Eddie Fry, IBA Chair, presented this speech at the Developing Northern Australia Conference in Karratha on 27 August 2024.
IBA HAS A DREAM
IBA has always had big dreams, but many thought it a mere figment.
However, IBA has grown to become a significant institution of lasting maturity that has structured meaning and measured outcomes, to foster Indigenous wellbeing.
Over the last 5 years, IBA has had steady growth that has contributed to total consolidated assets exceeding $2 billion. This is a remarkable increase from $1.7b just 5 years ago.
IBA’s core business is to intersect the deployment of capital and human resources, with Indigenous communities, individuals and third-party stakeholders.
In the last 10 years, IBA progressively developed the capacity to expand its services but was constrained and unable to borrow or raise capital to meet growing demand.
IBA committed to identify new sources of capital and finance, and channelling these towards the assets and commercial ventures of our Indigenous customers.
We needed to think of new funding opportunities and innovative ways to get better results for our customers within our operating environment. Partnerships play an immensely helpful role in this.
As IBA has become a sophisticated financial institution, we proposed to change our governing Aboriginal and Torres Strait Islander (ATSI) legislation to allow IBA to borrow and raise capital, to meet the growing demand for Indigenous home ownership, business enterprise and investments.
Expanding the financial capability of IBA along with the growing desire for Indigenous people to engage in commercial activities, is a perfect combination to increase Indigenous participation in the economy.
THE PRIME MINISTER SUPPORTED IBA LEGISLATION CHANGE AT GARMA
At the recent Garma Conference the Prime Minister announced that in the spirit of empowerment, the government will boost the investment, borrowing and lending power of Indigenous Business Australia.
This very exciting success for change of legislation for IBA will result in:
The Prime Minister spoke to us about the governments ‘new ambition, energy and determination to find new ways forward for Indigenous Australians’.
‘Sharpening the focus on delivery and strengthening accountability, real empowerment and lasting economic security for communities’.
I was inspired by several aspects of his message, such as:
These are more than words to us at IBA, this is why we exist.
Adding to the government’s momentum, the Treasurer announced that the 2024-25 Budget delivers on the commitments made in the Commonwealth’s Closing the Gap Plan and invests $2.4 billion in real actions that will make a tangible difference to Indigenous people’s lives.
IBA seeks to sustainably develop the Indigenous national economic footprint by empowering our customers to engage with economic and wealth-building activities. We also seek partnerships to provide opportunities to Close the Gaps.
FOUNDATIONAL SETTINGS
IBA continually seeks new pathways to success and with our learnings over last 10 years IBA has a substantial foundational framework with:
IBA’S IMPACT
At IBA we assist our customers on their journey to self-management and self-sufficiency. This becomes a turning point which has an expansive impact on the Indigenous Estate, wider Australia, and generations to come.
In the financial year to June 2024, IBA distributed $365 million in capital and development support to Indigenous individuals, families, business, procurement and partnerships.
The breakdown of the financial distribution includes:
Over the coming months, IBA will continue to pursue a broader investment program, financial strategies and commercial models to mobilize capital for high impact outcomes to make a greater contribution to the National Agreement on Closing the Gaps.
We have learned with our strategic changes in the IBA Investment Program across all of our product range, and pursue:
As our Prime Minister says ‘We are living with what’s been tried before, we know where the old road leads, we have to make a new path – and walk it together’.
At this point in time, I believe it is essential that we change and progress our Indigenous spring
CHANGE TO PROGRESS – OUR INDIGENOUS SPRING
According to George Bernard Shaw, ‘progress is impossible without change, and those who cannot change their minds cannot change anything’.
‘All progress is initiated by challenging current conceptions and executed by supplanting existing institutions’
We know that change is difficult, but we can advance change more productively with trusted partnerships.
We must seek steady economic development and commit to continued improvement in our institutions and in trusted partnerships with common purpose.
We have learned that our collective past is scattered with Indigenous economic and social fracture.
Social fractures are divisions in society, causing people and institutions to disengage with one another, which ultimately leads to economic, technological and cultural inequality.
You may recall that Charlie Perkins developed a point plan for Indigenous advancement, noting that ‘Aboriginals have to work this out for themselves.’
We need to have and implement on a continual basis this point plan including:
OUR INDIGENOUS SPRING
As part of my learning, I see this is the time for the emergence of our Indigenous Spring, a time for effective Indigenous led and implemented change.
A refined economic thinking is not groundbreaking, is often spoken of, but is rarely applied.
This is the next wave of building a win-win world for Indigenous Australians as we invest in northern Australian opportunities for our people.
We are here to consider northern economic development; we know that economics drives politics and our Prime Minister speaks with driving renewal sentiments, to adapt the way we do business.
What better place, what better time, what better circumstance is there for a national unity approach and an uplift in economic development.
For me it’s theoretical physics versus applied physics.
Theoretical physics is the idea or concept, but applied physics implements practical systems based on foundational sound principles.
Our continual learnings are about applying practical methods of implementation of our business models - for our customers to find solutions that work for them.
Our impact will demonstrate how to drive intergenerational change.
The Indigenous Estate is foundational for new economic thinking:
And - as a consequence…
WE HAVE AN INDIGENOUS ESTATE, BUT WHAT DO WE MEAN BY AN INDIGENOUS ECONOMY?
Let me begin by saying – there is only one Australian economy – only one GDP.
Articulating an Indigenous economy is understanding that the total and growing list of assets under management are held and owned by Indigenous groups across the nation and in particular for the assets of the northern zone.
We have land and more land, water and more water, and more and more assets
We need to understand the Indigenous assets current state of play in our work in order to identify opportunities to expand our assets. We need to understand:
The development of corporate and operational settings must be consistently aligned with the overall state of Australia’s economy.
The cyclical patterns of expansions, peaks, contraction and troughs, requires us to understand what factors impact Australia’s GDP, interest rates, employment and spending.
These patterns will play out on a constant theme and yet again Indigenous peoples will need trusted partnerships to ride the economic cycles of our wider Australian economy and its intersection with global markets.
TRUSTED PARTNERSHIPS
Trusted Partnerships bring to the table connection points to bridge our gaps in skills and experience.
Trusted partnerships will include revitalized institutions with a common purpose underwritten by capability and capacity and a willingness to explore alternative opportunities jointly.
Partnerships have always been a vital part of IBA’s success and demonstrates how our work alongside others to achieve their purpose, helps immensely in achieving our own.
Partnerships are a powerful platform for extending our reach, providing important co-design opportunities and help us deliver vital products and services with greater impact on the economic landscape.
IBA has a consistent approach for how we identify, appoint, manage and evaluate partnerships. We ensure the partnerships we embark upon are strategic aligned and set up to achieve maximum benefits for both us and our customers.
Our partnership goals include improving IBA’s reputation, efficiency, effectiveness and to generate measurable impacts. We seek partnerships that are:
WE PARTNER FOR THE FUTURE, FOR INTERGENERATIONAL TRANSFORMATION
IBA established a Partnership Framework when we revitalized IBA.
We learned the benefits of engaging in trusted partnerships and this became a foundation with which we deliver of our purpose.
Partnerships:
SO, WHAT IS POSSIBLE?
The Indigenous Spring is how I understand implementing in practical terms, Charlie Perkins Indigenous advancement, ‘Aboriginals have to work this out for themselves.’
Indigenous partnerships could be established or emerge as regional or zone offices defined by Native Title Prescribed Body Corporate areas, with sole ownership or in a Joint Venture arrangement.
The Regional or Zone office should address local initiatives and provide community identified opportunities to move our people away from welfare dependency and seek to improve housing, employment, health, wellbeing and restore dignity.
The office can assist our resilient Indigenous communities towards financial independence and reduce dependence on government housing, rental, and employment programs to locally address closing the gap targets.
Regional offices could manage community assets such as land holdings and infrastructure and share services with other offices.
In time, the office could widen the scope of investment, and management, with financial and technical assistance on Housing, SME’s and Education. The potential for local and systematic mapping of all utilities and infrastructure will identify new opportunities for development.
In essence, this would lead to an alternative deployment of targeted financial and human capital with greater impact at an individual and community Indigenous level.
An important aspiration within the “INDIGENOUS SPRING” will be a focus on education of our children as one of the pillars that underwrites and supports self-determination.
If there is limited access to education facilities in regional Australia, the office could underwrite tailored education opportunities for children, which may be outside of the immediate community. Students returning to community can offer employment capability, creativity and incentivise other children to aspire to higher education.
The “INDIGENOUS SPRING” is all about choice – motivation, incentivisation and skill development using the Indigenous Estate as a launch pad. This is our advantage.
Using our assets under management and ownership to leverage opportunities within the primary, secondary and tertiary sectors of the northern economy.
In closing
These ideas are not theoretical policy – they are applied practicality.
Indigenous disadvantage can evolve to Indigenous advantage.
We all know that achievements are not born, they are made - and we can make them.
I look forward to seeing a growing Indigenous Spring across northern Australia, as a model.
With unified Indigenous led changes, to practically address Indigenous economic disadvantage - by our people for our people.
THANK YOU for the opportunity to be here today.
Our Corporate Plan 2024-25 is now published.
The plan marks 50 years of the Indigenous Home Ownership Program. Since inception, the program has written over 21,000 home loans, improving the lives of thousands of Aboriginal and Torres Strait Islander families, while contributing to the overall housing assistance framework in Australia.
It outlines what we will do to deliver on the second year of our five-year strategy out to 2028.
During the year will deliver our next groundbreaking impact study, which explores the role financial wellbeing plays at the individual, family, and community levels.
Our 2028 strategy takes a wellbeing approach and places impact at the centre. This shows how we understand where our target outcomes fit within the broader needs of the people we serve.
“Informed by our performance and proof of the impact created, we will leverage our partnerships to collaborate and deliver projects and initiatives led by Aboriginal and Torres Strait Islander people.” Eddie Fry, IBA Chairperson.
The plan explains our priorities for the year ahead that will contribute to achieving our four strategic goals – Choice, Inclusion, Prosperity, and Excellence.
Investing in these areas will ensure we continue to achieve positive impacts in the lives of Aboriginal and Torres Strait Islander people.
Our Impact Reports demonstrate how our activities directly and indirectly address many of the disparities identified in the National Agreement on Closing the Gap, including those relating to housing, economic participation, education, employment, safety, health, and wellbeing.
IBA supports Aboriginal and Torres Strait Islander people to achieve financial inclusion and economic empowerment through:
Read our current and previous plans.
Indigenous Business Australia (IBA) launched its first Environmental, Social and Governance (ESG) strategy with Aboriginal and Torres Strait Islander wellbeing at the centre of consideration – wellbeing of Country, culture and community.
The strategy outlines how IBA intends to move beyond the mandatory compliance and risk management requirements to incorporate, where possible, the lived experiences of Aboriginal and Torres Strait Islander people.
The extensive rights and interests of Aboriginal and Torres Strait Islander people over land and waters, and intrinsic understanding and cultural knowledge of the landscape, means they are best placed to protect and restore Country and build resilience to climate change as well as other systemic and societal issues.
Five priority areas are the focus for IBA’s ESG strategy including: 1) climate change and resilience, 2) customer and data security, 3) human rights and labour, 4) integrity and business ethics, and 5) lending and investing responsibly.
These areas closely align with the goals and objectives in IBA’s Strategy Towards 2028 and are areas that present significant risk and opportunity in the short and medium term.
The strategy also provides a structured, systematic, and strategic approach to emerging ESG-related compliance and reporting requirements for matters like modern slavery and climate risk.
IBA Chairperson Eddie Fry, a Dagoman man, comments about the organisation’s commitment to the integration of ESG principles to support the aspirations of Aboriginal and Torres Strait Islander people, their businesses, our co-investors, and the communities to whom we serve.
“Connection to Country, culture, and community are inherent to Aboriginal and Torres Strait Islander values, worldviews and genealogy, providing a blueprint for sustainable development.
“IBA knows and recognises the important and inseparable links between Country and Aboriginal and Torres Strait Islander people. It is our responsibility and obligation to care for Country to ensure sustainability for future generations.
“We are witnesses to the urgency for a coordinated national and global effort to improve monitoring, evaluation, reporting and rehabilitation across a range of environmental, social, and governance (ESG) areas.
“IBA began a rapid transition because we have a very important role and responsibility to facilitate access to finance and capital that allows Aboriginal and Torres Strait Islander people and communities to meaningfully participate in the changing economic and ESG landscape.
“We’re exploring new opportunities to invest responsibly alongside Aboriginal and Torres Strait Islander people in sustainable ventures.
“We must all continue to evolve our approach to incorporate environmental and intergenerational aspects into our overall impact.”
Media contact: Tara Toohill 02 9207 6362 or tara.toohill@iba.gov.au
We're all gearing up for NAIDOC which looks like it will be bigger than ever this year.
It's our favourite time of the year to celebrate blak excellence. So we'll be getting out and about in the local community and soaking up the spirit of NAIDOC.
Here's a list of events across the country that we'll be at. If you're at any of these, please find us and say hello!
Adelaide /Kaurna Country
Alice Springs / Arrernte Country
Brisbane /Turrbal and Yuggera Country
Acacia Ridge NAIDOC Family Fun Day
The Murri School
Friday 5 July
10.00am-2.00pm
Aboriginal & Islander Independent Community School, 1277 Beaudesert Road, Acacia Ridge
Canberra / Ngunnawal and Ngambri Country
Darwin / Larrakia Country
Melbourne / Wurundjeri Country
Sydney / Gadigal Country
Tamworth / Kamilaroi Country
Townsville / Bindal and Wulgurukaba Country
Wagga Wagga / Wiradjuri Country
Indigenous Business Australia (IBA) launched their 3rd Impact Report at an event on Whadjuk Noongar boodja in Boorloo (Perth WA) on 17 April 2024.
The report was a deep dive into the intergenerational impacts of home ownership as reported by Aboriginal and Torres Strait Islander single carer and single parent families.
Joined by IBA’s Chair Eddie Fry, Senator Louise Pratt and an honoured panel of customers who shared their personal stories, IBA celebrated the reported social, cultural, and economic impacts highlighted by homeowners.
The launch event held at the State Theatre Centre of WA was opened by musician and Bibbulmun Noongar man Kobi Arthur Morrison and a heartfelt Welcome to Country by Aunty Robyn Collard with a special performance by her grandson, Tryse Rioli, showing how intergenerational impact is not limited to home ownership alone.
This new report is the third in a series of groundbreaking studies looking at the impact of IBA’s activities from the perspective of Aboriginal and Torres Strait Islander people. The latest results focus on the experiences and impacts of home ownership as reported by First Nations single carer and single parent families.
First Nations single carer and single parent families care for 44% of Aboriginal and Torres Strait Islander children in Australia. 84% of those households are headed by a female. Just over 1 in 5 IBA home loans is with a single carer family.
IBA strive to understand and encourage positive change by investing with First Nations people across business, home ownership, investments and capability development. This report highlights not only the success of First Nations single carer homeowners, but lessons for the broader financial services sector.
Gija woman Kia Dowell is the Executive Director of Strategy & Impact at IBA. From creating the framework and carrying out each of IBA’s previous reports, Kia understands what impact means.
“This report is another critical step in the right direction. IBA seeks to deliver on our purpose and 2028 strategy informed and guided by the lived experiences of Aboriginal and Torres Strait Islander people. Importantly we must take action and learn from those stories to improve the way products are designed and services delivered.
“We’ve been on our journey with the launch of the framework in 2019 and our first report in 2021. This is not simply about understanding the impacts generated as a result of home ownership, it goes to the heart of intergenerational change.
“Inclusion and prosperity are two of IBA’s strategic goals and when home ownership is realised, it provides further evidence of the positive impact that can be created.
“The demand for home ownership amongst Aboriginal and Torres Strait Islander people continues to increase and this report serves as a reminder to all levels of government and the sector that access to affordable, stable and appropriate housing is a basic human right.
“The next in our impact series is already underway with research kicking off this month to find out how IBA’s activities support Aboriginal and Torres Strait Islander people’s financial wellbeing. We’re talking directly to community in yarning sessions as well as our more traditional quantitative research.”
Stories shared directly by the inspiring panel of speakers at the launch event highlighted the impacts they experienced to their own wellbeing, aspirations, and determination.
Renarta Coyne is a proud Minang Noongar Yorga woman from the Great Southern Regions of Albany and Mt Barker, Western Australia. As a single mother of 4 children and 12 grandchildren, she talked about both the success and struggles of gaining home ownership.
“Besides my children and grandchildren, I am proud to say I have achieved the ultimate goal of being a ‘Home Owner’ and paving the way for my family.
“As a single mum the journey along the way hasn’t been without challenge although the support and love of my family and friends has seen me through these difficult times.”
Images from the launch event are available.
Media contact: Tara Toohill 02 9207 6362 or tara.toohill@iba.gov.au
Indigenous Business Australia (IBA) is delighted to announce that more than $1 billion in contracts have now been supported through the IBA Performance Bond Trust. This milestone achievement for Aboriginal and Torres Strait Islander success has continued to grow since the bonds were introduced in 2018.
Since inception, IBA now supports over 500 performance bonds valued at almost $60 million with contracts valued at over $1 billion. A substantial increase since 2020 when after two years IBA had supported over 170 bonds worth $12 million, and contracts valued at nearly $202 million.
Performance bonds are issued to the beneficiary of a contract as security against the other party being unable to meet obligations specified in the contract. Banks often require a 100 per cent cash deposit as security for the bond, which ties up considerable amounts of working capital.
IBA assists Aboriginal and Torres Strait Islander businesses by issuing bonds directly to the buyer, in cases where the business may not have the required level of security to provide a bond facility for their contracts.
The bond partnership that took the contract’s value to over $1 billion was through Mine Power Solutions, an Indigenous-owned and managed diversified construction, mining and electrical contractor which has been successful in winning contracts at Olympic Dam.
Cameron Buzzacott, Managing Director of Mine Power Solutions, is a long-standing IBA customer being the initial performance bond customer through one of his other ventures, Zancott Knight. He says:
“In mid-2018, Zancott Knight strategically decided to collaborate with IBA, transitioning away from our traditional banking institutions for bond requirements.
“Being IBA’s first client, this bond was pivotal for both companies. For Zancott Knight, it was a turning point as it not only streamlined the process of bond origination but also freed up working capital to grow our business.”
IBA CEO Kirsty Moore says, “IBA’s Performance Bond Trust has assisted First Nations contractors across the country to participate in a wide variety of contracts including mining, civil works, construction, facility upgrades and renewable energy construction by guaranteeing their capacity to complete projects while requiring minimal security.
“We’re extremely proud of this milestone figure – it ultimately contributes to Aboriginal and Torres Strait Islander business growth which is positive for everyone.”
Cameron agrees. He adds, “This growth has strengthened our market presence and allowed us to seize new opportunities and execute more projects, enabling Zancott Knight to navigate the competitive landscape with confidence and agility.
“We are honoured to have partnered on two major milestones, from the first bond in 2018 with Zancott Knight to the bond with MPS that tipped the $1 billion threshold in 2024.”
The Performance Bond Trust is administered by IBA who provide bonds directly to an Indigenous-owned business or alternatively provide capital to enable the business to secure a bond from a mainstream bank. When kicked off in 2018, IBA co-invested $10 million in the facility along with National Indigenous Australians Agency (NIAA) matching a further $10 million.
Find out more about IBA Performance Bonds.
Media contact: Tara Toohill 02 9207 6362 or tara.toohill@iba.gov.au
IBA CEO Kirsty Moore and Chair Eddie Fry spoke with Australian Institute of Company Directors on how IBA is working toward the economic empowerment of First Nations communities. The resulting article describes IBA's 'powerful activities' which has transformed the dream of home ownership into reality, for 21,000 owner-occupier Indigenous families and individuals.
See full article below, which appeared on the AICD website.
Home ownership. For many First Nations Australians, it’s a dream which will only ever remain out of reach and a remote fantasy. But for 21,000 owner-occupier Indigenous families and individuals, it’s an idea which has at last actually transformed into reality, due to powerful activities by federal agency Indigenous Business Australia (IBA).
Roughly, we are nearing 5,000 home loans nationally at this point in time,” IBA CEO Kirsty Moore GAICD told the AICD in a recent interview in Perth. “And we continue to have very, very strong demand.
“The Indigenous home ownership program is the longest running program in the Indigenous affairs portfolio and it's been around for almost 50 years.”
According to the 2021 census, only 41 per cent of First Nations people own their own homes, compared to 66 per cent of non-First Nations people. “So there's a gap,” says Moore. It's a real gap in home ownership. For as long as that gap exists, IBA will need to play a role in in providing that finance where the mainstream banks won't.
“The need for that finance isn't just the fact that our customers live in maybe regional and remote areas where banks do not lend… but it's also because they don't have the bank of Mum and Dad. They don't have that intergenerational asset to support them. And they don't necessarily have role models in their community to look at - people who've owned a property.”
IBA also finances First Nations businesses. These range from small businesses such as Kakadu Kitchen, a non-alcoholic drinks entity with a store in Humpty Doo, and Mack Construction NT, a design and construction service, through to bigger enterprises such as the Centre for Appropriate Technology in Alice Springs, Warialda Engineering and Welding based in NSW, and Wilpena Pound Resort in the Flinders Ranges in South Australia.
IBA has also invested in building a new cucumber farm in Geraldton, Western Australia, and greenhouses are currently being constructed, according to Moore. “It’s part of a native title settlement with the state of Western Australia and we have had some extensive investment into that. The intent is that it will become Australia's largest cucumber farm.”
IBA is working with First Nations organisations across Australia and has joined forces with Export Finance Australia to empower First Nations companies to build their capacity to enter international markets.
IBA has an investment pipeline manages a portfolio of co-investments with Indigenous organisations valued at over $500 million, including direct investments, managed funds and a real estate investment trust. According to the IBA 2023-2024 Corporate Plan, IBA currently has $2 billion in net assets, which it aims to grow to $2.5 billion by 2028.
IBA Chair Eddie Fry, a Dagoman-Wardaman man from the Katherine region in the Northern Territory, told the AICD that IBA has already doubled net assets from $1.15 billion in 2014 to around $2 billion now. “We have cleaned up a lot of non-performing assets and we also have a board that clearly understands the commercial marketplace,” he said.
“We got smarter at doing business. In 2017, we made a massive leap from about 450 home loans to about over 900 in that one year.”
Management culture has also changed both at board level and at the operational level and offices such as the ACT have been downsized. “I would suggest we've taken on a greater corporate and operational approach than we used to have.”
The future
Over the next five years, IBA will facilitate new investment opportunities and new partnership arrangements to increase wealth and assets. It has boosted this work through recent partnership activity with the Northern Australian Infrastructure Facility (NAIF), Housing Australia, and Export Finance Australia (EFA), and in strategic banking partnerships with Australian Unity and Bank Australia.
According to the 2021 national census, there are now nearly one million First Nations people in Australia. The population of Aboriginal and Torres Strait Islander people now sits at around 984,000.
However, high interest rates and high property prices are making home ownership a more difficult proposition for many First Nations people.
“I think a big challenge going forward is to see how IBA can exceed what market conditions are currently determining. In the previous two years, house prices have just skyrocketed. Therefore, that’s going to impact on the ability of our buyers to borrow,” says Fry.
Because first homebuyers are struggling to find properties to purchase, IBA launched in August a shared equity program, which combines a finance option with an IBA home loan. The borrowing capacity of customers is increased, so they do not need to buy smaller properties than they need. “They still borrow the same amount, but by IBA putting in an equity contribution, the customer can hopefully buy a more appropriate home in a better location, with proximity to amenity and family, community in particular,” says Moore.
She says the focus on regional areas is important. Over 60 per cent of the home loan book of IBA is in regional Australia, mostly Queensland and NSW, she says. About 10 per cent is in remote areas, mainly in the Northern Territory and Western Australia.
“That's where the IBA business investment activity comes in, because we believe that if we can create local economic development, that will create opportunities for people ultimately to take control of their own futures.
“We know that home ownership provides security. A roof over your head. We also know this concept of passing assets onto kids really resonates strongly with our customer base, who want to give their kids a bright future. So they want to own a home, and they want to pass on the home. They want those kids to know that they can lay their roots in that place.”
She says IBA is governed by federal legislation and is obliged to make sustainable investment decisions to ensure that when lending to customers, the risks of ultimate financial losses are minimised through good customer support and sensible lending decisions in the first place.
“It is the IBA support which is the bit that creates success,” says Moore. “So it's the support around readiness to enter into that financial commitment in the first place. And making sure that if somebody is going to buy a house, they really understand the obligations of home ownership, that they really understand what it will mean and how they're going to withstand certain pitfalls that might come – that they have financial literacy. We support them through the customer journey for the entire length of the loan.”
UK-born Moore became CEO of IBA in May 2021, after starting as IBA Head of Products and Markets in early 2018. Driven by a passion to help people who need support, she has lived experience of difficulty with home ownership and brings this understanding to her role.
“I think part of my motivation is the fact that I come from disadvantage myself. My family come from a social housing background in the UK and I understand about opportunity. So, for me, I really want to support a cohort of society that needs assistance. It’s really as simple as that.”
Role of the board
The IBA board is composed of majority First Nations members alongside non-Indigenous members – all with business expertise. “Our board understands our customer base, so they understand some of the challenges that sit in community, they understand some of the issues of intergenerational trauma and they understand the concept of a proper fair go,” says Moore.
“They don't want IBA to be purely giving handouts. They want IBA to be investing with people who are ready to actually have a bit of gumption and go forward and take control of their own economic future.”
The board is also heavily focussed on cyber security and in 2021 created an IT subcommittee. “This is a new thing that we put in place a couple years ago in response to the need to make sure technology starts at the board level.
It recognises that we do need to have modern day banking systems, and appropriate data protection in place,” she says.
The board has also driven and monitored a significant digital transformation to update IT and core business systems. “We went from having quite old-fashioned IT systems to being on the cusp of having a modern-day banking system that is used by mainstream financial services institutions. The board has supported the organisation to do that and played an active role in the oversight of that initiative.”
The board is very engaged on the subject of cyber security, inquisitive and keen to understand it, she says. “They're definitely not passive when it comes to technology and implications of cyber and customer protection in general.
“Remember that we are here not only to deal with very sensitive information pertaining to the most disadvantaged but there's also a reputational risk to the Commonwealth government, if we get it wrong.”
Feeling fresh? So are Yamatji Enterprises Limited (YEL), 4 Ways Fresh Produce and IBA. The parties have formed a joint venture company to establish a cucumber farm in Geraldton, Western Australia, creating a legacy for traditional owners.
The company, Yamatji Fresh Produce Pty Ltd, will develop 400 greenhouses to grow cucumbers making it the largest grower in Australia. It will also consider growing other crops such as tomatoes, eggplants and capsicum to fill the national supply gap. The joint venture will provide job opportunities for the community – creating a lasting legacy for generations to come.
In 2022, Yamatji and IBA acquired two adjacent parcels of land in Geraldton WA. Construction of a horticultural facility began in 2023. The first 125 greenhouses are expected to be completed in 2024 and another 125 greenhouses will follow in 2025.
One of the major highlights of last fiscal year was achieving development approval. Navigating through the regulatory landscape was no small feat, but we secured the green light to move ahead with the project. This milestone has paved the way for us to turn our vision into reality, and we cannot wait to see the transformation of the land into a flourishing cucumber haven.
Another significant achievement was the completion of the fencing work around the block. Not only was the completion of the fencing work a significant milestone in our project’s development, but it also represented a crucial achievement in our commitment to First Nations procurement. It marked the first of many First Nations–led contracts we are expecting to secure and deliver.
In addition, groundwork officially commenced with the construction of the dam, which will be the lifeblood of the facility, providing a reliable and efficient irrigation system to support the growth of our cucumber crops. As we dug the foundations, we knew that we were digging the foundations of a brighter future for the Yamatji community. We also initiated the construction of other essential facilities, including the ablution block, an integral part of the working environment for our future employees.
With the first 125 greenhouses under construction, we can already visualise the thriving fields of cucumbers awaiting us in the upcoming harvest. Once built, the facility will be able to produce roughly 1,700 t of cucumbers per annum.
Our Corporate Plan 2023-24 is now published.
The plan lays out our key activities and pathways to prosperity alongside Aboriginal and Torres Strait Islander people. By growing our net assets to $2.5 billion over the next five years we will be able to support more than 10,000 Aboriginal and Torres Strait Islander people.
“Managing, growing, and strengthening our asset base is the cornerstone of our mandate. This enables us to invest in significantly more Aboriginal and Torres Strait Islander people over time.”
“Our new strategy and corporate plan will continue to build on this strong foundation by engaging and collaborating with Aboriginal and Torres Strait Islander people, businesses, and communities, and investing in sustainable commercial ventures.” Eddie Fry, IBA Chairperson.
IBA drives financial inclusion and economic empowerment with Aboriginal and Torres Strait Islander people.
Our technical capability as a financial services provider coupled with culturally informed customer service have a positive impact on the lives of many. We will continue to foster a diverse, inclusive, and high-performing team grounded in strong values. 
Our 2028 strategy builds on our 30-year history and experience to focus on the financial wellbeing of Aboriginal and Torres Strait Islander people. Taking a wellbeing approach shows an understanding of where our target outcomes fit within the broader needs of the people we serve.
The strategy and performance framework has four overarching goals:
Investing in these areas ensures we continue to achieve positive economic, social, environmental and cultural impacts for our customers. Collaboration and partnerships will help us expand our impact.
“We know from our own research and customer feedback that demand for our products and services continues to grow. During the next five years, we will facilitate new investment opportunities and new partnership arrangements that increase wealth and assets for Aboriginal and Torres Strait Islander people.” Kirsty Moore, IBA CEO.
You can find our current and previous plans on our website under Corporate Documents.
Indigenous Business Australia (IBA) launched their 2nd Impact Report at an event in Sydney on 6 October 2022. Joined by the Minister for Indigenous Australians, the Hon Linda Burney MP, and a panel of customers, IBA celebrates by hearing directly from those impacted through home ownership, business, and investments.
The framework of the report is an innovative initiative designed to provide a baseline for understanding IBA’s external footprint and the ripples of impact from IBA’s activities on the lives of First Nations people in Australia.
The report shows that each of IBA’s core programs (home ownership, business, and investments) had overall significant positive economic, social and cultural impacts on the people IBA serve.
IBA sought to better understand how our customers define “success” and ultimately to confirm if IBA was a key enabler and facilitator of achieving those aspects that make up how a full experience of life is assessed, that is, from economic, social and cultural perspectives.
The report provides five key recommendations that can assist IBA to maximise its positive impact, minimise the negative impacts and help continue to enable and support Indigenous-led economic advancement.
Gija woman Kia Dowell is the Executive Director of Strategy & Innovation at IBA. Kia has been involved from the beginning to create the framework for the impact strategy. She notes the importance of investing in First Nations people to create continuing impact and intergenerational wealth.
“The decisions we make today will impact the lives of generations to come.
“The ability to recover, rebound and continue to have impact that First Nations communities have shown is testament to our resilience and tenacity to overcome hardship and come out stronger.
“IBA are invested in the long-term success of our customers so that positive change can continue to flow on for generations to come.
“This report reveals how IBA provides a doorway to the economy for peoples who have traditionally faced exclusion from such opportunities. But the report recognises that it is Aboriginal and Torres Strait Islander Australians who walk through the door and make the most of their opportunity. Indeed, they are the stars of the report.”
Natt Smith went through the IBA process and bought her first home in 2002, with an IBA home loan. As her property grew in value, it provided her security and economic independence.
‘Home ownership was the grounding that’s supported me to do all that I do including the confidence to get better jobs.’
‘I came to understand that my home could be a source of equity, that it could create future wealth and options.’
‘It has really started a whole new life cycle for me. And what I didn’t realise is that it’s not just about owning a home, it’s actually about making an investment in bigger things – in a future.’
The Minister for Indigenous Australians, the Hon Linda Burney MP, says IBA is one of the key ways for government to deliver business support and improve access to opportunities for First Nations business owners and first home buyers.
IBA has played an important role in helping First Nations people navigate through a difficult few years of COVID, fires and floods.
“IBA is a proven model for generating economic independence by investing in people, places, and ideas – the latest Impact Report shows this.
“I want to see IBA continue to assist with increased home ownership, increased business ownership, and economic growth and independence for Indigenous Australians.”
Find a copy of the report on a website highlighting the key findings: iba.gov.au/impact-report-2021
Images from the launch event are available.
Media contact: Tara Toohill 02 9207 6362 or tara.toohill@iba.gov.au
