What legislation governs co-operatives in Australia?
All co-operatives, except financial co-operatives, such as credit unions and building societies, are regulated by State and Territory Governments in Australia – the Federal Government has no direct administrative or ministerial responsibility for general co-operatives. The Corporations Law, administered by Federal Government, exempts from its operation, societies, associations or unions registered under the various Co-operative Acts of the States and Territories but has an influence on the interstate operations and fundraising by co-operatives. Australian Prudential Regulation Authority (APRA) administers financial co-operatives under a common Corporations Law framework, along with other financial institutions. As companies, credit unions, building societies and friendly societies are supervised by the Australian Securities and Investments Commission (ASIC), subject to requirements stipulated by APRA and the Reserve Bank.
