Co-operatives Victoria News

1. The people's Supermarket
   At 8:30 p.m on 29 December ABC1 showed the first of four programs on the People's Supermarket in the UK. The programs were first broadcast on Channel 4 in the UK in early 2011.  The People's Supermarket was established in May 2010. Is the People's Supermarket a food co-operative or is it something else?
   
2. Submissions on Financial Reporting for small co-operatives
   On behalf of all States and Territories, on 8 November 2011 NSW Fair Trading invited submissions on reporting requirements for small co-operatives. Submissions closed on the 7 December 2011. Seven submissions were received from - NSW Department of Education and training, the Co-operative Federation of Victoria Ltd, the Australian Accounting Standards Board, Co-operatives WA, Mark Snell and the Sydney Live Steam Locomotive Society Co-operative Ltd.
   
3. Federal Labor and Mutuals
   When the Reserve Bank raises or cuts rates and how the Big Four banks respond - ANZ, Commonwealth, NAB and Westpac - becomes a matter of controversy about the irrelevance of Federal Labor Treasurer Wayne Swan. What is real, however, is that Federal Labor has encouraged the strengthening of the mutual alternative with three mutuals now allowed to call themselves banks and the Federal Government deposit guarantee applying equally to the Big Four and mutuals.  Statistics from APRA show that for the year ended 30 September the assets of credit unions, building societies and mutual banks grew by 8.7% compared with 7.9% for the major banks.
   
4. Mutuals Already Better
   According to ABACUS Australian Mutuals, before the recent controversy as to whether or not the Big Four Banks would pass on the rate cut by the Reserve Bank of Australia,  the variable home loan rates of mutuals have been on average lower than the big four banks' for years. This is according to independent financial comparison websites like Canstar Cannex.
   
5. Australia's Co-operative Banks
   Australia has two new co-operative banks. On 1 September 2011 the MECU credit union became bankmecu. On the 1 October 2011 the Queensland Teachers' Credit Union will become the QT mutual bank. These developments are milestones in the development of co-operative banking in Australia - and competition for the investor owned banks. The Australian Labor Government has popularised the growth and role of co-operatives offering a real challenge to the investor banks and the emergence of two co-operative banks has been significantly influenced by the Australian Labor Government and it is appropriate the Government's encouragement of co-operative banking - the long term consequences of this encouragement could be significant.