A specialist research centre to promote the role of cooperative societies in regional development has been awarded as a joint venture to Charles Sturt University (CSU) and the University of Technology, Sydney.

The NSW Fair Trading Minister, The Honourable Jeff Shaw QC MLC, will announce the establishment of Australia's first Centre for Cooperatives Research and Development (CCRD) at CSU's Bathurst Campus at 12 noon today, Friday 26 February.

The CCRD's main purpose will be to research and promote the role of cooperatives and mutual societies - which have in the past played a central role in Australia’s economic development - in generating employment and growth in rural areas.

“Cooperatives, where people work together for a common interest, have a long and important history in Australia,” Mr Shaw said.

Mr Shaw said CSU is well placed to find opportunities for existing and new cooperatives, as more than half of NSW cooperatives are located in regional and rural areas.

The NSW Government will provide $900,000 over three years for the CCRD, after which it will be self funding.

Both universities will also make a significant contribution to the venture, providing $300,000 cash in addition to $2.5 million in-kind resources over the next three years.

The joint bid from CSU and UTS beat proposals from 12 other universities, including eight from outside NSW.

Associate Professor Terry Bishop, from CSU's School of Accounting, said both universities have come together with considerable experience to contribute to the venture.

“Charles Sturt University and the University of Technology, Sydney both have strong track records and expertise in research into cooperatives and mutual companies, many of which are located in regional Australia,” Professor Bishop said.

In particular, CSU brings extensive experience in regional development obtained through the newly formed Western Research Institute (formerly the Regional Economic Research Unit), its Centre for Rural Social Research and the extensive work carried out by staff in the Education Faculty on rural education.

“As well, the School of Accounting provides financial and management advice to a wide range of regional organisations,” Professor Bishop said.

Associate Professor Mark Lyons, from the UTS School of Management, added that cooperatives and other mutual societies are a tremendously important part of Australian life, but are frequently overlooked.

“In the past, in times of economic hardship, people have worked together cooperatively and successfully.

“We need to rediscover how to do that,” Professor Lyons said.

More than one million NSW people belong to 800 cooperatives, with assets of just over $1 billion and annual turnover last year of $3 billion.

Successful NSW Cooperatives include Dairy Farmers, Namoi Cotton, the University Cooperative Bookshop and Ricegrowers Cooperative, while local Bathurst cooperatives include the Zig Zag Railway Cooperative Ltd and taxi cooperatives.