Interest Paid on Shareholder Funds
We encourage our Members to invest in our co-operative. A single share costs $2.00, the minimum investment required to become a Member and gain access to the benefits of membership.
Members can increase their shareholding at any time by purchasing more shares in our co-operative. Rebate funds do not earn interest but can be easily transferred into Share Capital at any time so that they do.
An important characteristic of any co-operative is that every membership has only one vote at a meeting of Members regardless of how many shares that membership owns.
The interest paid on Member-invested funds is agreed by the Members each year at the Co-operative’s Annual General Meeting (AGM).
The current rate of interest was set at the AGM on 26 June 2019. As has been the case for a number of years, the rate was set at 2.0% above the Target Cash Rate as set by the Reserve Bank of Australia, i.e. a total interest rate of 3.0% at that time and 2.75% as of 1 October 2019.