Mutual gains: a cooperative approach to competition
G'day everyone - and thanks for inviting me to be part of the Business Council of Co‑operatives and Mutuals' CEO Strategy Roundtable. I acknowledge the Gadigal people of Sydney and the Ngunnawal people of Canberra, and recognise the important work that cooperatives and mutuals do to spread opportunity in First Nations communities. My thanks to the remarkable Melina Morrison for the invitation to speak with you today.
Let me start with a story. My grandfather, Keith Leigh, was born in 1912. When the stock market crashed in 1929, he was just 17 years old. To make ends meet during the Great Depression, he became a travelling salesman - mostly selling hosiery. As Keith liked to say, he was a 'traveller in ladies' underwear'.
The 1930s were tough, as they were for many Australians. Toward the end of that decade, Keith and his friend Lindsay Brehaut decided to do something practical to help their community. They set up the Hobson's Bay Co‑Op - named after the little inlet at the top of Port Phillip Bay in Melbourne. It gave locals a way to pool their buying power - at a time when every penny counted.
That spirit - people working together to meet shared needs - is the foundation of the cooperative and mutual movement. And it's why I'm so pleased to join you today.
As Assistant Minister for Treasury, I've long argued that a dynamic economy needs more than just more competition - it needs more diverse competition. Mutuals and cooperatives help make markets work better - they give consumers real choice, bring services to underserved areas, and reinvest in communities.
In groceries, we've acted on Craig Emerson's review to make the Food and Grocery Code mandatory - ensuring a fairer go for suppliers and consumers. And we've agreed in principle with the ACCC's recommendation to support community‑owned stores in regions where big players don't go.
In banking, we're considering the barriers that small and medium‑sized lenders face - including mutual banks, which are so often embedded in the communities they serve. Your submission to the recent review made a strong case for proportional regulation, and for recognising the mutual model in our broader competition strategy.
Access to capital is critical - for expansion, innovation, and investment in communities. The introduction of Mutual Capital Instruments was a major step forward, giving you a tool to raise funds while staying true to your ownership structure. We support the continued uptake of that framework - and we're listening to ideas about how to make it work even better.
We're also tackling the big issues that affect competition more broadly. We're delivering the most significant merger reform in half a century, making it easier to stop harmful mergers while speeding up pro‑competitive ones.
We're reforming planning and zoning laws, investing in national licensing for electrical trades, and cracking down on non‑compete clauses that limit worker mobility and slow productivity.
Through all this, we're working to build an economy where challenger firms can succeed - and where cooperatives and mutuals are recognised for the distinctive value they bring.
You bring long‑term thinking, embedded trust, and a sense of purpose that goes beyond quarterly returns. You've stepped in during disasters, stayed loyal to customers in downturns, and helped keep markets honest.
So whether you're in banking, groceries, health, housing or energy - the Albanese government sees you as part of the solution.
Thanks again for including me today. As you plan for the future, I hope you carry forward that same spirit my grandfather brought to the Hobson's Bay Co‑Op: practical, community‑minded, and quietly ambitious about what people can achieve when they work together.
