The launch of two new strategic partnerships – Australian Unity Bank and Bank Australia – supports Aboriginal and Torres Strait Islander people in their financial success.
The partnership demonstrates an important collaboration with segments of the corporate sector committed to the economic independence of Indigenous Australians.
Australian Unity Bank and Bank Australia will deliver a diverse range of products and services to IBA customers that facilitate financial success and economic independence in a relevant and culturally sensitive way.
Christine Yates, Chief Executive Officer of Retail, Australian Unity, said the partnership reaffirmed Australian Unity’s commitment to building strong and respectful relationships with Indigenous Australia.
“I am proud that Australian Unity Bank has entered into a partnership with IBA to support members of the Indigenous community own a home and support economic empowerment.”
“We know that Aboriginal and Torres Strait Islander people remain overrepresented among financially vulnerable Australians, and that home ownership can lead to significantly improved socio-economic outcomes,” Ms Yates said.
Damien Walsh, Bank Australia Managing Director said that partnering with IBA to provide values-aligned access to finance for Aboriginal and Torres Strait Islander people is an important step in helping to build a fairer and more inclusive society.
“Working with IBA will help us to better meet the needs of First Nations people on their home ownership journeys, and we hope to continue to learn from IBA to improve our ability to support First Nations people in building their financial independence.”
IBA provided their 20,000th home loan to the Indigenous community in 2020. This bank panel arrangement builds on IBA’s ongoing commitment to Indigenous prosperity, reconciliation and genuine relationships with Aboriginal and Torres Strait Islander people, their communities and Indigenous businesses.
Peter O’Neill, Acting Chief Executive Officer of IBA, said the partnerships with Australian Unity Bank and Bank Australia would support new and existing customers take ownership of their home and their future.
“We’re always working hard to ensure the best for our customers, and after months of discussion we are delighted to partner with two banks that align with our values to provide new lending options,” Mr O’Neill said.
“These strategic partnerships demonstrate an important collaboration with segments of the corporate sector committed to the economic independence of Indigenous Australians.”
The dedicated teams at both banks have undertaken formal cultural understanding training to ensure a smooth transition for IBA customers and provide them with the guidance and service quality they are accustomed to through their existing relationship.
IBA media contact: Tara Toohill 0427 011 938 or tara.toohill@iba.gov.au
Australian Unity media contact: Ellen Donald, Six O’Clock Advisory, 0400 359 597, www.australianunity.com.au
Bank Australia media contact: Cheyne McKee, 03 9854 4899, www.bankaust.com.au
Over $10 million worth of upgrades to the Katherine Government Centre will deliver improved services, provide better access to clinics for the Katherine community, and create around 200 local jobs.
Katherine Government Centre is the hub for government services in the Big Rivers Region and the $10+ million refurbishment program will provide a new, more integrated service counter for the public, improved access to clinics, dedicated and separate entrances for clients to access more confidential and private services.
The centre is leased by the Northern Territory Government and the building owner is undertaking an extensive refurbishment and refit of the building from 1 March 2021 in return for a new 15-year lease.
The extensive works include a new service counter to be used by MVR, Housing and the Territory Business Centre, new facilities for Mental Health services, centralisation of Territory Families, Housing and Communities services, improved client engagement and office spaces for all eight agencies working in the centre and new conference and meeting facilities.
Katherine Government Centre forms part of the Indigenous Real Estate Investment Trust (I-REIT), a property investment fund whose investors comprise Indigenous Business Australia and 25 Indigenous investor groups.
Following a competitive tender, IBA Asset Management selected local Aboriginal construction company, On Country Construction, to undertake the estimated $10+ million refurbishment program.
Works start in March 2021 and are scheduled to be completed mid-2022. Works will be undertaken in stages to help minimise any disruption to services and inconvenience to the public.
During the refurbishment, Katherine MVR is temporarily relocating to 14 Katherine Terrace for approximately six months, and some health facilities will operate from Gorge Health Clinic on Second Street for around 12 months.
During construction, Community Corrections will relocate to the Randazzo Centre on Katherine Terrace, and the Territory Business Centre, NT Work Safe, Licencing, Director of Public Prosecutions and Police Prosecutions, currently in the Randazzo Centre, will relocate to the Katherine Government Centre.
All other services will continue to be delivered from the Katherine Government Centre during refurbishment but may be temporarily located in a different part of the building.
Signage will be provided to help guide and direct the public during the refurbishment program to minimise disruption and inconvenience.
The Minister for Corporate and Digital Development, Paul Kirby, said “Delivering quality government services to Katherine residents is our priority and these significant building upgrades will enhance our ability to better service the public.
“Katherine Government Centre is the hub for Katherine residents when dealing with government and these refurbishments will not only enhance the amenities for staff but improve service delivery and accessibility to medical clinics for residents.
“The refurbishment program will provide a contemporary workplace, significantly improving the way agencies operate and deliver services.
“The works will be staged to minimise any inconvenience to Katherine residents or disruption to service delivery.
“It’s great to see such a strong commitment and significant private investment into the town from Aboriginal investors into Indigenous owned and run businesses.”
Sean Armistead, Executive Director, Government & Public Relations, IBA, said, “IBA promotes self-management and economic independence through our investment work. Which means we want the best for Aboriginal and Torres Strait Islander organisations and businesses getting involved in commercial enterprises and investment opportunities.
“Whenever we can work with Indigenous businesses to deliver a project on a scale like this refurbishment, it’s a win for everyone – the local community, businesses, and stakeholders in the tenancy that will enjoy the update.
“The $10+ million refurbishment program will be completed using local trades, contractors and suppliers. On Country Construction is a joint venture between Ironbark Aboriginal Corporation and local construction company Jaytex Constructions.
“The upgraded facilities will lock in a lease agreement with the Northern Territory Government for 15 years which gives returns to the I-REIT and all its co-investors.”
Contact:
Tara Toohill, IBA, 0427 011 938
Lisa Sennett, NT Government, 0476 831 259
In partnership with Dr Kevin Dolman (Eastern Arrernte) and Professor Sheree Cairney from the Interplay Project, IBA undertook an inaugural impact research project throughout 2020. The findings are now being released.
Over 1,200 customers participated in this ground-breaking research which is already playing a significant role in helping IBA understand how the social, economic and cultural well-being of Aboriginal and Torres Strait Islander people is impacted by IBA’s products and services.
The research assesses short, medium- and long-term impacts and aligns with the United Nations Declaration on the Rights of Indigenous Peoples and the Sustainable Development Goals to progress Australia’s commitment towards economic empowerment of Indigenous people.
Led by an Indigenous evaluation expert, Dr Dolman, the Impact Report presents eight months of research, survey responses from over 1,200 customers and 15 hours of in-depth interviews. Partnering with the Interplay Project enhanced IBA’s ability to assess the evidence and data in a way that could assist in driving systemic change towards greater equity with customers.
Across all IBA divisions (Home Ownership, Business Solutions and Investment & Asset Management), the report concludes that IBA is generating positive impacts in relation to empowerment, financial resilience and wellbeing.
While the report found that customers experience positive impacts from the very beginning of their relationship with IBA, it was concluded that the further you are in your customer journey with IBA, the stronger the economic empowerment will be.
Overwhelmingly this report concludes there is a strong correlation between IBA Support (support, care and strong relationships) and positive impacts for customers. When customers feel understood and supported by IBA staff, they experience significantly increased levels of empowerment, resilience and wellbeing.
The external evaluators have made 15 recommendations to IBA in areas that will directly correlate to stronger results demonstrating positive improvements in the customer’s social, economic and cultural wellbeing. IBA is committed to implementing actions against each of these recommendations throughout 2021.
IBA Executive Director, Government & Public Relations, Sean Armistead, explains the Impact Framework and report were years in the making and was the first step in a long journey towards ensuring that products and services delivered by IBA are creating a positive impact across a customer’s life.
“We are attempting to flip the norm of reporting that has traditionally focused on outputs rather than impact.”
“The survey was about our customers, not the numbers. It represents everything they’ve told us.”
“IBA has been on a journey to understand the economic, cultural and social impacts our customers experience as a result of engaging with our products and services. This report is the culmination of that work that started with the Board approving the development of an Impact Framework in 2018.
“This report is only possible because of the generosity of over 1,200 of our customers and we are deeply grateful for their valuable contributions.”
“Providing 20,000 home loans to Aboriginal and Torres Strait Islander people over the life of our program is one thing but knowing they feel more financially accepted or have created intergenerational wealth for their families is our ultimate goal.”
“The correlation between support and positive impacts is clear. Our findings only accentuated what we already knew but it also emphasised we were working in the right direction. We want to expand this awareness and incorporate it into everything we do.”
Dr Kevin Dolman was the lead evaluator on the project, which included managing the research collaboration and ensuring compliance with cultural and evaluation ethics, as well as guiding the survey design, data analysis and reporting.
“By maintaining and increasing a strong focus on customer relationships, IBA will generate even greater positive impacts towards its statutory purpose of self-management and self-sufficiency for Aboriginal and Torres Strait Islander people.”
The Hon Ken Wyatt, Minister for Indigenous Australians, supports the research and its findings.
“This in-depth study demonstrates the impacts that can be made with investment in Indigenous people. Economic empowerment is crucial in efforts to reduce disadvantage, and this work shows the opportunities that are present to drive this progress.”
IBA will continue to track impact on an annual basis for years to come. The report was launched at an online event on 8 February 2021 with Minister Wyatt, Dr Dolman, Prof Cairney, and IBA Board Director Rosemary Addis.
Interviews available on request. A video recording of the launch event will be available soon. Link to the IBA Impact Report.
Media contact: Tara Toohill 0427 011 938 or tara.toohill@iba.gov.au
Indigenous Business Australia (IBA) partners with First Nations Foundation to deliver on their joint objective for the financial prosperity of Aboriginal and Torres Strait Islander people.
First Nations Foundation is a not-for-profit group established in 2006 with a majority Indigenous board. Their key areas of activity include financial education, superannuation outreach, and research into the financial position of Indigenous Australians.
IBA will work in partnership with the foundation to improve retirement outcomes and educate Aboriginal and Torres Strait Islander communities to navigate the superannuation system and improve their financial well-being, combatting the lowest rates of financial literary in the nation (HILDA 2018).
IBA will support two of the foundation’s major activities over the next two financial years – an Indigenous financial well-being website (to be launched this year) and their keystone event, Big Super Day Out, a superannuation outreach program for Indigenous communities.
IBA CEO Rajiv Viswanathan noted that a portion of the annual returns from IBA’s investment in the Indigenous Real Estate Investment Trust (I-REIT) are able to be used to promote Indigenous economic impact and the foundation’s work with financial literacy aligns with that intent.
‘Providing access to education and insight to the superannuation system can create long term effects for Aboriginal and Torres Strait Islander people that may not otherwise know how to navigate the benefits they are entitled.
‘The Big Super Day Out has a track record of reuniting Indigenous people with a significant amount of lost and unclaimed super – $24 million for more than 1600 people.
‘With an Indigenous majority board since 2006, First Nations Foundation has a remit to build financial education and IBA is proud to support the work they do.’
Media contact: Tara Toohill, 0427 011 938 or tara.toohill@iba.gov.au
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
