Indigenous Business Australia (IBA) will receive $150 million in funding from the Federal Government over 2 years to stimulate construction and employment opportunities in regional locations. This equity injection will provide funding to support more Aboriginal and Torres Strait Islander people obtain a home loan to build their own home.
The additional funding will be committed over the next 2 years as part of IBA’s Indigenous Home Ownership Program and will enable people to access home ownership sooner.
IBA’s home ownership program is one of the longest standing programs successfully supporting economic self-management and self-sufficiency for Aboriginal and Torres Strait Islander people.
Over the life of the program, close to 20,000 Aboriginal and Torres Strait Islander people have been able to achieve their goal of owning a home, often becoming the first person in their family history to do so. In the past five years alone, IBA has provided more than $1 billion in home loans to a record number of applicants.
IBA CEO, Rajiv Viswanathan, noted that the organisation is constantly looking for ways to innovate, and expand funding wherever possible.
‘Demand for IBA’s home loan offering continues to grow at unprecedented rates, and we are committed to investigating as many ways as possible to grow available funds to assist more people to get into home ownership, building on the tremendous success of the Indigenous Home Ownership Program.
‘Home ownership is a key pillar on the journey to economic independence, providing not only stable housing, but also an anchor from which to build an asset base for current and future generations, and equity for other investment and business opportunities.
‘The ability for Aboriginal and Torres Strait Islander individuals and families to construct their own home will not only fulfil their dreams of home ownership but stimulate the economy at a time when we need it most.’
Jemma and Alan moved into their newly built home in January 2020. They know firsthand what it has meant to be build their dream as a homeowner. Alan, a Whadjuk Noongar man, said it was the worth the wait to get into a home that was new and all their own.
‘We wanted this for so long. It’s just so good. We can relax now,’ said Alan. ‘What we’re paying in mortgage now is what we were paying for rent so instead of paying someone else’s mortgage, we’re paying our own.
‘Budgeting is a major thing and doing your research. Find out the information before you say you can’t do it. Go talk to IBA and find out.
‘We enjoyed coming each weekend through the build and seeing each stage.’
Alan and Jemma used COVID isolation as a time to fix up their garden and things around the house. ‘This is ours. It’s perfect – it’s exactly how we wanted it.’
Minister for Indigenous Australians Ken Wyatt AM MP met with the homeowners at their new place to discuss what constructing their own home meant to them.
‘We discussed the benefits of owning your own home, including long-term wealth creation, financial security and independence,’ said the Minister.
The equity injection forms part of Australia’s overall economic stimulus package to get all Australians back on their feet and ensure Aboriginal and Torres Strait Islander people are an integral part of that recovery.
IBA Chairperson and Dagoman man Eddie Fry emphasised the importance of this opportunity for both the Australian economy and the Indigenous community.
‘We know that secure and stable housing plays a huge role in being able to build a happy and prosperous life, but it is much more than that – there are also substantial economic benefits to all of Australia.’
Interviews and pictures available upon request.
Media contact: Tara Toohill: 0427 011 938 or tara.toohill@iba.gov.au
Territory
Indigenous Business Australia (IBA) provided the funding to construct two state-of-the-art commercial satellite ground stations in Alice Springs. The facility is the first development of its kind on Aboriginal owned land and transforms Australia’s capability in earth observation.
Built, project-managed and owned by Indigenous companies – the Centre for Appropriate Technology (CfAT) and its subsidiaries Ekistica Ltd and CfAT Satellite Enterprises, as well as Ingerreke Commercial who laid the concrete foundations in December. The facility forms part of a global network of ground stations operated by Viasat Inc called Real Time Earth.
This new infrastructure has the potential to reduce the latency for high resolution earth observation imagery down from hours or days, to just minutes. The result will be to enhance Australia’s capability in disaster management (such as cyclones and bushfires), environmental monitoring, border protection and search and rescue, as well as strategic uses such as monitoring the economic impacts of pandemics like COVID-19 from space.
CfAT CEO Peter Renehan said, ‘This facility brings together our mission of engagement and people, innovation and excellence – and puts Aboriginal people at the forefront of Australia’s growing space sector.
‘While many have been locked down from COVID-19, our build has been full speed ahead with an Aboriginal-owned project management team and support crew that assembled the antennas.
‘There is currently limited supply of suitable earth observation ground stations in Australia. Here in Alice Springs we are strategically located to take advantage of this fast-growing market. The site is so perfectly located that we will be able to downlink imagery across the whole of Australia’s land and waters.
‘We are very excited about the future of this technology which we know has the potential to benefit many of our communities, like our Indigenous rangers who look after land and sea country and can use high resolution imagery from space to do their jobs.
‘CfAT have also been awarded the facilities maintenance contract by Viasat, which will generate on-going Indigenous employment and training opportunities for our community.’
IBA Chairperson Eddie Fry emphasised the importance of this opportunity for both the Australian space industry and the Indigenous community.
‘Aboriginal and Torres Strait Islander people own or control significant areas of land in remote areas where there is limited economic potential. This first of its kind development on Aboriginal land gives the community both economic and social returns.
‘The technology has many commercial applications, such as for remote asset management, agriculture, carbon abatement, insurance, finance, and mining.
‘Strongly aligned with the priorities for the Australian Space Agency, this investment puts CfAT on the map as a commercial technology innovation hub.
‘This is just the beginning and we can see a bright future for CfAT who are well-positioned to become one of Australia’s leading participants in the satellite and space industry.
‘Not only will this facility generate commercial returns for Indigenous Australians, it will create wider industry opportunities for the Northern Territory. CfAT will invest in training Aboriginal people in maintaining the facility and build its capacity for bringing innovative technology-based programs to Aboriginal people in the region.’
Minister for Indigenous Australians Ken Wyatt AM MP said the launch of this project demonstrates how Aboriginal and Torres Strait Islander people could continue leading roles in our nation’s innovation, as they have done for more than 60,000 years.
‘Indigenous Australians hold a powerful economic force through their connections with land, culture and community,” Minister Wyatt said.
‘This exciting project is a prime example of the power of country to help deliver commercial returns through technology, employment and career opportunities.’
Interviews and pictures 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 Ken Wyatt AM MP.
About CfAT Ltd
CfAT is an Aboriginal company, with 50% Aboriginal workforce, established in the 1980’s, that operates across regional and remote Australia delivering infrastructure and technology solutions mostly to Aboriginal and Torres Strait Islander communities, providing service and infrastructure platforms that allow people to maintain their relationship with country. The company’s approach is driven by the view that the successful delivery of services and the technologies and infrastructure used to achieve them will be different to the way things are done in urban Australia. This has shaped our success and led to the development of highly innovative new technologies.
About Viasat
Viasat is a global communications company that believes everyone and everything in the world can be connected. For more than 30 years, Viasat has helped shape how consumers, businesses, governments and militaries around the world communicate. Today, the Company is developing the ultimate global communications network to power high-quality, secure, affordable, fast connections to impact people's lives anywhere they are—on the ground, in the air or at sea.
Edit: Applications for the Business Relief Package closed on 30 June 2022.
Indigenous businesses are significant employers of Aboriginal and Torres Strait Islander people and generate broader social and economic benefits for their communities. The economic impact of COVID-19 is seeing many of these businesses face significant challenges.
Indigenous Business Australia (IBA) and the National Indigenous Australians Agency (NIAA) have developed a new support package for Indigenous businesses who have been impacted by the crisis, including non-IBA customers. The package includes:
Up to $50 million in assistance is being provided through these initiatives.
These measures follow earlier relief announced by IBA for its customers. This includes a waiver of interest and deferral of loan repayments for business loan and equipment leasing customers impacted by the current COVID-19 crisis for an initial 4-month period, a reduction in our interest rates for all IBA home loan customers for an initial period of 6 months, as well as deferral of repayments for home loan customers in hardship.
IBA CEO Rajiv Viswanathan said, “We know that many Indigenous businesses will be facing uncertainty and economic hardship now and in the coming months. In this rapidly changing environment, access to a support package like this will help Indigenous businesses to navigate the crisis, and to build resilience for the future.”
Minister for Indigenous Australians, the Hon Ken Wyatt AM MP, noted, “IBA is working closely with the National Indigenous Australians Agency, other Government agencies and sector participants to ensure we have a coordinated approach to assisting Indigenous Australians, families, communities and businesses.
“Indigenous businesses are significant employers of Indigenous Australians across Australia, including in regional and remote areas. By supporting them to get through these tough times, we can help them to keep generating positive economic and social benefits for their communities.”
For more information on support available by IBA during the COVID-19 crisis, please visit iba.gov.au/indigenous-business-australia-covid19-support/
Media contact: Tara Toohill 0427 011 938 or tara.toohill@iba.gov.au
Indigenous Business Australia (IBA) has announced details for the highly anticipated 2020 Strong Women Strong Business conference.
Following on from the immensely successful 2018 conference held in Adelaide, IBA is expanding this year’s conference to include an additional 150 women, taking the total conference attendance up to 350 which will make it the largest gathering of Aboriginal and Torres Strait Islander businesswomen in Australia’s history.
A Yamatji and Nyoongar woman and an IBA Board Director, Shirley McPherson, said that the Strong Women Strong Business network had gone from strength to strength since the first conference, showcasing the determination, ingenuity and innovation of the Indigenous business sector.
“The success of Strong Women Strong Business is due to the strength of the collective network. We have always been committed to partnering with as many Aboriginal and Torres Strait Islander businesswomen as possible to ensure that as the network grows it will always remain deeply rooted to its original intent – a place for Indigenous business women to share, grow and support one another’s businesses.”
“We are very proud of our partnerships with strong women business leaders that help guide the Strong Women Strong Business network and are critical in making the 2020 conference a reality,” said Ms McPherson.
The key pillars of the three-day conference will be capability and capacity building with a focus on innovation, technology, business financial literacy, trade and markets.
Arrernte woman and IBA’s Business Solutions Director, Stella de Cos, said the themes of this year’s conference had been led by the Strong Women Strong Business network and partners.
“Everything we do with Strong Women Strong Business is led by the network and our partners. We read every post and listen intently to the themes our women are discussing and have made sure that the conference program reflects these discussions.”
Applications for the 2020 conference open on 30 January, with limited spaces available. With nearly 1,800 women in the Strong Women Strong Business network alone, IBA is expecting a large volume of applications.
“We received more than 500 applications in just one week to attend the 2018 conference and we are expecting even more women to apply this time around,” said Ms de Cos.
“The Indigenous business sector is one of the fastest growing business sectors in Australia, and our women are a huge part of that growth. Over the past two years we have seen a 93 per cent increase in the number of business loans we are approving for Indigenous women and it is not slowing down. We want to ensure we’re doing everything we can to support this incredible business boom.”
The Strong Women Strong Business 2020 conference is funded by IBA, with successful applicants receiving travel and accommodation to Darwin.
Applications for Strong Women Strong Business open 30 January and close 14 February 2020. More information can be found at strongwomenstrongbusiness.com.au or apply now.
Media contact: Tara Toohill, 02 9207 6362 or tara.toohill@iba.gov.au
The inaugural Futures Forum kicks off this week to drive the future direction for young Aboriginal and Torres Strait Islander people in Australia.
Amidst a smoking ceremony at the Murrook Cultural Centre at the Worimi Aboriginal Land Council outside of Newcastle NSW, a select group of over 50 young Indigenous people from across the country was welcomed on Worimi Country.
The initiative was made possible by Indigenous Business Australia (IBA), in collaboration with key organisations including Relative Creative, Indigenous Marathon Foundation, Melbourne Business School and Murra Indigenous Business Masterclass, NITV, Blaklash Projects, Gulanga and Lenovo.
Futures Forum brings together Indigenous people aged between 18 to 30 that have experience in owning and operating a business and/or contributing to the development of the Indigenous economy.
According to recent data, the average age of Aboriginal and Torres Strait Islander people in Australia is 23, in comparison to non-Indigenous population where the average is 35. Futures Forum presents an opportunity to engage and connect with a large collective group of young Indigenous people from across the country and invest in effective succession planning for the future.
Jyi Lawton is a Bidjara man and Senior Manager, Industry Engagement, IBA. A young entrepreneur himself, he now works at IBA to foster an agenda that inspires the Indigenous community, especially our young people through Futures Forum.
‘The Futures Forum is future thinking, design led and a conversation that needs to happen. It’s about starting the conversation on what the future of business looks like.
‘With the landscape of automatisation shaping the future of business, we have to be adaptive and on the cutting edge of this future. It’s no different than what we’ve done as a mob over all our history.
‘We’ll be looking at what Aboriginal and Torres Strait Islander culture looks like in the future and how that connects with business, particularly the intersect between cultural knowledge, the business sector and shaping the future.
‘We’re creating a culturally safe place for young Indigenous people to come together and talk. There is something special that happens when you bring mob together – there’s a passion in that magic. The hope is that we come out of this with a way forward where Indigenous people have more of a seat at the table.’
Futures Forum will be facilitated by content experts and bring together national and international experts specialising in Indigenous culture, business, economics and innovation. Speakers include Bruce Pascoe (Bunurong man and author of Dark Emu), Tristan Schultz (Kamilaroi man and founder of Relative Creative), Terri Janke (Wuthathi/Meriam woman and Solicitor Director at Terri Janke and Company), and Geoff Martin (PhD in Strategy).
The participants will design and develop an ‘Indigenous Business Model’ – a first of its kind that is considerate of commercial realities and cultural obligations that they can then take back and share with their communities.
The Futures Forum will create a network of young people who will be self-governed and self-sustainable in the long term and leading economic development in their communities.
Media contact: Tara Toohill 02 9207 6362 or tara.toohill@iba.gov.au
When Gnaala Karla Booja man Rodney Rankins talks about home ownership, his eyes light up with pride. He became the 19,000th home loan that Indigenous Business Australia (IBA) approved for Aboriginal and Torres Strait Islander people since its inception.
Mr Rankins is constructing his home in a new housing development in the Perth suburbs of Western Australia.
‘I never thought I’d be able to own my own home,’ said Mr Rankins. ‘I thought it was going to be much harder, but there’s people to talk to and IBA helped me through the process.
‘There’s a lot to find out and paperwork involved with building a house. IBA pretty much knows everything about it.
IBA’s home ownership program is one of the longest standing programs successfully supporting economic self-management and self-sufficiency for Aboriginal and Torres Strait Islander people.
A recent Deloitte Access Economics study surveyed over 1000 people who had been through the IBA home loan program and found that nine out ten reported improved living conditions, self-esteem and overall happiness.
The study also found that since inception, the Indigenous Home Ownership Program has generated $895 million in social and economic benefit for homeowners, $483 million in economic activity through construction and over 1200 full time equivalent jobs.
For Mr Rankins, home ownership was always a dream and he encourages others to put the work in to finding your goals.
‘I’ve not felt like that in a long time. I was overwhelmed with happiness. It was awesome!
‘Never stop believing, never stop dreaming…Why reach for the clouds when you can reach for the stars.’
CEO Rajiv Viswanathan says we’re well on our way to our goal of supporting 70,000 Aboriginal and Torres Strait Islander people and their families to live in homes they own by 2023.
‘Demand for home loans continues to grow year on year, with current applications at record levels across the country. We’ve seen Western Australia significantly increase in the past three years.
‘Home ownership is a key pillar on the journey to economic independence, providing not only stable housing, but also an anchor from which to build an asset base for current and future generations, and equity for other investment and business opportunities.
‘With over 97 per cent of our loan approvals in WA for first home buyers, we understand this is a new process for them and we want to support them in their success.
‘The home ownership journey is about planning for the future and IBA offers info sessions on our home loan process as well as our recently launched budgeting workshops that provide tools to Indigenous Australians to support them on their path so they are ready for home ownership.
Interview with Rajiv Viswanathan and/or Rodney Rankins available on request. Photos also available on request.
Media contact: Tara Toohill 02 9207 6362 or media@iba.gov.au
IBA provided more home loans in the past financial year than ever before. The journey to home ownership isn’t easy, it takes planning, budgeting, forward thinking and commitment.
IBA has created a budgeting workshop to support Aboriginal and Torres Strait Islander people and their families to better understand the financial responsibilities of buying a home and taking control of their money. IBA’s budgeting workshops are for those interested in applying for their first home loan, but also for existing customers who are interested in learning how to be smarter about their money.
A recent Deloitte Access Economics study surveyed over 1000 people who had been through the IBA home loan program and found that nine out of ten reported improved living conditions, self-esteem and overall happiness.
Participants attending the budgeting workshop will cover topics like understanding the customer’s money story (beliefs, attitudes and values regarding money), developing a money plan, setting goals, preparing for the costs of home ownership, and providing resources for further advice.
Deputy CEO Wally Tallis says, ‘IBA goes further than providing money and works hard to ensure our customers are equipped with the skills and processes of owning a home in order to give them the best chance to succeed. One of the barriers customers identify is financial literacy and budgeting.
‘IBA now provides the opportunity for these customers to attend a budgeting workshop to put the tools in place to be better positioned to manage the costs of owning a home.
‘The lack of intergenerational wealth is a big barrier to home ownership for many of our mob. If we can get people into their first home and keep them there with the right budgeting behaviours, then it sets them up on a positive path for their future.
‘We know that home ownership can provide social and economic benefits through the security of stable housing. We want to provide people with the tools to assist them to be financially ready before committing to home ownership.’
Carmen Cubillo is a Larrakia and Wadjigan woman living in Darwin, Northern Territory. Her story to home ownership is three times the charm. Carmen’s first attempt at home ownership was when she was quite young and IBA agreed to provide her a loan, but she decided it wasn’t the right time for her. Then when she tried again six years ago, she was unsuccessful due to barriers in her financial situation.
In October 2018, Carmen was on her third attempt to get a home loan. While waiting for an invitation to apply, Carmen took the opportunity to attend one of IBA’s new budgeting workshops. When attending the workshop Carmen thought she knew all she needed after successfully getting herself out of debt.
‘I walked in pretty confident. And walked out with a list of things to help me. I learned all this stuff that really helps me now.
Carmen says that it’s important to understand the financial responsibilities of owning your home before putting in an application.
‘They gave us the real deal – what it actually costs when you have a house. Plan for this, plan for that and don’t leave this to the last minute…The workshop was just really valuable in saying that these are the day to day costs of having your house.
‘Don’t get all romanticised about getting the loan. The loan is not the issue. It is the everyday costs after getting a loan.
‘You don’t think about it when you’re younger, you just kinda think that you’ll earn money and it will be fine. But it’s not going to be. Whatever you do now with money, affects you for the rest of your life.
‘You can see budgets any way you like. But the reality is if you don’t have enough money you need to reorganise things so you do.
‘I moved around a lot when I was little so I always dreamt of having a home…I had all these goals and one of them was home ownership. I learned not to ever give up on your dreams.’
In January 2019, Carmen and her 8-year old daughter moved into their first home. Now Carmen and her daughter are living in their own home with a pool. She still follows a strict budget and knows that every cent needs to be accounted.
‘It’s the best thing that ever happened.
‘We had our first swim together and she wrapped her arms around me and said, “we did it Mum, we did it, you and me, this was our dream and we did it together.”
‘It just means the world to us just to have our little patch of land. It’s not the flashest house, but it’s ours.
‘It’s a really emotional journey…but I put the effort in to having a good relationship to money.’
About IBA’s home ownership offering: IBA assists Indigenous Australians into home ownership by providing home loans and support to get ready for home ownership. By owning their own home, Indigenous families and home owners can obtain a secure, safe place to live and build intergenerational wealth.
Media contact: Tara Toohill 02 9207 6362 or tara.toohill@iba.gov.au
