This month’s edition is full of powerful stories, exciting updates, and opportunities to connect.
We’re thrilled to welcome our new CEO, David Knights, who brings deep experience and a strong commitment to Indigenous economic empowerment.
We also celebrated Supply Nation’s Connect 2025, where over 270 Indigenous businesses, corporates, and government departments came together to build stronger partnerships. It was a fantastic showcase of the strength and potential of the Indigenous business sector.
One of the standout stories is about Leavina Reid, a proud Weilwan woman and founder of one of NSW’s largest Aboriginal community-controlled social enterprises. Her journey is inspiring and a testament to community-led change.
You’ll also find highlights from the visit of a Canadian First Nations delegation, where bold conversations around global Indigenous investment and collaboration took centre stage.
And if you know of a client or a prospective client who is interested to build their skills or explore new opportunities, let them know about these upcoming workshops:
• Procurement Workshop – 4 Sept: Hosted by Kristal Kinsela, focused on large contract opportunities
• Export Finance Workshop – 24 Sept: For First Nations businesses interested in global markets.
And if you haven’t already, subscribe to get it delivered straight to your inbox.
Indigenous Business Australia (IBA) has announced a transformation agenda in its latest corporate plan, setting the stage for a bold reimagining of its strategic priorities and capabilities over the next five years.
With the refreshed leadership of a new Chairman, several new Board members, and new CEO, Mr David Knights, IBA is set to uplift Indigenous-led economies with a transformation into a value added, specialist capital provider.
A proud descendent of the Kokoberren peoples, IBA Chairman Mr Darren Godwell said: “This year’s corporate plan pivots IBA to the economic opportunities, leveraging capital markets, and offer direct support to Indigenous economic self-sufficiency. It’s not just about growth—it’s about transformation.”
The plan emphasises the importance of advancing economic self-sufficiency with First Nations individuals, businesses, and Nations. It focusses on areas of scale and commercial outcomes, ensuring First Nations people benefit from emerging opportunities in:
IBA’s new legislative powers constitute a transformation. It expands IBA reach to new sources of capital. IBA is working closely with the Minister for Indigenous Australians and Finance Minister to determine the parameters (the ‘Rules’) under which it will be able to exercise these new powers.
IBA will commence a new function responsible for large transactions and projects that advance the commercial and economic interests of Aboriginal and Torres Strait Islander people. It will increase access for First Nations communities to access finance and major project facilitation services at scale.
The plan commits to partnering with First Nations organisations, government bodies, and private sector allies to ensure that the transformation is appropriately executed. It will involve connecting more First Nations interests with capital markets to build economic self-sufficiency, and prosperity. The plan actions strategic objectives that boosts business supports, and delivers initiatives announced in the 2025–26 Budget including:
“As the Indigenous-led economy grows, the expanded legislative powers position IBA to leverage the private sector and capital markets in innovative ways.”
You can find IBA’s current and previous plans on its website under Corporate Documents - Indigenous Business Australia.
Media contact: Katie Hoskins 0427 011 938 or katie.hoskins@iba.gov.au
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.
The Indigenous Business Australia (IBA) Board is pleased to announce the appointment of Mr David Knights as Chief Executive Officer, effective 22 August 2025.
David brings more than 25 years of global, multi-industry experience across banking, superannuation, management consulting, and engineering. His extensive executive leadership at National Australia Bank—spanning roles in strategy, client solutions, asset servicing, and technology modernisation—demonstrates his ability to drive transformation and deliver sustainable outcomes in complex environments. His earlier career as a management consultant with Bevington Consulting further shaped his strategic acumen and stakeholder engagement capabilities.
David is also a seasoned board director, currently serving as a Non-Executive Director of the Traditional Credit Union, and previously as Chair of NAB Nominees Ltd and the Australian Custodial Services Association. These roles reflect his deep commitment to governance and financial stewardship, particularly in contexts aligned with Indigenous economic empowerment.
IBA Chair, Mr Darren Godwell MHK FAIIA said: “On behalf of the IBA Board and staff, I’m delighted to welcome David Knights as IBA’s new Chief Executive Officer. His decades of multi-industry experience and extensive executive leadership will be crucial as IBA embarks on an exciting new era under our legislative change and seeks to expand our impact into the self-management and economic self-sufficiency of Indigenous people. David’s inclusive leadership and passion for digital innovation will be instrumental in achieving this.”
“Under David’s guidance, IBA will continue to advance the commercial and economic interests of Aboriginal and Torres Strait Islander people, contributing to the accumulation of a substantial capital asset base for the unprecedented economic development of our communities across Australia.”
Newly appointed IBA Chief Executive Officer David Knight said: “It’s an honour to lead Indigenous Business Australia at such a pivotal time. IBA’s legacy of empowering Aboriginal and Torres Strait Islander people through economic opportunity is one I deeply respect and am committed to advancing.”
“Economic self-determination is central to long-term prosperity. I’m proud to join an organisation that champions Indigenous entrepreneurship, home ownership, and investment, building a stronger future for First Nations people and for Australia.”
Media contact: Katie Hoskins 02 9207 6362 or katie.hoskins@iba.gov.au
Join us for a free online Export Finance Workshop co-hosted by IBA and Export Finance Australia.
This workshop is for First Nations business owners interested in exploring international markets and understanding the financial tools available to support global growth.
Navigating international markets and finance can be complex. That’s why we’ve partnered with Export Finance Australia. As the Australian Government’s export credit agency, Export Finance Australia supports Australian businesses that are exporting or part of an export supply chain with the finance they need to grow. It helps enable businesses take part in large international projects, invest overseas and expand into new markets.
Whether you're export-ready or just exploring, this workshop has been designed to help you:
Online workshop details
Wednesday 24 September 2025
11am - 12.30pm AEST
Register now: Upcoming workshops to start or grow your business - Indigenous Business Australia
Feel free to share with someone who might benefit.
In the heart of Victoria’s Grampians, where rugged landscapes meet rich cultural heritage, 4 Hands Furniture is carving out more than just timber, it’s shaping a legacy.
Co-founded by Tim Sweet, Indigenous name Ngurrinyini Munkara, a proud Rembarranga man from Arnhem Land, and business partner Nick Scott, this business is built on friendship, artistry, and a deep commitment to community.
“Our business has changed my life in a significant way,” says Tim.
After years of working long hours away from family, he and Nick combined their shared passion for timber, steel and design to create something truly meaningful. With over 25 years of experience between them, their handcrafted furniture and custom cabinetry reflect both traditional craftsmanship and modern design. From upcycled timber to bespoke creations, every piece tells a story of culture, connection and craftsmanship.
Tim’s journey began at the Melbourne Museum, where he spent eight years building exhibition pieces seen by thousands. “That was a rewarding experience in itself,” Tim reflects. But it was his cultural roots and his uncles being master carvers in Arnhem Land that continue to influence his work.
“My connection to the land and my heritage influences my work in every aspect of it,” adds Tim.
“We both share an interest in timber and steel, and we thought, why not combine our skills and make a go of it?” Their shared vision and passion have grown into a business that not only produces high-end, bespoke furniture but also uplifts the local community.
With support from IBA through start-up funding, 4 Hands Furniture was able to invest in new machinery and equipment, streamlining their production and expanding their impact.
“IBA backed us to the point where we can buy new machinery, it’s made our furniture so much more streamlined,” says Nick about the support they received.
“Our hopes for the business are to bring Indigenous apprentices in, teach them our trade, and the cultural side of things,” says Tim.
This vision is now becoming a reality, with their growth opening new doors, not just for the business, but for the community. They now have the opportunity to mentor local youth and support the next generation of Indigenous apprentices.
The co-founders’ advice to aspiring Indigenous entrepreneurs? “Surround yourself with people who have confidence in you, like IBA.”
4 Hands Furniture: Crafting culture & community in the Grampians
Last week IBA, along with NAB, proudly welcomed a powerhouse Canadian First Nations delegation to Australia. The delegation, which included representatives from the National Aboriginal Capital Corporations Association (NACCA) is visiting Australia to connect with leading First Nations organisations and key government agencies, laying the foundation for transformative partnerships across borders.
IBA Chairman Darren Godwell, and other IBA staff, met with the delegation on Gadigal land and shared our vision for unlocking capital markets through new legislative powers, inspired by the Canadian model. Their experience is a game-changer for how we source and invest capital.
The visit included hosting the delegation for a cultural cruise on the Tribal Warrior which showcased the living culture and history of the Eora people.
International connections like these are vital for growth and learning, sparking bold conversations around global Indigenous investment and collaboration.
Want to grow your Indigenous business? Learn how to pitch for government and corporate contracts
Join us for a free online Procurement Workshop to learn how to access real opportunities through government and corporate contracts. This workshop is designed to help you build on your knowledge and become more confident in pitching for large contracts.
Why this matters
Procurement is simply the term governments and larger companies use for buying goods and services. That could mean anything from catering and construction to graphic design, cleaning, or consulting.
Since 2015, the IPP has performed well against these KPIs, generating over $9.5 billion in contracting opportunities for Indigenous businesses. This has involved over 64,000 contracts awarded to more than 3,900 Indigenous businesses. (www.niaa.gov.au)
State governments and private companies also have similar programs. Often, as part of their Reconciliation Action Plans (RAPs) - these organisations have targets to buy from Indigenous businesses.
But the process can be tricky. This workshop is here to help you understand the procurement process and take the next step.
This workshop can help you understand:
Meet Kristal Kinsela
The workshop will be led by Kristal Kinsela, a proud Aboriginal woman from the Jawoyn and Wiradjuri nations. Kristal is a successful businesswoman who has worked with big companies and all levels of government. She’s passionate about helping Indigenous businesses grow and succeed.
Online workshop details
Thursday 4 September 2025
Register now: iba.gov.au/business/business-skills-workshops
Don’t miss this chance to learn how to grow your business and access new opportunities. Whether you’re just starting out or ready to take things to the next level, this workshop is for you. Feel free to share this with someone you know who might be interested in attending.
The IBA Home Loan Calculator is back online and ready to support you take the next step on your home ownership journey.
If you’ve visited our website before, you might remember our old Home Loan Calculator. Now that we have transitioned to our new lending system, we are excited to bring back a new and improved version of the calculator.
The Home Loan Calculator has been refreshed to work alongside our new systems. It’s a self-service tool designed to support you:
This means you can explore your options, see the numbers, and feel more confident before you even speak to one of our team members.
We know that buying a home is one of the biggest decisions you’ll ever make. That’s why we want to make the process as transparent and empowering as possible. The IBA Home Loan Calculator gives you a better picture of what’s possible and helps us have more meaningful conversations with you when you’re ready to move forward.
Ready to give it a go? You can access the Home Loan Calculator right here: IBA Home Loan Calculator - Indigenous Business Australia
Whether you’re just starting to think about home ownership or you’re ready to take the next step, this tool is here to support you.
If you prefer to have a yarn, give us a call on 1800 107 107 option 1, then option 1 again.
NAIDOC Week 2025 arrives at a defining moment for Indigenous economic participation in Australia. As Chair of Indigenous Business Australia, I had the privilege of addressing our staff during this historic week under the theme “The Next Generation: Strength, Vision & Legacy". This theme is more than symbolic. It captures the essence of the transformation now underway within IBA and across the wider Indigenous economic landscape.
This year marks a turning point in how Australia supports, enables, and partners with Indigenous peoples on their economic journey. Through recent legislative reforms, IBA has been fundamentally repositioned, from a concessional lender to a capital markets participant, from facilitator to active investor. This evolution is neither cosmetic nor administrative; it is structural and generational. We are witnessing the emergence of IBA as an Indigenous economic powerhouse.
The expansion of IBA’s legislative authority in February of this year, was a watershed moment in national economic policy. Parliament’s decision to expand IBA’s powers - empowering it to access capital markets, make direct investments, and deploy specialist financial products -signals a new maturity in Australia’s approach to Indigenous economic inclusion.
IBA is no longer simply a lender of concessional finance. With a $2 billion asset base, it now has the scale, legislative backing, and strategic ambition to play an active role in major national projects, from renewable energy zones and defence infrastructure to agricultural investments and social infrastructure such as housing, facilities for aged and assisted care. This expansion honours IBA’s original legislative purpose:
Australia's broader productivity agenda, seeks to remove friction in high-value chokepoints and create new engines of economic growth. IBA is now structurally equipped to help deliver on that agenda. By enabling Indigenous Australians to shift from stakeholders to shareholders, from hosts of other peoples’ development to co-owners in transformative national initiatives.
The expanded IBA is building an investment architecture that will endure and scale. This means growing our capital base, building internal project finance capability, and creating the governance frameworks that will attract institutional co-investment. It also means forging strategic partnerships with capability partners across Australia’s banking and investment sectors and internationally.
We draw inspiration from international models. The First Nations Finance Authority in Canada has raised over $CAD2.5 billion and achieved investment-grade credit ratings, enabling Indigenous participation in more than half of Canada’s renewable energy projects. In the United States, Alaska Native Corporations generate over $USD10.5 billion in annual revenues. Proof that Indigenous-controlled institutions can be commercially viable while remaining true to cultural priorities.
Indigenous Australia must resume its own version of this model. IBA will build Sector-Specific Investment Platforms in priority areas such as energy, mining, defence, agriculture, and infrastructure. These platforms will allow us to aggregate capital, reduce transaction friction, and create deal-flow that is both Indigenous-led and investment-ready. They will unlock long-standing, unmet infrastructure needs in regional economies and enable Traditional Owners to drive their own development agendas, particularly in remote and regional economies.
Moreover, our international linkages are growing. IBA is strengthening ties with the OECD, the World Bank, and APEC - global institutions that are increasingly recognising Indigenous economic inclusion as an economic priority. These relationships will bring technical expertise, policy frameworks, and professional exchange opportunities that will enhance IBA’s institutional maturity and leadership capacity.
Internally, we are also setting clear expectations for a performance-driven culture. We are investing in staff development, encouraging innovation, and embedding an ethos of excellence. The future of Indigenous investment will be shaped by those who can blend cultural authenticity with financial expertise. Our staff are being asked to step into that space.
For generations, Indigenous Australia has been marginal to the nation’s economic development frameworks. But that era is ending. With the Government’s announcement of a first-ever National Indigenous Economic Framework in last year’s MYEFO, and the links of IBA to Treasury and Finance portfolios, Indigenous participation is now a central feature of national economic planning.
This is not about special pleading. It is about recognising that Indigenous economic inclusion creates better outcomes for everyone. It improves investment certainty, enhances project resilience, and embeds social licence from the outset. When Indigenous participation becomes standard practice - rather than a compliance measure - it ceases to be a side program and becomes embedded business-as-usual.
This is how we move from afterthought to core. And it is why IBA’s future lies in partnerships with Treasury, Finance, and the Reserve Bank of Australia – the principal economic agencies of government. We must think and act as a specialist capital provider, a partner in national productivity, and an engine of Indigenous-led development. In short, we are evolving into an Indigenous development finance institution - rooted in Australian soil but linked to global best practice.
In this moment of transformation, I extend a genuine invitation: whether you're an IBA staff member, a Traditional Owner, an investment partner, or a policymaker - your contribution matters.
We ask our people to lead with capability, embrace a service-oriented attitude, and measure their performance by tangible outcomes for Indigenous communities. We ask our partners to walk with us in designing capital solutions that align commercial viability with intergenerational wealth creation. And we ask the broader nation to recognise that Indigenous participation is not a cost - it is a catalyst for a better Australia.
The infrastructure is being built. The legal mandate is in place. The economic possibilities for our children are within reach for Indigenous Australia.
Indigenous Business Australia’s (IBA’s) submission to the Treasurer’s Economic Reform Roundtable reveals how the First Nations ‘demographic dividend’ can boost Australia’s productivity by increasing labour force participation and enhancing innovation.
The submission provides data and modelling centred around three drivers of economic prosperity – Population, Participation and Productivity. The submission reveals that when Aboriginal and Torres Strait Islander people are included in economic decision-making and have access to critical levers, their contributions can boost Australia’s economic prospects.
IBA Chair, Mr Darren Godwell MHK FAIIA, released the submission stating, “The case couldn’t be stronger for recognising Aboriginal and Torres Strait Islander people as a driver of Australia’s future prosperity.”
“Aboriginal and Torres Strait Islander people could make up between 4-7% of the Australian population in 20 years.
“The proportion of First Nations people within the prime working ages of 20-54 years could increase by 57% over that time.
“First Nations people with a tertiary qualification have not just closed the employment gap, their employment rates are higher than non-Indigenous tertiary qualified people.
“The growth in education could mean First Nations people add over $53 billion extra to the Australian economy over 20 years. And those gains will compound over the next few decades.”
While the First Nations participation rate remained the same between 2016 and 2021, the proportion of working age employed Aboriginal and Torres Strait Islander people increased from 47% to 50%.
“In contrast to the rest of the country, which is rapidly ageing, the youthful First Nations population will provide a growing source of economic vitality. Indeed, the number of First Nations tertiary-qualified graduates in employment could increase to over 87,000 in a decade,” Mr Godwell notes.
“Those workers, entrepreneurs and leaders will provide new energy, and draw on ancient knowledge to create cultural renewal, economic participation and Indigenous-led innovation.
“And with Aboriginal and Torres Strait Islander people having an interest or ownership stake in over 50% of Australia’s landmass – over 80% in the north – First Nations people must have a seat at the economic table.”
FIRST NATIONS TRADITIONAL KNOWLEDGE: AN INNOVATION REVOLUTION
The submission reveals how the greatest benefits for Australia will come from First Nations people using traditional knowledge, systems and frameworks to drive the next stage of Australian innovation.
Aboriginal and Torres Strait Islander traditional knowledge provides place-based insights about how to live in partnership with Country, to ensure it continues to provide – not just for this generation – but for at least seven generations ahead.
“Ancient First Nations frameworks for thinking about the world offer new ways for non-First Nations people to consider our activities, particularly through a sustainability lens that focuses on the role of maintaining and Caring for Country,” said Mr Godwell.
REFORMS ARE NEEDED
IBA’s submission calls for three policy reforms that can shape the direction of Australia’s productivity and sustainability story in a manner that is consistent with the task as put by the Treasurer:
Mr Godwell said, “First Nations leaders and their responsibilities as Lore Men and Lore Women are in the best position to determine how to successfully unlock greater productivity potential within the Indigenous estate.
“But that requires greater respect to be accorded to them, their position and their knowledge. Only through their guidance can we find ways forward to shape the nature and terms of economic activity on Country.
“Doing so would promote investment certainty, boost economic investment decisions, reduce the time drag on development pipelines, reduce development friction, and advance the national interest.”
HOW IBA WILL HELP
Every year, IBA is supplying hundreds of millions of dollars to Aboriginal and Torres Strait Islander people to meet their aspirations and contribute to the Australian economy.
“IBA has a proud history of providing inclusive, equitable, and fair access to capital and finance.”
Mr Godwell noted the latest 2024-25 performance was pleasing. “I’m glad to say that IBA supplied $291.6 million to 583 Aboriginal and Torres Strait Islander families to get into home ownership. That’s over 1,300 more First Nations people in a home that provides greater safety, security and builds intergenerational wealth.
“Over the last 50 years, IBA’s home ownership program has supported over 22,000 First Nations families buy their own home.
“IBA also issued $77.2 million in finance to 172 Indigenous businesses who are invigorating the Australian economy through their innovative ideas and creating employment, particularly for Aboriginal and Torres Strait Islander people. In addition, 185 Indigenous entrepreneurs received business support to build their capability and 866 budding businesspeople attended our business workshops.
“The number of Indigenous business owners reached an estimated 29,200 in 2021. IBA is proud of its legacy of supporting over half the growth in the Indigenous business sector over the last few years.”
The Government successfully passed IBA’s new legislative powers in late 2024, allowing IBA to secure more capital, boosting more First Nations communities through our supported finance model.
Mr Godwell said, “We welcomed the historic amendments to IBA’s enabling legislation – the Aboriginal and Torres Strait Islander Act. The change enhances our ability to leverage capital and support more Aboriginal and Torres Strait Islander in realising their dreams and aspirations. By scaling up capabilities and investments, IBA will be ready to meet rising demand and drive lasting economic progress.
“It’s an exciting time to be in the business of First Nations economic development. IBA is at the right place at the right time to make a real difference.”
Media contact: Tara Toohill 0427 011 938 or tara.toohill@iba.gov.au
