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Media Release on behalf of CBA and IBA.
New Memorandum of Understanding to unlock better financial outcomes for First Nations people through home and business lending, and participation in renewables and carbon projects.
The Commonwealth Bank of Australia (CBA) and Indigenous Business Australia (IBA) have today announced the signing of a Memorandum of Understanding (MoU), a strategic collaboration to support financial outcomes for Aboriginal and Torres Strait Islander people, businesses, and communities.
Under the MOU, CBA and IBA will work together, aiming to strengthen organisational capabilities, co-develop innovative financial solutions and expand access to finance for First Nations customers.
Focus areas of the MoU include:
CBA and IBA will also explore capability-building initiatives such as secondments, mentoring arrangements and tailored training programs.
IBA Chief Executive Officer, David Knights said:
“This collaboration with CBA reflects our shared commitment to creating financial pathways that empower First Nations individuals and communities. By working together, we can open more doors to culturally appropriate finance, building a stronger Indigenous-led economy for generations to come.”
“This strategic collaboration with the nation’s biggest home lender supports IBA’s Strategy to 2030, which is about creating more economic opportunities for Indigenous Australians. It’s about walking together to create a more inclusive and prosperous future for all, one that champions entrepreneurship, supports home ownership, and invests in the future of our communities.”
CBA Group Executive, Business Banking, Mike Vacy-Lyle said:
“CBA has a longstanding commitment to reconciliation and to being a trusted financial institution to First Nations peoples.”
“This MOU with Indigenous Business Australia reflects our shared ambition to drive economic empowerment. Together we aim to unlock more opportunities and meaningful outcomes for Indigenous Australians.”
Mr Vacy-Lyle said the announcement aligns well with this year’s Indigenous Business Month theme – 'Strength through Collaboration' – currently being celebrated throughout October.
“Our work with Indigenous Business Australia builds on CBA’s Reconciliation Action Plan with a clear focus on creating meaningful, sustainable change - whether through financial inclusion, career pathways, or supplier diversity.
“We also recognise the importance of culturally responsive banking experiences and continue to invest in dedicated bankers who understand and respect the diverse needs of First Nations customers.
“We know there is more to do and we remain committed to deepening relationships and expanding opportunities across our network.”
IBA has a 50-year history of supporting the financial empowerment of Aboriginal and Torres Strait Islander people. IBA’s programs and services enable First Nations people to own a home, run a successful business, and invest in their futures.
In FY25, CBA spent more than $62 million with Indigenous-owned businesses.
In July, CBA released its Reconciliation Action Plan (RAP) for 2026-2028. It focuses on strengthening relationships with First Nations communities, providing meaningful career opportunities, supporting First Nations business growth, and improving access to banking products and services. The RAP has received Elevate status from Reconciliation Australia.
Real stories of impact
Promo Gear accelerates growth
David Hulett, a proud Jagera man from Meanjin, is the Director Promo Gear – a thriving business based in Morningside, Queensland. Despite 15 years industry experience, obtaining finance to purchase Promo Gear in 2014 was a challenge.
“We had so many doors closed on us, it was an emotional rollercoaster. Our business was built on a lot of goodwill and intellectual property which can be difficult to for the traditional finance industry to quantify,” Mr Hulett recalled.
“After some time, an Aunty suggested that I contact IBA so I reached out,” he said.
In 2015, Mr Hulett secured finance with IBA. Promo Gear flourished over subsequent years, experiencing rapid growth by focusing on culture, character and relationships with both suppliers and end customers.
“We trade like it has been done for thousands of years – with a focus on the long-term relationship rather than the transaction. We get a lot of referral work and people keep us on as their supplier when they move to a new business,” he said.
By 2019, the business built up its data and financials and were able to secure lending with CBA to support their next phase of growth.
“Today, we have amazing clients, excellent warehouse facilities and are growing our team and service offerings through new innovations. As a business that has been supported by both IBA and CBA it’s great to see them coming together like this, each organisation has different strengths and I’m excited to see what they can achieve together,” he said.
Butterworth Industries builds a brighter future
Butterworth Industries, a Katherine-based civil construction company owned by Quandamooka woman, Madelyn Farrington, and Ryan Butterworth received support from IBA through a loan for an essential watercart, and by linking them with a business consultant, who provided professional operational advice.
“This support has been really important to us, following our business plan to reduce costs and improve operations and further support our staff to grow. I hope to further grow and shape our business venture in avenues that are exciting and bring further learning and capabilities to our workforce,” said Ms Farrington.
“I hope to support locals within our community to join us in strengthening what our business can provide for future generations. We are the small people in the big game.”
For more information about CBA’s Reconciliation Action Plan, visit: https://www.commbank.com.au/content/dam/commbank-assets/support/docs/CommBank-RAP-FY26-28.pdf
Notes to editors
The Indigenous business sector is rapidly growing in Australia, with around 14,000 businesses in 2022 generating $16 billion in revenue. Deloitte Access Economics forecasts this could reach $50 billion by 2035, outpacing the non-Indigenous sector.
About IBA
Economic independence for Aboriginal and Torres Strait Islander people is at the heart of what we do. Our programs support Indigenous Australians to buy their own homes, be successful in business, and invest in commercial ventures that provide strong financial returns. IBA was 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 Australians, Senator the Hon Malarndirri McCarthy.
About the Commonwealth Bank
The Commonwealth Bank (ASX:CBA) is one of Australia’s leading providers of personal banking, business and institutional banking and share broking services. With more than 16 million customers and a history spanning more than a century, the Group’s purpose is to build a brighter future for all. The Commonwealth Bank is Australia’s leader in digital banking and maintains the largest branch network across the country. Headquartered in Sydney, Australia, the Bank operates brands including Bankwest in Australia and ASB in New Zealand. For more information on Commonwealth Bank, visit www.commbank.com.au.
