Australian Government: Indigenous Business Australia
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OverviewAbout IBA

1

IBA is a commercially focused organisation that promotes and encourages self-management, self-sufficiency and economic independence for Aboriginal and Torres Strait Islander peoples. We deliver benefits to Indigenous Australians through the administration of three programs focusing on home ownership, business ownership and investments.

In 2015–16, IBA delivered a total of 49 business loans and 489 home loans, and supported 40 Indigenous co-investors. At 30 June 2016, IBA’s net asset value was $1.24 billion, measured at fair value.

Our vision is for a nation in which the First Australians are economically independent and an integral part of the economy.
Chris Fry, Eddie Fry, Minister Nigel Scullion, Prime Minister Malcom Turnbull and Co-chairs of the IIP Drafting Group, Robynne Quiggin and Bruce Martin, at the launch of the Indigenous Investment Principles (IIP)

Role

IBA was established to assist and enhance Aboriginal and Torres Strait Islander self-management and economic self-sufficiency, and to advance the commercial and economic interests of Aboriginal persons and Torres Strait Islanders by accumulating and using a substantial capital asset for their benefit.

IBA has three programs:

  • Indigenous Home Ownership, which facilitates increased levels of home ownership through housing loans to Indigenous Australians who have difficulty qualifying for housing finance, including in remote Australia
  • Business Development and Assistance, which assists Indigenous Australians to access the capital, commercial expertise, supply chain and other opportunities required to start up, build and grow businesses
  • Equity and Investments, which co-invests with Indigenous Australians in commercial ventures and assets, enabling them to access sound financial returns, build commercial capability, and generate employment, training and supply chain opportunities.

Under our purpose and through each program, IBA uses its capital for the benefit of Indigenous Australians—ensuring its capital base also accumulates, so that it is able to sustain and increase the impact of its activities.

Through effective engagement with customers and stakeholders, we foster valuable relationships that help us to direct our services, access new opportunities and explore new directions for improving service to customers. Outreach activities, such as conference sponsorships and public appearances, enable us to share ideas that contribute to the economic advancement of Indigenous Australians (key activities in 2015–16 are described in Appendix B).

Legal Framework

IBA is established under the Aboriginal and Torres Strait Islander Act 2005 (ATSI Act) and is a corporate Commonwealth entity for the purposes of the Public Governance, Performance and Accountability Act 2013 (PGPA Act).

IBA resides in the portfolio of the Prime Minister and Cabinet, and is accountable to the Australian Parliament through the Minister for Indigenous Affairs, Senator the Hon. Nigel Scullion.

History

IBA is one of the longest standing Indigenous-specific commercial organisations. Originally known as the Aboriginal and Torres Strait Islander Commercial Development Corporation, it was established in March 1990 under the Aboriginal and Torres Strait Islander Commission Act 1989 (ATSIC Act).

In 2001, the corporation was renamed as Indigenous Business Australia through an amendment to the ATSIC Act. At that time the organisation was engaged in nineteen business ventures, with Indigenous organisations holding equity interests in fifteen of them.

Following the abolition of the Aboriginal and Torres Strait Islander Commission in 2005, IBA’s role was expanded under the ATSI Act, to include managing the existing Indigenous Home Ownership Program and Business Development and Assistance Program.

In 2015, the home loan program celebrated 40 years of providing Australian Government home loan assistance to Indigenous Australians, reaching a total of almost 17,000 loans provided. The investments and business programs assist to create wealth and jobs for Indigenous Australians.

 

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