Mutual companies will be better defined and able to raise capital more easily in Australia under fresh laws that have cleared federal parliament.
The companies - which are owned by their members, who are often customers rather than shareholders - will now be able to raise capital by using bespoke mutual capital instruments.
Co-operative and mutuals groups have said the package will help mutuals compete on a level playing field with other types of firms.
The laws, introduced by the coalition and backed by Labor, passed the lower house on Thursday after being given the green light by the Senate.
Some mutuals have operated in Australia for almost two centuries, providing banking, insurance and retirement living services.
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