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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
