs Heidi Victoria has announed Victoria's co-operatives will be able to operate more easily across state borders from Monday 3 March, with the launch of the Co-operatives National Law (CNL).

According to Ms Victoria, more than 640 co-operatives in Victoria and 600 co-operatives in NSW would benefit from the new law.

“Co-operatives make a big difference to regional and rural communities in particular, fostering stability and prosperity,” Ms Victoria said. “Laws providing for mutual recognition and consistent compliance at a national level will go a long way to improve the efficiency and viability of co-operatives across the country.”

NSW Minister for co-operatives Stuart Ayres said the new laws would provide automatic authorisation to co-operatives wanting to carry on business across state and territory borders.

“This means a reduction in regulatory costs and simplified financial reporting and auditing requirements for smaller co-operatives,” Mr Ayres said.

CEO of the Business Council of Co-operatives and Mutuals (BCCM) Melina Morrison said the commencement of CNL in Victoria and NSW was a landmark for co-operatives everywhere, marking the transition to a consistent legislative framework for co-operatives trading across state borders.

“Co-operatives are a significant economic sector and this new national law recognises the importance of these businesses to our communities and to the economy,” Ms Morrison said. “The introduction of CNL will help co-op businesses to simplify the administrative and cross jurisdictional issues that other corporate structures have never needed to worry about.”

For more information about co-operatives in Victoria go to

http://www.consumer.vic.gov.au/cooperatives  


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