Andrew Leigh

BOOSTING GROWTH AND EQUITY THROUGH MEMBER-OWNED FIRMS: THIRD PARTY SUPPORT

A Shorten Labor Government will make Australia’s economy more productive and our society more egalitarian by creating a taskforce to streamline regulations and break down barriers for new competitors.

Since announcing our plan to create a Competition and Growth Taskforce to sit within Treasury on Thursday, many key groups across the cooperative and mutuals sector have voiced their support:

“The Customer Owned Banking Association has welcomed Labor’s announcement that it would establish a Competition & Growth Taskforce. The announcement is a positive move toward improving competition in the banking sector and accommodating the customer owned model.”

- Michael Lawrence, Customer Owned Banking Association CEO.

“The Business Council of Co-operatives and Mutuals welcomes the ALP’s commitment to a Growth and Productivity Taskforce announced [on Thursday] by Shadow Assistant Minister Andrew Leigh… The taskforce proposal puts a long overdue policy focus on the importance of business diversity to a healthy and balanced economy. By creating strategies for business diversity with companies that take a longer-term view, government has the opportunity to help build an economy and society that works in the interest of the widest number of people.”

- Melina Morrison, Business Council of Co-operatives and Mutuals CEO.

“The Australian Council of Superannuation Investors welcomes the proposed establishment of a Competition and Growth Taskforce, announced [on Thursday]by the Australian Labor Party… For too long, our response to corporate governance failings has been reactive. Australians shouldn’t have to tolerate behaviour which is out of line with community and investor expectations. The momentum for change is strong following the banking Royal Commission. Australia’s politicians have an opportunity to instigate changes that benefit the both the market and the public broadly. The proposed Taskforce is a step in the right direction.”

- Louise Davidson, Australian Council of Superannuation Investors CEO.

“The Governance Institute of Australia welcomes today’s announcement by the Federal Labor Party to invest $3 million into a new Competition and Growth Taskforce, which will focus on corporate governance issues such as AGM reform, boosting shareholder engagement and corporate reporting… “In an election campaign that hasn’t had much of a focus on business and the regulatory burdens it faces, it’s good to see politicians taking up the challenge. We support any measure by government to streamline regulatory burdens, boost growth and productivity, and encourage healthy competition.”

- Megan Motto, The Governance Institute of Australia CEO.

This taskforce will complement Labor’s policies for the cooperative or mutual sector. Labor led this debate, with the Abbott-Turnbull-Morrison Government eventually legislating reform for greater access to capital more than two years after Labor announced our policies.

Under Bill Shorten, Labor has a plan for inclusive growth. The Morrison Government offers only cuts and chaos.

ENDS

Authorised by Noah Carroll ALP Canberra.