2025 is a big year for IBA as we continue to celebrate impact, resilience, and community over 50 years. In the latest edition of our e-newsletter, we're excited to launch our latest Impact Report, introduce you to Tim from the IBA team, and share inspiring customer stories:
We also share quick links to our upcoming home and business workshops.
Check out our e-newsletter available online: Recognising Indigenous success through the generations
And don’t forget, you can subscribe via our website and receive it direct to your inbox.
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This issue includes stories on:
Read the newsletter here and read stories of our wonderful customers, along with IBA and community news.
Did you know it's been 50 years since the Indigenous Home Ownership program was established? This year we’re honouring those foundations and commemorating the impact that our programs support. 
We reflect on this milestone that honours the resilience, wisdom, and courage of past generations while celebrating the innovation and passion of the present. It reminds us that every success achieved today is a testament to those who came before, and a stepping stone for those who will come after.
Our theme, “50 Years: Through the Generations”, reflects this journey of our organisation, as well as, and most importantly, the successes of our customers and their families and communities.
IBA’s 50th emblem embodies connection, progress and community. The 5 and 0 are formed from the elements of the IBA brand (inspired by the work of Gamilaraay/Gomeroi artist Penny Evans) and feature the shapes within the IBA logo. These lines and circles signify the pathways and the milestones accomplished alongside our customers.
We've been junk journalling! Check out this fun video reel we put together reflecting on a some highlights.
Larrakia Development Corporation Pty Ltd (Larrakia) acquires shares in the Adina Vibe Hotel from Indigenous Business Australia (IBA) demonstrating its continued investment into the Northern Territory tourism industry.
Last week Larrakia completed its purchase from IBA of shares in the hotel and apartment enterprise located in the Darwin Waterfront Precinct. The purchase reduces IBA’s effective ownership to 40% while making Larrakia a 5% owner.
Larrakia’s investment goes beyond fiscal; it allows for a growing Larrakia presence at the Darwin Waterfront, that will create culturally informed spaces and further opportunities for employment and training of the Larrakia people.
Nigel Browne, CEO, Larrakia Development Corporation, noted that now is the right time for the corporation to reinvest in the assets.
“The Larrakia Development Corporation has spent the last twenty-two years investing in economic prosperity for ALL Larrakia. The repurchase of shares of the Adina Vibe allows us to do just that and be able to provide genuine engagement into one of the NT’s economic growth industries,” said Nigel.
"With the Larrakia Cultural Centre slated to open in 2026 and the purchase of these shares, Larrakia Development Corporation is placing our faith in the growing economic and employment opportunities in the NT’s Aboriginal Tourism sector.”
“The Adina is suitably located at the Darwin Waterfront to seize on the growing popularity of the precinct and does not interfere with the nearby registered Larrakia Sacred Site.”
IBA supports and enhances the economic development opportunities of Aboriginal and Torres Strait Islander people across Australia. Divestment opportunities that benefit Indigenous communities are part of the strategy to create wealth and positive impacts for the future.
“The investment by Larrakia Development Corporation means that the Traditional Owners benefit from the future growth of the property. It also further encourages First Nations employment and cultural recognition which lead to a more inclusive community – all key priorities for IBA,” said Shanti Rama, Acting CEO, IBA.
Media contacts:
Tara Toohill 02 9207 6362 / tara.toohill@iba.gov.au
Kate Finch 0413 633 750 / special.projects@larrakia.com.au
About IBA
IBA is a commercially focused organisation. Economic independence for Aboriginal and Torres Strait Islander peoples is at the heart of what we do. Our programs assist Indigenous Australians to buy their own homes, be successful in business, and invest in commercial ventures that provide strong financial returns. IBA is 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. www.iba.gov.au
About Larrakia Development Corporation
Officially incorporated under ASIC in February 2002, the Larrakia Development Corporation is a company owned and operated by the Larrakia people, the traditional owners of the lands and waters in and surrounding Darwin. The company is continually seeking opportunities to establish positive commercial relationships with organisations that are operating on Larrakia Country and beyond. Larrakia Development Corporation aims to work with likeminded operators to build economic wealth and better health for our local community. www.larrakia.com.au
Due to the flooding in Townsville and affected areas, IBA has temporarily closed our Townsville office until further notice.
During this period, all local employees are requested to work from home, considering the safety of our customers and staff.
If you need to speak to anyone at IBA, you can phone us on 1800 107 107 or get in touch via email.
If you’ve been affected by the floods, the Queensland Government may be able to assist:
For further information
Reproduced from Minister for Indigenous Australians media centre, released 11 Dec 2024.
Three eminent First Nations people have been appointed to the Board of Indigenous Business Australia (IBA).
Mr Darren Godwell has been appointed as Chair and Ms Leah Cameron and Ms Olga Havnen as Directors.
Indigenous Business Australia plays a critical role in advancing the economic independence of First Nations people through expert business advice, tailored finance solutions and investment initiatives that empower individuals and businesses.
The new appointees bring extensive expertise from different First Nations communities across the country and from sectors including business, finance, law, trade and investments.
The Albanese Government acknowledges and thanks outgoing Chair Mr Eddie Fry and Directors Ms Shirley McPherson and Mr Richard Allert AO, for their leadership and dedication to IBA over the past decade, and Mr Richard Callaghan for his contributions during his 3-year tenure.
Quotes attributable to Minister for Indigenous Australians, Senator Malarndirri McCarthy:
“The new Board members bring to IBA a wide range of skills and lived experience that reflects the diversity of First Nations Australia - from finance to community health, from small communities to big cities.
“That diversity will contribute to IBA’s ongoing efforts to support First Nations people to realise their aspirations and build sustainable economic futures.
“I congratulate Mr Darren Godwell, Ms Leah Cameron and Ms Olga Havnen on their appointments.”
IBA welcomes the Federal Government’s support of our vision for a nation in which Aboriginal and Torres Strait Islander people are economically independent and an integral part of the national economy through the support and introduction to the House, of the legislative amendments to IBA’s enabling legislation, the Aboriginal and Torres Strait Islander Act 2005 (the Act).
The proposed amendment will support and drive our ability to continue the legacy of nearly 50 years of outcomes for the community through the Indigenous Home Ownership Program, which to date has provided more than 21,000 home loans. IBA is gearing up financially to increase delivery to Aboriginal and Torres Strait Islander people, families, businesses and communities. Empowering prosperity, financial inclusion, and creating intergenerational impact.
Our investments have a proven track record of success. We have matured to become a sophisticated financial institution with a range of products and services supporting a diverse range of needs for our customers in homes and business opportunities. The current legislative constraint has acted as a barrier to IBA’s growth and ability to offer a broader range of support across the country. IBA can achieve more without this constraint
We continually seek new pathways to grow our impact, and the first step in this evolution commences with the introduction of Future Made in Australia (Production Tax Credits and Other Measures) Bill 2024, which will amend the Act and position IBA to raise capital and borrow funds, and to fulfil the growing demand for Indigenous home ownership, business and investments.
Our legislated purpose and strategic remit sets out the requirement to advance the commercial and economic interests of Aboriginal and Torres Strait Islander people and communities by the accumulation and utilisation of a substantial capital and asset base for their benefit. Our consolidated total assets now exceed $2.3 billion—a remarkable increase from $1.7 billion just five years ago.
IBA Chairperson Eddie Fry, a Dagoman man highlighted the need for legislative change in a recent speech on ‘Activating Indigenous-led opportunities in Northern Australia’.
“Expanding the financial capability of IBA, along with the growing desire for Indigenous people to engage in commercial activities, is a perfect combination to increase Indigenous participation in the economy.”
IBA has been actively working towards this legislation change to expand our capacity for several years and in the process, we received valuable input from our Expert Panel members, Mr Rick Allert AO, Ms Rosemary Addis, Dr Doug McTaggart, Ms Diane Smith-Gander AO, Professor Robynne Quiggin, Dr Helen Szoke AO and Professor Marcia Langton AM.
We greatly appreciate the very strong support IBA received for the legislative change from the Indigenous community following extensive consultations across the country. IBA will continue extensive consultations as we partner with groups to progress their initiatives to transform Indigenous economic empowerment.
On behalf of the IBA Board and the IBA family, we are focused to deliver on Indigenous Australians’ aspirations in the immediate and forward years, which have long been voiced. Not just for the current generations, but for generations to come. They will be an integral part of the economic and social fabric of the whole nation.
Leo Bator, IBA’s Acting CEO, welcomed the development, “This legislative change will allow IBA to financially collaborate with other agencies to deliver even deeper meaningful impact for Aboriginal and Torres Strait Islander people.”
“The changes will lay the foundations for further growth as an organisation, and has been years in the making, thanks to the hard work of IBA’s Executive team, the IBA Board and current Chair of IBA, Eddie Fry.”
“We look forward to continuing our work towards closing the gap on housing, providing more access to business finance and support for entrepreneurs, and increasing investment opportunities for First Nations communities.”
Earlier this year at Garma 2024, Hon Anthony Albanese MP, Prime Minister of Australia, said:
“This very exciting success for change of legislation for IBA will result in:
On behalf of the Board, Mr Fry thanked the Minister for Indigenous Australians, Senator the Hon Malarndirri McCarthy, for her support in driving this change to allow IBA to strengthen its purpose for economic empowerment for First Nation’s people, families and communities.
Media contact: Katie Hoskins on 02 9207 6361 or Katie.Hoskins@iba.gov.au.
Our latest e-newsletter is out now! If you haven’t seen our latest round-up of stories and news, you can read the newsletter here
This issue, as always, features our inspirational customers and includes:
Plus details of our latest workshops, and a link to the new Annual Report.
Don't want to miss a copy? Subscribe here to recieve it direct into your inbox every 2-3 months.
This year’s Annual Report outlines the first-year results and progress in implementing our five-year strategy out to 2028 and our 2023-24 Corporate Plan.
It outlines how we are changing our ways of working to align with the Priority Reform Areas under the National Agreement on Closing the Gap to support self-determination through inclusive, equitable and fair access to capital. 
During the year we:
IBA Chairperson, and Dagoman man, Eddie Fry, said:
“Our purpose sets out the requirement to advance the commercial and economic interests of Aboriginal and Torres Strait Islanders people and communities by accumulating and using a substantial capital and asset base for the benefit of Aboriginal and Torres Strait Islander peoples.
“IBA’s consolidated total assets now exceeds $2.3 billion—a remarkable increase from $1.7 billion just five years ago.
“The IBA Board is proud of IBA’s achievements, and those of our customers, and we look forward to driving greater outcomes in the future.”
The report includes photos and stories from inspiring, resilient and determined IBA customers and showcases some of the innovative new initiatives delivered by IBA during the year including:
It also expands our sustainability reporting and explains how our products and services continue to have a positive impact in the lives of Aboriginal and Torres Strait Islander people.
View the full IBA Annual Report 2023-24.
Have you seen our latest round-up of stories and news? If you haven’t seen it, find the e-newsletter here. This issue, as always, features our inspirational customers and includes:
Later this month we’ll be sending out an Indigenous Business Month special edition. If you want to ensure you receive this and future issues, sign up here.
