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Nonprofit and Cooperative Enterprises Contribute to Australia’s Economic Growth
A recent study has highlighted the significant contribution of nonprofit and cooperative enterprises to Australia’s economic growth. These organizations, which operate on a not-for-profit basis, have been found to employ millions of people and generate billions of dollars in revenue each year.
Employment and Revenue Generation
According to research published by Ourcommunity.com.au, nonprofit organizations in Australia are estimated to employ around 10% of the country’s workforce, with many of these jobs being created in rural and regional areas. The sector also generates significant revenue, with an estimated AUD 150 billion contributed to the economy annually.
Cooperative Enterprises: Essential Services
Cooperative enterprises, which are owned and controlled by their members, have also been found to play a vital role in Australia’s economic landscape. These organizations provide essential services such as banking, insurance, and healthcare to millions of Australians each year.
International Research Consistency
The study’s findings are consistent with international research on the impact of nonprofit and cooperative enterprises on the economy. A report by the Johns Hopkins University Center for Civil Society Studies found that these types of organizations are crucial to the functioning of civil society, providing essential services such as education, healthcare, and social welfare.
Examples of Nonprofit and Cooperative Enterprises
In Australia, many nonprofit and cooperative enterprises have been established to address specific social and economic issues. For example:
- The St Vincent de Paul Society is a national charity that provides support services to people experiencing homelessness, poverty, and disadvantage.
- The Country Women’s Association of New South Wales has over 100 branches providing vital community services across rural and regional areas.
Conclusion
The research highlights the important role these organizations play in promoting social cohesion and economic development in Australia. As such, it is essential that governments and policymakers recognize the value of nonprofit and cooperative enterprises and work to support their growth and sustainability.
Sources:
- Ourcommunity.com.au
- Johns Hopkins University Center for Civil Society Studies
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