Australia’s capital markets were dominated by mutuals until they were demutualised in the ’90s, spiralling into irrelevance. Today the mutual structures that underpin big super are proving resilient.
As AustralianSuper this year celebrates its 15th anniversary and The Australian Financial Review celebrates its Platinum 70 Year, there is an obvious theme that runs through the history of both – the oscillating power of mutuals.
During its first 40 years of existence – from 1951 until the early 1990s – The Financial Review chronicled the power and influence of mutual life insurance companies, including AMP, National Mutual, Colonial Mutual, City Mutual and the Mutual Life & Citizens Assurance Company.
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Tony Boyd is the former Chanticleer columnist. He has more than 35 years' experience as a finance journalist. Connect with Tony on Twitter. Email Tony at tony.boyd@afr.com
