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
Indigenous Business Australia (IBA) set out a clear path to deliver financial inclusion and economic empowerment with Aboriginal and Torres Strait Islander people. At the recent IBA Board Meeting, the Board reviewed the performance and strategy, and confirmed that the goals set in place a year ago in the Strategy Towards 2028 are well on track. 
In the financial year to 30 June 2024, IBA delivered significant achievements to our PBS targets including providing access to capability building, knowledge and networks to 3829 individuals (Measure 1); distributed capital and capability development support in the sum of $365 million (Measure 3); and delivering a comprehensive impact study (Measure 5).
The breakdown of the financial commitment of $365 million includes $227 million approved home loans, $73 million approved business finance, $53 million co-investment contribution and capital distributed by IBA, $2 million external business support, $9 million Aboriginal and Torres Strait Islander procurement, and $676k partnerships with Aboriginal and Torres Strait Islander organisations.
Progress towards our goals include launching an Environmental Social and Governance Strategy (ESG) later this year that incorporates Aboriginal and Torres Strait Islander interests at the core of the program and reporting on the latest impact research focussing on financial wellbeing.
IBA Chairperson Eddie Fry, a Dagoman man comments about the performance to date and a strategy focussed on Indigenous prosperity.
"Our Strategy Towards 2028 is a testament to our unwavering commitment to enhancing the financial wellbeing of Aboriginal and Torres Strait Islander communities, ensuring we thrive for generations to come."
“From assisting families to buy their first home, to supporting businesses to grow and secure contracts worth millions of dollars, our activities have a significant positive impact on the lives of many.
"The strategy is a roadmap for growth and empowerment, but it’s the performance to date that demonstrates our commitment to deliver on that goal – a collective dedication to drive meaningful change for the economic aspirations of Aboriginal and Torres Strait Islander people.
“I am deeply proud of IBA’s commitment to supporting our people in achieving financial independence and lasting outcomes for the communities we serve and look forward to more good things to come – particularly working with the new Minister for Indigenous Australians, Senator the Hon Malarndirri McCarthy, and developing the commitments the Prime Minister announced at Garma about boosting the investment, borrowing and lending power of IBA.”
More details of end of year performance to be shared in IBA’s upcoming annual report.
For more information on IBA’s strategy, please see IBA Corporate Plan - Strategy Towards 2028.
Media contact: Tara Toohill 02 9207 6362 or tara.toohill@iba.gov.au
This week, eight participants of the Northern Territory Aboriginal Tourism Accelerator program met on Larrakia Country to present at their final showcase and celebrate their achievements.
The showcase marked the end of a six-month program delivered by Indigenous Business Australia (IBA) in partnership with the Northern Territory Government. The partnership was part of a commitment to bolster the Northern Territory’s Aboriginal tourism experiences and expand the opportunities for our Aboriginal businesses to share culture and country with the rest of the world.
IBA’s commitment to the Northern Territory also follows our new office opening in Darwin late last year which was officially opened by Assistant Minister Malarndirri McCarthy.
The specialist business program, called the NT Aboriginal Tourism Accelerator Program, was delivered to support Aboriginal entrepreneurs to create and grow strong and sustainable tourism businesses. The program was open to Aboriginal Territorians and NT based Aboriginal businesses and organisations (greater than 50% Aboriginal owned).
“This transformative journey has been nothing short of remarkable,” said Southern Arrernte woman Stella de Cos, Director, Community & Customer Experience, IBA. “The program has empowered our Aboriginal entrepreneurs and allowed them to develop their business ideas and skills.”
“We’re immensely proud of our participants, and the great strides they’ve made in the development of their businesses or business ideas, they have each brought their deep cultural responsibility and connection and infused them into their business models. We are excited to see how they develop over the coming year.”
Minister for Tourism and Hospitality Joel Bowden said the NT Aboriginal Tourism Accelerator Program is another example of the Lawler Labor Government’s commitment to the growth and development of the Aboriginal tourism industry and Aboriginal workforce.
“We’re pleased to have partnered with Indigenous Business Australia who have an excellent track record in delivering successful accelerator programs, and promoting genuine Aboriginal cultural experiences in tourism; we look forward to seeing new and innovative business ideas for the Territory come from the program.”
The entrepreneurs undertook a transformative journey where they immersed themselves in a wealth of knowledge and experiences facilitated by a curated team of business experts and guests.
During their journey, the program participants joined a cross state cultural immersion in Queensland, meeting with QLD Aboriginal tourism operators, exploring and immersing themselves in tourism experiences in both North Queensland (Cairns and Mossman) and Southeast Queensland (Minjerribah Island). These vibrant regions provided fertile ground for learning, connection, and inspiration.
Zoe Fitzpatrick, Yanyuwa Garrwa woman was one of the program participants and noted about the experience: “I am doing this accelerator with my family to start a tourism business on country in Borroloola to generate inter-generational wealth, so our people and culture don’t just survive but we thrive.”
“Our business model isn’t just about establishing a tourism enterprise on country, it is also about educating Australia’s future leaders and improving relationships between Indigenous and non-Indigenous Australians.“We know people want to learn from us and we can see potential to help educate our future teachers, lawyers and decision makers on Aboriginal culture while showcasing our breathtaking Northern Territory.”
Between the in-person learning block sessions, the entrepreneurs undertook intensive one-on-one business coaching. This personalised guidance has equipped them with the tools and strategies needed to propel their ventures forward. But the coaching doesn’t end at the showcase. The graduates are now well-equipped to move onto the next stage of their business, and for the next three months, will receive ongoing coaching, ensuring sustained growth and impact.
“The IBA program provided me with invaluable insights into business planning and development, equipping me with the tools to turn my vision into reality,” said Arian Pearson of Bawaka Yolngu Fishing Tours.
“Through the course, I learned my business strategies, honed my operational plans, and built a solid foundation for offering authentic fishing experiences in the rich cultural landscape of Bawaka. This education not only enhanced my business knowledge but also deepened my commitment to my family and cultural values and has given me hopes for my future career in fishing and tourism.
''My experience has given me insight into my future career. It has given me confidence in one day owning and operating my own fishing guided business in the near future.''
Images and interviews available upon request.
Media contact: Tara Toohill 02 9207 6362 or tara.toohill@iba.gov.au
Indigenous Business Australia (IBA), with support from the Department of the Prime Minister and Cabinet, delivered $2.7 million of funding to social enterprises run by Aboriginal and Torres Strait Islander women, with outcomes specifically for women, girls and sistergirls. The partnerships transformed both the small businesses involved and the communities they supported.
Launched in January 2023, IBA established and worked 23 First Nations social enterprises over 16 months.
The partnerships were established to support the delivery of a range of programs including assisting First Nations women and girls prepare for employment preparation or start or grow their own businesses.
Key focus areas for the programs also included business development, financial literacy, wellbeing, and upskilling/training.
Participants overwhelmingly stated that these programs supported their confidence in taking the next step in their journey and empowering them to feel confident and make decisions.
One of the 28 programs delivered provided hope for First Nations women confronted with the impact of lateral violence.
Woolwonga and Kukatj woman, raised on Larrakia and Yolngu land, Lateesha Jeffrey, has firsthand experience and knowledge about the devastating impact of lateral violence on First Nations people and communities. Building on her own resilience, Lateesha created the ‘Lateral Empowerment’ program delivered through her business, Wave of Change Consultancy.
From Tennant Creek, and Groote Eylandt to Galiwin’ku, Lateesha and her team successfully worked with women and girls from 14 different remote and very remote locations to give them reflective tools to cut through the dark sides of lateral violence and inspire and uplift one another.
“Participants are provided the safe space to practice reflection, whilst also empowering responsibility and accountability towards changing the negative narrative, instilling principles of lateral empowerment for future generations.”
“The power of this program,” Lateesha said, “is that by capturing what makes the participants feel safe to connect, share and learn, we created a ripple effect because the women understood how to support and uplift others within their community to eventually stop lateral violence altogether.”
Stella de Cos, Southern Arrernte woman and IBA Director of Community and Customer Experience, led the team that oversaw the partnerships and says the program resulted in positive change for our women around the country.
“These partnerships brought an amazing opportunity for First Nations female entrepreneurs and female-led community organisations to continue to innovate and solve economic safety issues facing First Nations women and their communities.
“Women are the strongest pillars of many of our First Nations communities. Empowering them builds opportunities to continue the positive impact and the change they drive.”
Media contact: Tara Toohill 02 9207 6362 or tara.toohill@iba.gov.au
Indigenous Business Australia (IBA) launched their 3rd Impact Report at an event on Whadjuk Noongar boodja in Boorloo (Perth WA) on 17 April 2024.
The report was a deep dive into the intergenerational impacts of home ownership as reported by Aboriginal and Torres Strait Islander single carer and single parent families.
Joined by IBA’s Chair Eddie Fry, Senator Louise Pratt and an honoured panel of customers who shared their personal stories, IBA celebrated the reported social, cultural, and economic impacts highlighted by homeowners.
The launch event held at the State Theatre Centre of WA was opened by musician and Bibbulmun Noongar man Kobi Arthur Morrison and a heartfelt Welcome to Country by Aunty Robyn Collard with a special performance by her grandson, Tryse Rioli, showing how intergenerational impact is not limited to home ownership alone.
This new report is the third in a series of groundbreaking studies looking at the impact of IBA’s activities from the perspective of Aboriginal and Torres Strait Islander people. The latest results focus on the experiences and impacts of home ownership as reported by First Nations single carer and single parent families.
First Nations single carer and single parent families care for 44% of Aboriginal and Torres Strait Islander children in Australia. 84% of those households are headed by a female. Just over 1 in 5 IBA home loans is with a single carer family.
IBA strive to understand and encourage positive change by investing with First Nations people across business, home ownership, investments and capability development. This report highlights not only the success of First Nations single carer homeowners, but lessons for the broader financial services sector.
Gija woman Kia Dowell is the Executive Director of Strategy & Impact at IBA. From creating the framework and carrying out each of IBA’s previous reports, Kia understands what impact means.
“This report is another critical step in the right direction. IBA seeks to deliver on our purpose and 2028 strategy informed and guided by the lived experiences of Aboriginal and Torres Strait Islander people. Importantly we must take action and learn from those stories to improve the way products are designed and services delivered.
“We’ve been on our journey with the launch of the framework in 2019 and our first report in 2021. This is not simply about understanding the impacts generated as a result of home ownership, it goes to the heart of intergenerational change.
“Inclusion and prosperity are two of IBA’s strategic goals and when home ownership is realised, it provides further evidence of the positive impact that can be created.
“The demand for home ownership amongst Aboriginal and Torres Strait Islander people continues to increase and this report serves as a reminder to all levels of government and the sector that access to affordable, stable and appropriate housing is a basic human right.
“The next in our impact series is already underway with research kicking off this month to find out how IBA’s activities support Aboriginal and Torres Strait Islander people’s financial wellbeing. We’re talking directly to community in yarning sessions as well as our more traditional quantitative research.”
Stories shared directly by the inspiring panel of speakers at the launch event highlighted the impacts they experienced to their own wellbeing, aspirations, and determination.
Renarta Coyne is a proud Minang Noongar Yorga woman from the Great Southern Regions of Albany and Mt Barker, Western Australia. As a single mother of 4 children and 12 grandchildren, she talked about both the success and struggles of gaining home ownership.
“Besides my children and grandchildren, I am proud to say I have achieved the ultimate goal of being a ‘Home Owner’ and paving the way for my family.
“As a single mum the journey along the way hasn’t been without challenge although the support and love of my family and friends has seen me through these difficult times.”
Images from the launch event are available.
Media contact: Tara Toohill 02 9207 6362 or tara.toohill@iba.gov.au
Indigenous Business Australia (IBA) is delighted to announce that more than $1 billion in contracts have now been supported through the IBA Performance Bond Trust. This milestone achievement for Aboriginal and Torres Strait Islander success has continued to grow since the bonds were introduced in 2018.
Since inception, IBA now supports over 500 performance bonds valued at almost $60 million with contracts valued at over $1 billion. A substantial increase since 2020 when after two years IBA had supported over 170 bonds worth $12 million, and contracts valued at nearly $202 million.
Performance bonds are issued to the beneficiary of a contract as security against the other party being unable to meet obligations specified in the contract. Banks often require a 100 per cent cash deposit as security for the bond, which ties up considerable amounts of working capital.
IBA assists Aboriginal and Torres Strait Islander businesses by issuing bonds directly to the buyer, in cases where the business may not have the required level of security to provide a bond facility for their contracts.
The bond partnership that took the contract’s value to over $1 billion was through Mine Power Solutions, an Indigenous-owned and managed diversified construction, mining and electrical contractor which has been successful in winning contracts at Olympic Dam.
Cameron Buzzacott, Managing Director of Mine Power Solutions, is a long-standing IBA customer being the initial performance bond customer through one of his other ventures, Zancott Knight. He says:
“In mid-2018, Zancott Knight strategically decided to collaborate with IBA, transitioning away from our traditional banking institutions for bond requirements.
“Being IBA’s first client, this bond was pivotal for both companies. For Zancott Knight, it was a turning point as it not only streamlined the process of bond origination but also freed up working capital to grow our business.”
IBA CEO Kirsty Moore says, “IBA’s Performance Bond Trust has assisted First Nations contractors across the country to participate in a wide variety of contracts including mining, civil works, construction, facility upgrades and renewable energy construction by guaranteeing their capacity to complete projects while requiring minimal security.
“We’re extremely proud of this milestone figure – it ultimately contributes to Aboriginal and Torres Strait Islander business growth which is positive for everyone.”
Cameron agrees. He adds, “This growth has strengthened our market presence and allowed us to seize new opportunities and execute more projects, enabling Zancott Knight to navigate the competitive landscape with confidence and agility.
“We are honoured to have partnered on two major milestones, from the first bond in 2018 with Zancott Knight to the bond with MPS that tipped the $1 billion threshold in 2024.”
The Performance Bond Trust is administered by IBA who provide bonds directly to an Indigenous-owned business or alternatively provide capital to enable the business to secure a bond from a mainstream bank. When kicked off in 2018, IBA co-invested $10 million in the facility along with National Indigenous Australians Agency (NIAA) matching a further $10 million.
Find out more about IBA Performance Bonds.
Media contact: Tara Toohill 02 9207 6362 or tara.toohill@iba.gov.au
Indigenous Business Australia (IBA) and National Australia Bank (NAB) have signed a Memorandum of Understanding (MoU) to collaborate on the design and development of an Indigenous Business Guarantee.
The guarantee will enable IBA and NAB to support more Indigenous business customers to access capital through access to NAB’s specialist bankers and commercial lending solutions.
The MoU also outlines how IBA and NAB will work together to provide Indigenous businesses with access to mainstream banking services and improve financial education and training for Indigenous business owners.
Noel Prakash, NAB Executive, Indigenous Business Banking, believes NAB’s business banking strength can support First Nations business growth.
“Businesses play an integral role in strengthening First Nations leadership and creating opportunities for communities to succeed. First Nations businesses are leading the charge by driving self-determination, and rapidly improving financial capability and inclusion.
“Working with First Nations people, we want to strengthen financial resilience, increase business and employment opportunities, and remove the barriers that have traditionally made it hard for First Nations customers and businesses to access financial services.
“NAB has set a new target to more than double our lending to First Nations businesses and community organisations to at least $1 billion over the next three years.”
IBA’s CEO Kirsty Moore leads the Commonwealth entity with a vision for a nation in which Aboriginal and Torres Strait Islander people are economically independent and an integral part of the economy.
“IBA exists to enhance and support the economic development opportunities of Aboriginal and Torres Strait Islander people across Australia. This collaboration with NAB serves to broaden IBA’s impact within the business sector.
“The growth of the First Nations business sector is incredibly exciting. With over 65,000 years of existence, they bring a wealth of knowledge and innovation as our original entrepreneurs.
“Aligned with the recent 2023 Indigenous Business Month theme, ‘To Gather, Together’, the collaboration with NAB works to bring resources together that benefit our First Nations businesses and we look forward to seeing this sector grow.”
IBA media contact: Tara Toohill 02 9207 6362 or tara.toohill@iba.gov.au
NAB media contact: NAB media team (03) 7025 5015 or nab.media@nab.com.au
Image includes: Faysal Fassi, Executive Director, Products & Services, IBA (front left); Andrew Irvine, Group Executive, Business & Private Banking, NAB (front right); Sean Armistead, Executive Director, People & External Relations, IBA (back left); and Noel Prakash, Executive, Indigenous Business Banking, NAB (back right). Image by Indigenous creative agency, Little Rocket.
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 NAB: National Australia Bank (NAB) is a financial services institution. We’re here to serve customers well and help our communities prosper. Today, we have more than 34,000 people serving eight million customers at more than 900 locations. As Australia’s largest business bank, our business experts work with small, medium and large businesses to help them grow. National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686
Indigenous Business Australia (IBA) and Northern Territory Indigenous Business Network (NTIBN) signed a Memorandum of Understanding (MoU) to collaborate and support Aboriginal and Torres Strait Islander businesses in the Northern Territory to achieve their economic goals and growth.
The MoU formalises the relationship between the two entities with key objectives including to enable Indigenous businesses in the NT to achieve their goals and aspirations, as well as providing access to capital and services.
The collaboration was made after the successful Aboriginal Economic Development Forum on Larrakia Country (Darwin). IBA supported this year’s forum through a Gold Sponsorship and co-hosted a Strong Women Strong Business breakfast.
NTIBN CEO Jerome Cubillo leads the peak body representing and advocating for Indigenous businesses in the Northern Territory.
“We are excited to partner with IBA. This announcement presents an opportunity to elevate the economic participation and social prosperity of Indigenous Territorians by encouraging, supporting, empowering, and building the capacity of our vibrant Indigenous business sector,” said Jerome.
“This partnership will enhance our ability to provide direct access to financial support that is largely unavailable in the mainstream banking and financial services sector.”
IBA CEO Kirsty Moore was on Larrakia Country this week meeting with NTIBN to discuss the importance of investing in the Northern Territory.
“IBA has been working with Northern Territory businesses and communities since we were established. This collaboration with NTIBN expands upon the strength of their established network and our broad ranges of services to further empower Aboriginal and Torres Strait Islander business growth in the area,” said Kirsty.
“Creating impact is about forming the right relationships and working with partners that know their communities and NTIBN is one of those partners. We look forward to further developing opportunities with them for Northern Territory businesses.”
[Interviews and images available upon request.]
Media contact: Tara Toohill 0427 011 938 or tara.toohill@iba.gov.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, the Hon Linda Burney MP.
About NTIBN
The NTIBN has been operating in the Northern Territory for over ten years as a consortium and peak body representing Northern Territory based Indigenous businesses. The NTIBN are a business growth and advocacy services provider, creating opportunity between businesses, strengthening business sector capacity, and representing on issues affecting First Nations businesses in the Northern Territory. The NTIBN is 100% Indigenous owned and its mission is to increase the economic participation and social prosperity of Indigenous Australians by encouraging, supporting, empowering, and building the capacity of Indigenous businesses.
Media release by the Northern Territory Government announces the launch of the NT Aboriginal Tourism Accelerator program. Content reproduced in full below with application links available until the closing date on 1 December 2023.
The Territory Labor Government has announced a new partnership with Indigenous Business Australia (IBA) to bolster the Northern Territory’s Aboriginal tourism experiences.
The NT Aboriginal Tourism Accelerator program is a specialist business program delivered by IBA to support Aboriginal entrepreneurs create and grow strong and sustainable tourism businesses.
Announced today at the second annual Northern Territory Aboriginal Tourism Forum held in Alice Springs, the NT Aboriginal Tourism Accelerator program is open to Aboriginal Territorians and NT based Aboriginal businesses and organisations (greater than 50% Aboriginal owned).
Participants will undertake formal training, learn practical skills and have access to advisors, coaches and networks.
Applications open today and close 1 December with the program commencing in 2024. To find out more and apply head to iba.gov.au/ntaccelerator
More than 100 participants attended today’s NT Aboriginal Tourism forum in Alice Springs, which celebrates the NT’s Aboriginal tourism sector and provides an opportunity to share knowledge and experiences as well as network with other Aboriginal entrepreneurs, industry and government.
Quotes from Minister for Tourism and Hospitality Joel Bowden:
“The NT Aboriginal Tourism Accelerator Program is another example of the Territory Labor Government’s commitment to the growth and development of the Aboriginal tourism industry and building an Aboriginal workforce.
“The Northern Territory is a premier destination for authentic Aboriginal tourism experiences, visitors to the NT have an unparalleled opportunity to immerse themselves in authentic stories, artworks and history spanning more than 60,000 years.
“We’re thrilled to partner with Indigenous Business Australia who have an excellent track record in delivering successful accelerator programs and supporting Aboriginal business development, and look forward to seeing new and innovative business ideas come from the program.”
Quotes from Arrernte woman Stella de Cos, Director, Community & Customer Experience, Indigenous Business Australia (IBA):
“The NT Aboriginal Tourism Accelerator Program is more than just a program; it’s about empowering our First Nations entrepreneurs, fostering innovation, and preserving our deep cultural heritage that is infused in the land, sea and sky of this country.”
“Expanding the opportunities for our Aboriginal businesses to share culture and country with the rest of the world is ultimately a success for everyone involved.”
“Our people are the original and ongoing custodians of this land, and the deep understanding and knowledge they have is what makes these opportunities so important.”
Find out more about the NT Aboriginal Tourism Accelerator program and apply by 1 December 2023.
