Australian Unity supports the recommendations in a report released by federal Treasurer Scott Morrison concerning the recognition of mutual organisations within the Corporations Act, and how mutuals can access capital. The report, known as the Hammond Report, makes 11 recommendations concerning the status and treatment of mutuals and co-operative organisation.
In particular, Australian Unity supports the recommendations supporting the explicit recognition of mutuals in the Corporations Act through a definition of “mutual company” (recommendation 9), and expressly permitting mutuals to issue capital instruments without risking their mutual structure or status (recommendation 8).
The Hammond Report can be found here.
Australian Unity’s response can be found here.
The Treasurer’s response can be found here.
The Opposition’s response can be found here.