Indigenous Business Australia (IBA) farewells the significant contributions of our outgoing board directors, including the chairperson, as they finish their terms this week. Their leadership and commitment to IBA led to the achievements of the business and to Aboriginal and Torres Strait Islander people.
The outgoing board directors include Eddie Fry (chairperson), Shirley McPherson, Rick Allert, and Rick Callaghan. Their contributions have been pivotal in shaping the direction of the organisation and empowering Aboriginal and Torres Strait Islander people in achieving economic independence.
Eddie Fry served as chairperson of the IBA Board since 2014. A Dagoman man from the Katherine region in the Northern Territory, Eddie’s leadership has been transformative—not just for IBA, but for Indigenous businesses and communities across Australia. Under his guidance, IBA expanded its reach and impact, helping businesses thrive and communities grow.
IBA’s latest annual report noted success in the financial year with distributions of over $365 million in capital or capability development to Aboriginal and Torres Strait Islander people, support for 2,681 people with an IBA product or the opportunity to access the economy through a job or procurement, and 3,829 people provided with access to networks, knowledge, and capability-building services.
Over ten years since 2014, IBA has grown its total investment portfolio value from $198 million to $576 million, approved $1.951 billion home loans and $456 million in business finance.
Mr Fry highlighted his time as chairperson by saying, “The IBA Board and the IBA family kept striving for excellence in everything we do.”
Shirley McPherson, a Yamatji-Noongar woman, made significant contributions to Indigenous financial and economic development in her 10-year term at IBA. Shirley always came to the table with a dedication and strategic insight to IBA’s growth and impact.
Ms McPherson leaves behind her hopes by saying, “My wish is for our First Nations people to understand that they have an enormous land mass ownership in Australia therefore must develop it to ensure great returns but always maintain in ‘control’ of their country. My second wish for our customers is to always pursue your dreams, never think that you’ll never achieve them, you will.”
Rick Allert AO, has been vital in strengthening IBA’s financial sustainability and its capacity to deliver meaningful outcomes for Indigenous Australians in his 10-year term. His governance expertise and commitment to transparency have played a key role in IBA’s strategic development.
Mr Allert noted about his time at IBA: “The highlight for me has been our home loan lending which has had such a positive impact on Indigenous people...which gives them security and pride, but also a platform for wealth creation.”
Rick Callaghan, a proud Potaruwutj man whose Aboriginal family originate from the Padthaway region South Australia, served as a board director since 2021. Rick has made significant contributions to Indigenous policy and business integration across the country, as well as at IBA.
Mr Callaghan’s highlight of his time at IBA: “Knowing that our strong team has delivered on our charter and increased the gross assets by 71% over the past ten years, and legislation to improve the IBA’s commerciality and sustainability is ready as we leave.”
Acting IBA CEO Leo Bator notes, “The dedication, expertise, and leadership of our outgoing directors have left a lasting legacy at IBA, and we are grateful for all they have done to further the cause of Indigenous economic empowerment. We wish you all the best in your future endeavours and know that your influence will continue to be felt in the years to come.”
More information on the IBA Board can be found at Our board - Indigenous Business Australia or see the PM&C Media Release: New Indigenous Business Australia Board Members appointed - Indigenous Business Australia on the announcement of the new appointments.
Media contact: Tara Toohill 02 9207 6362 or tara.toohill@iba.gov.au
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.
Indigenous Business Australia (IBA) have launched the IBA Shared Equity product to support more Aboriginal and Torres Strait Islander people into home ownership sooner. $50 million will be available for shared equity financing to eligible customers over three years.
The IBA Shared Equity product allows customers to purchase a property in their local market where the maximum home loan available is insufficient to meet the full cost of the purchase. The Shared Equity product can contribute up to 35% of purchase price.
Under the Shared Equity arrangement, IBA does not jointly own the property, but it will have a share in the property that is equivalent to the percentage of the property purchase price that was financed using the IBA Shared Equity product. When the customer refinances or sells their home, IBA receives a percentage of the property value at that time relative to the IBA Shared Equity product, along with the outstanding balance of the IBA home loan.
Over the first 12 months of piloting the IBA Shared Equity product, IBA assisted 56 customers to purchase a home in their preferred location, and is looking forward to assisting even more customers this year.
Gamilaroi woman Abbey, a new homeowner, says that the IBA Shared Equity product was key to her achieving her home ownership dreams.
“I had a really supportive home loan officer. She had done lots of research and could just see there was nothing in the area for the price I had been approved for. That’s when she came to me with the opportunity of the IBA shared equity product,” Abbey said. “That was the game changer for me, it made it all possible.
“This isn’t just a home; this will be a change in my family’s bloodline. An opportunity to create a safe space and intergenerational wealth and healing for hopefully my future jarjums and their jarjums. Without IBA I don’t think I’d have had a chance of becoming a first homeowner.”
IBA Deputy CEO, Sean Armistead, said: “The IBA Shared Equity product is a fantastic initiative that was created in response to the growing housing crisis. It can make home ownership achievable for some First Nations people who otherwise could not afford to buy in their local area.
“It’s not for everyone, but for those that may benefit, our friendly home lending team can work with you to review whether it’s the right option.”
Links
Read IBA Shared Equity Frequently Asked Questions
Watch IBA Shared Equity product explained
Media contact: Katie Hoskins 02 9207 6361 or katie.hoskins @iba.gov.au
Disclaimer: The information contained in this material is general in nature and not tailored to your particular circumstances, objectives or needs. Terms and conditions apply. If you are eligible to apply, you should obtain independent financial and legal advice before signing any documentation or making any significant financial decisions. IBA takes no responsibility for any damage or loss suffered by you in relying on the information in this material.
Indigenous Business Australia (IBA) released its Aboriginal and Torres Strait Islander Pathways Through Business report on the growth and diversity of the Aboriginal and Torres Strait Islander business sector.
IBA partnered with the Australian National University’s (ANU) Office of the Vice-President, First Nations, to undertake the study. The research, led by a team of both First Nations and non-First Nations experts, offers a detailed look at the sector's remarkable expansion over the last decade and highlights opportunities for continued growth.
Key findings of the report identify industry representation, gender representation, proportion of businesses at various stages of the lifecycle, and future opportunities, as well as the barriers to further growth.
The Aboriginal and Torres Strait Islander business sector grew over 50% from 2016 to 2021, reaching an estimated 29,200 business owner managers.
IBA supported about 19% of this sector (5,515 businesses) over five years, contributing to 56% of the overall growth in business ownership during that period, which goes to show IBA’s significant role in supporting the sector’s expansion.
While the First Nations business ownership rate (4.4%) has grown rapidly over the past 15 years, a gap remains with the non-First Nations business ownership rate (8.5%). If rates were the same in 2021, there would have been an additional 26,900 First Nations business owners.
IBA supports First Nations businesses through the entire business lifecycle with access to workshops, finance and business support. The report noted that as more businesses are reaching maturity, gaps are emerging in the supporting business eco-system, which is reducing the opportunity for First Nations people to access the capital, business support and networks they need to sustain growth and maximise impact.
The report finds that societal bias and prejudice continues to impact Aboriginal and Torres Strait Islander business owners across the business cycle but hitting those at earlier stages the hardest.
Although Aboriginal and Torres Strait Islander women are the fastest growing business demographic, they are less likely to access support. First Nations women represented 36% of the business sector in 2021, up from 33% in 2016, partly due to initiatives like IBA’s Strong Women Strong Business. However, they currently make up only 31% of IBA business loan customers.
IBA Chairperson Eddie Fry, a Dagoman man, welcomes the research and believes the findings in the report will lead to a deeper understanding of the business sector's growth and development as well as its incredible impact on Aboriginal and Torres Strait Islander people and communities.
“As we celebrate the incredible growth of First Nations businesses, we also recognise the work that still lies ahead to expand our investment in businesses ideas to help to make them real.
“Together, we are building a future where Aboriginal and Torres Strait Islander businesses thrive at every stage, exploring opportunities for sustainable business growth that will create prosperity for people, communities and the nation as a whole.
“I am confident that with continued support and collaboration, the best is yet to come.”
IBA will be joined by business customers from Yarn Legal and Kennelly Constructions to discuss the report on 7 November 2024. To attend the event, register here.
The Pathways Through Business report is the second in the ‘Pathways’ series which IBA released. The Pathways Through Housing report was launched in early October at the Housing First Nations conference in Meanjin (Brisbane).
Read previous media release: IBA Media Release: Research into pathways through housing.
Read the Pathways Through Business report
Media contact: Katie Hoskins 02 9207 6361 or katie.hoskins@iba.gov.au
Indigenous Business Australia (IBA) and the Northern Territory Government (NTG) are excited to announce the second round of the NT Aboriginal Tourism Business Accelerator Program (The Accelerator), is set to begin in February 2025.
Aboriginal Territorians and Northern Territory-based majority-owned Aboriginal businesses are now invited to apply for this transformative program. Participants will benefit from business and tourism related training, practical skills, access to experienced advisors, personal business coaches, and introductions to industry networks to help build strong, sustainable businesses.
The Accelerator, modelled from IBA’s ‘Accelerate with IBA’ program, is designed to empower Aboriginal entrepreneurs with the tools and skills needed to grow and create new and innovative Aboriginal tourism product and experiences.
Earlier this year, the inaugural program saw 7 participants further develop leadership skills, innovative ideas, and practical business strategies to strengthen the Northern Territory’s Aboriginal tourism industry. From immersive cultural tours to strategic partnerships and niche fishing charters, their unique tourism offerings are set to thrive, showcasing the diversity of the Territory to visitors from across the globe.
The Accelerator program is supported by the Australian Government’s Strategic Indigenous Tourism Project funding program (SITP). SITP supports a range of projects in the Northern Territory to strengthen Aboriginal Territorians’ participation in the tourism industry and deliver strong economic outcomes for the Northern Territory.
For more information or to apply, visit www.iba.gov.au/ntaccelerator .
Quotes from Executive Director, Tourism NT Valerie Smith:
“The Northern Territory is a premier destination for unique Aboriginal tourism experiences. By nurturing Aboriginal tourism ventures, we're not only celebrating culture but also driving economic growth, creating jobs, and boosting local communities.”
Quotes from Lower Southern Arrernte woman Stella de Cos, Director, Community & Customer Experience, Indigenous Business Australia (IBA):
“We are excited to be able to deliver a second program in the Northern Territory and are looking forward to working with a new group of Aboriginal businesses and entrepreneurs.
“We are extremely proud of the success of our first program and to have worked with and supported such a strong group of Aboriginal businesses and entrepreneurs - their businesses and vision held family, country, sea, and community at the centre of their purpose.
“Our people are the original and ongoing custodians of this land, and the NT Aboriginal Tourism Business Accelerator program will continue to support our Aboriginal businesses with the tools and skills they need to do what they do best – share the deep understanding and knowledge of culture and country with the rest of the world.”
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Media contact: 0428 052 647
A strategic partnership between Indigenous Business Australia (IBA) and NRMA Insurance aims to pilot support for Aboriginal and Torres Strait Islander businesses with a discount on small business insurance.
Through the partnership, IBA small business customers will have access to a discount off the standard NRMA Insurance base premium. The discounted rate will be applied by NRMA Insurance to all eligible Aboriginal and Torres Strait Islander businesses.
The new partnership between IBA and NRMA Insurance will give access to insurance that could provide First Nations businesses with more affordable assurance.
According to research to be released by IBA, the Aboriginal and Torres Strait Islander business sector grew by more than 50% between 2016 and 2021, to reach 29,200 business owner managers.
IBA supports businesses throughout the whole business lifecycle and an important element in managing a business is ensuring the right insurances are in place. Insurance can support and protect small business owners from the financial impact of interruptions in their business operations, property damage, loss in case of disasters or accidents, and legal liability claims.
NRMA Insurance is the first insurer to collaborate with IBA to offer a discount for First Nations businesses with intentions to expand the pilot to a panel of insurers once tested.
NRMA Insurance CEO Julie Batch said: “Insurance is an important protection for small business owners, giving them the confidence to start their business and the support needed should the unexpected happen.
“Through this partnership with IBA we want to help First Nations business owners achieve their business goals by offering a discounted insurance rate as well as providing educational support to help IBA customers better understand the role of insurance and what is covered.”
IBA Acting CEO Leo Bator said: "Our pilot partnership with NRMA Insurance creates more pathways for Aboriginal and Torres Strait Islander business owners to access insurance.
“Operating a business can be hard work. Finding ways to support our customers and First Nations communities to manage risk is a positive outcome. This collaboration aims to provide options for our customers, enabling them to focus on their business."
IBA media contact: Tara Toohill 02 9207 6362 or tara.toohill@iba.gov.au
NRMA Insurance media contact: Nicole Schulz 0411 011 201 or nicole.schulz@iag.com.au
Disclaimer: The information contained in this material is general in nature and not tailored to your particular circumstances, objectives or needs. IBA has not considered the terms and conditions of the product(s) offered by the provider and does not endorse the provider or its product(s). If you are eligible and decide to apply for products or services from the provider, you should obtain independent financial and legal advice before signing any documentation or making any significant financial decisions and you should rely upon your own independent advice and inquiries. IBA takes no responsibility for any damage or loss suffered by you in relying on the information in this material.
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, the Hon Linda Burney MP.
About NRMA Insurance
NRMA Insurance is Australia’s most trusted insurance brand1, helping more than 3 million Australians protect what matters. Help has been at the heart of NRMA Insurance since its beginnings in 1925 as a member-only company that provided motor insurance policies to the first drivers in NSW. NRMA Insurance has grown to become a national brand that helps people protect their cars, homes and businesses. It has a proud history of working with communities to build their resilience against extreme weather and keep people safer on the road. NRMA Insurance helps Australians understand their local risks and prepare for extreme weather through its Help Nation initiative. NRMA Insurance is backed by IAG, Australia and New Zealand’s largest general insurer.
1Roy Morgan Most Trusted Brands 2024
Indigenous Business Australia (IBA) launches significant research report about housing for Aboriginal and Torres Strait Islander people – with insights to access, outcomes and wellbeing.
IBA engaged the Australian Housing and Urban research Institute (AHURI) to jointly research how it can best support Indigenous Australians to access secure, affordable, and appropriate housing. The insights will inform how IBA, and other parties, can address the home ownership dilemma for Aboriginal and Torres Strait Islander people.
The benefits of home ownership are considerable including security of tenure, the building of intergenerational wealth, and the autonomy to make their own choices about how to live – which is critical to self-determination.
Indigenous Australians share the same aspirations as other Australians but have distinctive experiences.
The number of Aboriginal and Torres Strait Islander households in home ownership has grown from around 46,150 in 2001 to 145,100 in 2021, more than tripling in 20 years.
The proportion of Aboriginal and Torres Strait Islander households who are homeowners has grown rapidly from 33% in 2001 to 41% in 2021.
First Nations Australian homeowners are now the largest single category by tenure type. The growth reflects a strong desire in First Nations communities to own their own homes.
IBA Chair Eddie Fry, a Dagoman man, emphasises the outcomes that home ownership can have on Aboriginal and Torres Strait Islander people are significant.
“Home ownership provides considerable benefits now and into the future.
“Today it provides secure housing which ultimately leads to intergenerational wealth and sets an example for others that may not have seen home ownership as an option.
“To fulfill our role at IBA to promote and encourage Indigenous self-management and self-sufficiency, we require a strong understanding about the pathways into housing for Aboriginal and Torres Strait Islander people.
“These insights inform IBA’s strategic direction, to ensure we are meeting the increasing aspirations of our communities.
“Owning your home is not the only option and the full spectrum of housing outcomes needs to be addressed for Australia to improve its housing crisis – for our Indigenous and non-Indigenous people.
“The research is just the beginning and builds an understanding of the potential business and investment opportunities to assist the market supply secure and affordable rental properties to support the transition pathways for Aboriginal and Torres Strait Islander people into home ownership and other great housing outcomes.”
Read Pathways through Housing report.
Read First Nations Housing fact sheet.
Media contact: Tara Toohill 02 9207 6362 or tara.toohill@iba.gov.au
Eddie Fry, IBA Chair, presented this speech at the Developing Northern Australia Conference in Karratha on 27 August 2024.
IBA HAS A DREAM
IBA has always had big dreams, but many thought it a mere figment.
However, IBA has grown to become a significant institution of lasting maturity that has structured meaning and measured outcomes, to foster Indigenous wellbeing.
Over the last 5 years, IBA has had steady growth that has contributed to total consolidated assets exceeding $2 billion. This is a remarkable increase from $1.7b just 5 years ago.
IBA’s core business is to intersect the deployment of capital and human resources, with Indigenous communities, individuals and third-party stakeholders.
In the last 10 years, IBA progressively developed the capacity to expand its services but was constrained and unable to borrow or raise capital to meet growing demand.
IBA committed to identify new sources of capital and finance, and channelling these towards the assets and commercial ventures of our Indigenous customers.
We needed to think of new funding opportunities and innovative ways to get better results for our customers within our operating environment. Partnerships play an immensely helpful role in this.
As IBA has become a sophisticated financial institution, we proposed to change our governing Aboriginal and Torres Strait Islander (ATSI) legislation to allow IBA to borrow and raise capital, to meet the growing demand for Indigenous home ownership, business enterprise and investments.
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.
THE PRIME MINISTER SUPPORTED IBA LEGISLATION CHANGE AT GARMA
At the recent Garma Conference the Prime Minister announced that in the spirit of empowerment, the government will boost the investment, borrowing and lending power of Indigenous Business Australia.
This very exciting success for change of legislation for IBA will result in:
The Prime Minister spoke to us about the governments ‘new ambition, energy and determination to find new ways forward for Indigenous Australians’.
‘Sharpening the focus on delivery and strengthening accountability, real empowerment and lasting economic security for communities’.
I was inspired by several aspects of his message, such as:
These are more than words to us at IBA, this is why we exist.
Adding to the government’s momentum, the Treasurer announced that the 2024-25 Budget delivers on the commitments made in the Commonwealth’s Closing the Gap Plan and invests $2.4 billion in real actions that will make a tangible difference to Indigenous people’s lives.
IBA seeks to sustainably develop the Indigenous national economic footprint by empowering our customers to engage with economic and wealth-building activities. We also seek partnerships to provide opportunities to Close the Gaps.
FOUNDATIONAL SETTINGS
IBA continually seeks new pathways to success and with our learnings over last 10 years IBA has a substantial foundational framework with:
IBA’S IMPACT
At IBA we assist our customers on their journey to self-management and self-sufficiency. This becomes a turning point which has an expansive impact on the Indigenous Estate, wider Australia, and generations to come.
In the financial year to June 2024, IBA distributed $365 million in capital and development support to Indigenous individuals, families, business, procurement and partnerships.
The breakdown of the financial distribution includes:
Over the coming months, IBA will continue to pursue a broader investment program, financial strategies and commercial models to mobilize capital for high impact outcomes to make a greater contribution to the National Agreement on Closing the Gaps.
We have learned with our strategic changes in the IBA Investment Program across all of our product range, and pursue:
As our Prime Minister says ‘We are living with what’s been tried before, we know where the old road leads, we have to make a new path – and walk it together’.
At this point in time, I believe it is essential that we change and progress our Indigenous spring
CHANGE TO PROGRESS – OUR INDIGENOUS SPRING
According to George Bernard Shaw, ‘progress is impossible without change, and those who cannot change their minds cannot change anything’.
‘All progress is initiated by challenging current conceptions and executed by supplanting existing institutions’
We know that change is difficult, but we can advance change more productively with trusted partnerships.
We must seek steady economic development and commit to continued improvement in our institutions and in trusted partnerships with common purpose.
We have learned that our collective past is scattered with Indigenous economic and social fracture.
Social fractures are divisions in society, causing people and institutions to disengage with one another, which ultimately leads to economic, technological and cultural inequality.
You may recall that Charlie Perkins developed a point plan for Indigenous advancement, noting that ‘Aboriginals have to work this out for themselves.’
We need to have and implement on a continual basis this point plan including:
OUR INDIGENOUS SPRING
As part of my learning, I see this is the time for the emergence of our Indigenous Spring, a time for effective Indigenous led and implemented change.
A refined economic thinking is not groundbreaking, is often spoken of, but is rarely applied.
This is the next wave of building a win-win world for Indigenous Australians as we invest in northern Australian opportunities for our people.
We are here to consider northern economic development; we know that economics drives politics and our Prime Minister speaks with driving renewal sentiments, to adapt the way we do business.
What better place, what better time, what better circumstance is there for a national unity approach and an uplift in economic development.
For me it’s theoretical physics versus applied physics.
Theoretical physics is the idea or concept, but applied physics implements practical systems based on foundational sound principles.
Our continual learnings are about applying practical methods of implementation of our business models - for our customers to find solutions that work for them.
Our impact will demonstrate how to drive intergenerational change.
The Indigenous Estate is foundational for new economic thinking:
And - as a consequence…
WE HAVE AN INDIGENOUS ESTATE, BUT WHAT DO WE MEAN BY AN INDIGENOUS ECONOMY?
Let me begin by saying – there is only one Australian economy – only one GDP.
Articulating an Indigenous economy is understanding that the total and growing list of assets under management are held and owned by Indigenous groups across the nation and in particular for the assets of the northern zone.
We have land and more land, water and more water, and more and more assets
We need to understand the Indigenous assets current state of play in our work in order to identify opportunities to expand our assets. We need to understand:
The development of corporate and operational settings must be consistently aligned with the overall state of Australia’s economy.
The cyclical patterns of expansions, peaks, contraction and troughs, requires us to understand what factors impact Australia’s GDP, interest rates, employment and spending.
These patterns will play out on a constant theme and yet again Indigenous peoples will need trusted partnerships to ride the economic cycles of our wider Australian economy and its intersection with global markets.
TRUSTED PARTNERSHIPS
Trusted Partnerships bring to the table connection points to bridge our gaps in skills and experience.
Trusted partnerships will include revitalized institutions with a common purpose underwritten by capability and capacity and a willingness to explore alternative opportunities jointly.
Partnerships have always been a vital part of IBA’s success and demonstrates how our work alongside others to achieve their purpose, helps immensely in achieving our own.
Partnerships are a powerful platform for extending our reach, providing important co-design opportunities and help us deliver vital products and services with greater impact on the economic landscape.
IBA has a consistent approach for how we identify, appoint, manage and evaluate partnerships. We ensure the partnerships we embark upon are strategic aligned and set up to achieve maximum benefits for both us and our customers.
Our partnership goals include improving IBA’s reputation, efficiency, effectiveness and to generate measurable impacts. We seek partnerships that are:
WE PARTNER FOR THE FUTURE, FOR INTERGENERATIONAL TRANSFORMATION
IBA established a Partnership Framework when we revitalized IBA.
We learned the benefits of engaging in trusted partnerships and this became a foundation with which we deliver of our purpose.
Partnerships:
SO, WHAT IS POSSIBLE?
The Indigenous Spring is how I understand implementing in practical terms, Charlie Perkins Indigenous advancement, ‘Aboriginals have to work this out for themselves.’
Indigenous partnerships could be established or emerge as regional or zone offices defined by Native Title Prescribed Body Corporate areas, with sole ownership or in a Joint Venture arrangement.
The Regional or Zone office should address local initiatives and provide community identified opportunities to move our people away from welfare dependency and seek to improve housing, employment, health, wellbeing and restore dignity.
The office can assist our resilient Indigenous communities towards financial independence and reduce dependence on government housing, rental, and employment programs to locally address closing the gap targets.
Regional offices could manage community assets such as land holdings and infrastructure and share services with other offices.
In time, the office could widen the scope of investment, and management, with financial and technical assistance on Housing, SME’s and Education. The potential for local and systematic mapping of all utilities and infrastructure will identify new opportunities for development.
In essence, this would lead to an alternative deployment of targeted financial and human capital with greater impact at an individual and community Indigenous level.
An important aspiration within the “INDIGENOUS SPRING” will be a focus on education of our children as one of the pillars that underwrites and supports self-determination.
If there is limited access to education facilities in regional Australia, the office could underwrite tailored education opportunities for children, which may be outside of the immediate community. Students returning to community can offer employment capability, creativity and incentivise other children to aspire to higher education.
The “INDIGENOUS SPRING” is all about choice – motivation, incentivisation and skill development using the Indigenous Estate as a launch pad. This is our advantage.
Using our assets under management and ownership to leverage opportunities within the primary, secondary and tertiary sectors of the northern economy.
In closing
These ideas are not theoretical policy – they are applied practicality.
Indigenous disadvantage can evolve to Indigenous advantage.
We all know that achievements are not born, they are made - and we can make them.
I look forward to seeing a growing Indigenous Spring across northern Australia, as a model.
With unified Indigenous led changes, to practically address Indigenous economic disadvantage - by our people for our people.
THANK YOU for the opportunity to be here today.
Indigenous Business Australia (IBA) launched its first Environmental, Social and Governance (ESG) strategy with Aboriginal and Torres Strait Islander wellbeing at the centre of consideration – wellbeing of Country, culture and community.
The strategy outlines how IBA intends to move beyond the mandatory compliance and risk management requirements to incorporate, where possible, the lived experiences of Aboriginal and Torres Strait Islander people.
The extensive rights and interests of Aboriginal and Torres Strait Islander people over land and waters, and intrinsic understanding and cultural knowledge of the landscape, means they are best placed to protect and restore Country and build resilience to climate change as well as other systemic and societal issues.
Five priority areas are the focus for IBA’s ESG strategy including: 1) climate change and resilience, 2) customer and data security, 3) human rights and labour, 4) integrity and business ethics, and 5) lending and investing responsibly.
These areas closely align with the goals and objectives in IBA’s Strategy Towards 2028 and are areas that present significant risk and opportunity in the short and medium term.
The strategy also provides a structured, systematic, and strategic approach to emerging ESG-related compliance and reporting requirements for matters like modern slavery and climate risk.
IBA Chairperson Eddie Fry, a Dagoman man, comments about the organisation’s commitment to the integration of ESG principles to support the aspirations of Aboriginal and Torres Strait Islander people, their businesses, our co-investors, and the communities to whom we serve.
“Connection to Country, culture, and community are inherent to Aboriginal and Torres Strait Islander values, worldviews and genealogy, providing a blueprint for sustainable development.
“IBA knows and recognises the important and inseparable links between Country and Aboriginal and Torres Strait Islander people. It is our responsibility and obligation to care for Country to ensure sustainability for future generations.
“We are witnesses to the urgency for a coordinated national and global effort to improve monitoring, evaluation, reporting and rehabilitation across a range of environmental, social, and governance (ESG) areas.
“IBA began a rapid transition because we have a very important role and responsibility to facilitate access to finance and capital that allows Aboriginal and Torres Strait Islander people and communities to meaningfully participate in the changing economic and ESG landscape.
“We’re exploring new opportunities to invest responsibly alongside Aboriginal and Torres Strait Islander people in sustainable ventures.
“We must all continue to evolve our approach to incorporate environmental and intergenerational aspects into our overall impact.”
Media contact: Tara Toohill 02 9207 6362 or tara.toohill@iba.gov.au
