February 6, 2020
Draft laws aimed at reducing red tape and business costs for co-operatives have been introduced in State Parliament.
Attorney-General Yvette D’Ath said the draft laws would benefit smaller co-operatives, including those in regional areas.
“The Palaszczuk Government recognises the substantial contribution Queensland co-operatives make to our economy and communities,” Mrs D’Ath said.
Mrs D’Ath said the State Government was trying to improve the regulatory framework for co-operatives, bringing it into line with other States.
“The Bill before State Parliament simplifies the financial reporting and auditing requirements and reduces costs for small co-operatives,” she said.
“It modernises directors’ and officers’ duties and provides a new way for co-operatives to raise funds
“The draft laws will also assist co-operatives wanting to do business across state or territory borders as they will no longer have to register in each jurisdiction.
“These are important reforms which will support the ongoing viability of Queensland co-operatives.”
