Indigenous Business Australia (IBA) is a statutory authority of the Australian Government and is accountable to the Parliament and the Minister for Indigenous Affairs).
IBA’s principal legislative basis is the Aboriginal and Torres Strait Islander (ATSI) Act 2005 which sets out its purpose, powers, functions, administrative and operational arrangements. The Act also provides the Constitution and appointment of the Board of Directors, the appointment of the Chief Executive Officer and the operation of the meetings of the Board.
IBA is required to fulfil the requirements of the Public Governance, Performance and Accountability Act 2013 (PGPA Act) which regulates the governance, performance and accountability of, and the use and management of public resources by, Commonwealth authorities.
The PGPA Act requires IBA to prepare:
Section 146 Purposes of Indigenous Business Australia
“Indigenous Business Australia is established:
(a) to assist and enhance Aboriginal and Torres Strait Islander self-management and economic self-sufficiency; and
(b) to advance the commercial and economic interests of Aboriginal persons and Torres Strait Islanders by accumulating and using a substantial capital asset for the benefit of the Aboriginal and Torres Strait Islander peoples.
Section 147 Functions of Indigenous Business Australia
“1. Indigenous Business Australia has the following functions:
(a) to engage in commercial activities
(b) to promote and encourage Aboriginal and Torres Strait Islander self-management and economic self-sufficiency, and
(c) such other functions as are conferred on it by the ATSI Act.”