The mutuals sector could be about to enter a new era of competitive funding - if the recommendations made as a result a review into how to support cooperatives, mutuals and member-owned firms in Australia are backed by appropriate legislative changes. Gregory Hammond, previously a partner at the law firm King & Wood Mallesons, was appointed to consult with stakeholders and advise the Government on the merits of defining a "mutual enterprise" in the Corporations Act, and whether regulatory and legislative changes were required to improve access to capital for Commonwealth-registered cooperatives and mutuals. This review was established in response to a report from the Senate Economics References Committee containing 17 recommendations to free up mutuals to take on a wider choice of funding options.Hammond provided his independent report to the Treasurer, Scott Morrison, on 31 July 2017 and the Turnbull Government tabled its response to the Senate Economics References Committee, on 8 November. The government was quick to point out that now the report has been released, it supports all the Hammond Review recommendations for Government: Recommendation 1: support (i) mutually owned ADIs to directly issue CET1 instruments, and (ii) APRA to give priority to the consideration of amendments to its prudential standards to permit them to do so. Recommendation 2: support (i) the ability of mutual friendly societies and mutual private health insurers to directly issue CET1 instruments, and (ii) APRA to consider amending prudential standards to permit them to do so. Recommendation 3: encourage APRA to facilitate the issue of capital instruments by prudentially regulated mutuals by assisting industry to develop standard template forms for member equity interests, other capital instruments and documentation, and (ii) developing minimum service standards. Recommendation 4: encourage ASIC to facilitate the issue of capital instruments by unlisted financial institutions by developing minimum service standards (including an agreed process, framework and timetable) for the timely consideration of applications for exemption. Recommendation 5: consider the continued effectiveness of Part 5 of Schedule 4 of the Corporations Act and whether any amendments to legislation or regulations are necessary or desirable. Recommendation 6: encourage ASIC to have further dialogue with the affected mutually owned ADIs and industry. Recommendation 7: amend tax regulations promptly to treat Tier 2 Capital instruments convertible into MEIs in the same manner as Tier 2 Capital instruments convertible into ordinary shares. Recommendation 8: amend the Corporations Act to expressly permit mutuals registered under the Act to issue capital instruments without risking their mutual structure or status. Recommendation 9:  amend the Corporations Act to expressly permit mutuals registered under the Act to issue capital instruments, Government also commit to including a definition of a mutual company. Recommendation 10: encourage ASIC to provide regulatory guidance on the duties of directors of mutuals. Recommendation 11: encourage ASIC to review the policy basis for the dual regulation of certain offers of securities by State and Territory cooperatives with a view to implementing legislative changes to eliminate this barrier to the raising of capital by