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Reproduced from Chair, Darren Godwell's LinkedIn article.
It’s Indigenous Business Month 2025 #IBM2025. Australia’s economy is seeing record Indigenous business growth. The charge is being led by Indigenous women as business creators and owners as they pursue new business opportunities at a rate faster than anyone else.
We’re also witness to an ever-growing appetite for Indigenous participation in major projects on-country from traditional owners and First Nations.
Growth sectors that overlay with Indigenous interests include large-scale renewables, carbon markets, mining (especially gold and critical minerals), infrastructure, indigenous botanicals, agriculture, and aquaculture, and contracting of government services.
This positive shift in Indigenous economic outlook prompted expansion of the role and remit of Indigenous Business Australia (IBA).
In February, the Parliament issued IBA new legislative powers to raise capital from the capital markets, investment community and the private sector.
I am proud to say, following on from this, that the Board has completed a strategic review, set new strategic priorities, appointed a new CEO, and set about partnering with Indigenous Peoples in ways that advance their economic self-sufficiency.
As more Indigenous peoples move into business, and more of our leaders focus on economic development, it is timely to share our strategy in Indigenous Business Month.
The IBA Towards 2030 Strategy directly serves our purpose: to assist and enhance Aboriginal and Torres Strait Islander self-management and economic self-sufficiency, and to build a substantial Indigenous capital base for the benefit of future generations.
We do so whilst honouring the 5,618 Indigenous clients and customers of IBA.
I extend our deepest gratitude, for it is by their hard work in repaying mortgages and business loans that 89% of IBA’s annual operating budget is funded.
Indigenous mortgage holders and business-owners are effectively self-funding our own principal economic development agency.
The refreshed plan means IBA will work directly with First Nations and Traditional Owners, to understand your economic priorities and plans for self-sufficiency. And to help you achieve those goals.
IBA will expand our engagement alongside Indigenous entrepreneurs, business owners, and First Nations entities with lead responsibilities for driving economic outcomes.
We recognise the rising role of Indigenous chambers of commerce and the growing influence of Indigenous interests in both domestic and international trade and investment.
At the heart of IBA 2030 Strategy are four strategic objectives that chart our way to 2030.
IBA will scale its ambition, mobilising between $5 to $7 billion over the next five years to advance the commercial and economic interests of Indigenous peoples.
This unprecedented commitment demands new thinking and new relationships.
To achieve this, IBA will build material working partnerships with the banking and investment sectors, appointing Capability Partners.
These partners will bring institutional expertise, experienced personnel, and networks to the table—helping IBA strengthen its own capacity, while opening-up greater access to resources for Indigenous peoples and businesses. In the same vein, IBA will expand our working relationships with the Commonwealth’s Departments of Treasury and Finance, and the Special Investment Vehicles. Collaboration across the Commonwealth public sector is important.
By doing so, we will create more certainty for investors, build trust in Indigenous-led projects, and establish a genuine pathway for mainstream capital to flow into more Indigenous economic priorities.
This is not just about accessing more money—it is about tapping into the right kind of capital.
From institutional investors to Indigenous-led funds, from superannuation fund managers to international partnerships, IBA is broadening the base of support to ensure Indigenous peoples are central players in the economy.
Capital must flow where it creates the most impact, and generates investment returns—on Country, in alignment with First Nation’s economic goals, and into Indigenous enterprises that matter most to First Nations and Indigenous entrepreneurs.
By working directly with Indigenous entrepreneurs, Traditional Owners, and Indigenous chambers of commerce, we will ensure that greater resources are deployed to projects that generate both commercial returns and Indigenous outcomes.
This includes enabling First Nations entities to take the lead in shaping economic development on their Country—whether in housing, infrastructure, renewables, or major resource projects.
IBA’s role is to ensure that Indigenous-led economic priorities are not left on the margins of the investment economy but placed firmly at the centre.
IBA will bring more capital to more of these plans and opportunities for business and economic outcomes.
This may require IBA to expand existing business solutions or, equally as likely, to develop new business products that meet the needs of Indigenous business clients.
Transformational change requires patient, long-term capital.
IBA will expand its support for home ownership, Indigenous businesses, and entrepreneurial ventures—giving them access to more of the runway to viability.
Patient capital is about more than patient money, it is about patience with process, recognising the cultural, social, and community dividends that Indigenous-led businesses deliver alongside financial outcomes.
By backing these entrepreneurs and business owners to launch, grow, and scale, IBA is building intergenerational prosperity that strengthens both families and Nations.
Taking a longer-term view of the economic goals of Indigenous Australians is a critical advantage that IBA possesses. Our First Nations charted and managed Indigenous economies on this continent in sustainable ways for tens of thousands of years.
This strategic objective will necessitate IBA working closely with independent First Nations on their plans for economic growth and economic inclusion. Building the asset base of First Nations is central to objectives for Indigenous economic sustainability.
In becoming a value-added specialist capital provider, IBA is committed to knowledge creation, market intelligence and market insights. By publishing research, policy contributions, and sector intelligence, we aim to shape a clearer understanding of the Indigenous economy and its drivers.
I believe that having regular, reliable business data and intelligence aids more efficient investment decision-making. Good quality economic data is integral to building investment and business cases. To this end, IBA will be establishing a specialist unit to collate and publish regular economic data on the size, shape, and trends of the Indigenous-led economy. This will include the appointment of IBA's first ever Chief Economist to lead this work and to build it partnerships with other entities that have significant information on the Indigenous economy.
This includes raising the visibility of Indigenous interests in international trade and investment, and ensuring global investors understand the scale of the opportunity that Indigenous-led projects represent.
By lifting confidence, transparency, and knowledge, IBA will help drive more efficient investment decisions that benefit Indigenous peoples directly.
IBA’s refreshed Strategic Plan is ambitious because ambition is what the moment demands. The Indigenous economy is growing, but it must grow on Indigenous terms—guided by the vision of First Nations peoples and Traditional Owners, supported by entrepreneurs, businesses, chambers of commerce, and strengthened by capable partners in the banking and investment community.
This strategy is not about small steps; it is about building momentum.
It recognises that prosperity is not achieved in isolation, but through material partnerships, strong relationships, and shared determination.
From families accessing their first home, to entrepreneurs scaling their businesses, to Nations driving large-scale investments on-Country, and to Indigenous enterprises stepping onto the global stage—this strategy is about ensuring that every opportunity is unlocked for Aboriginal and Torres Strait Islander peoples to build wealth, resilience, and self-sufficiency.
The journey ahead is bold, but the reward is even greater: a future where Indigenous prosperity is not an aspiration but a lived reality across Australia.
Please find one occasion in October to celebrate and support Indigenous businesses, Blak entrepreneurs, and Indigenous economic development in Indigenous Business Month.
