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
October is Indigenous Business Month and IBA will host a virtual forum to discuss how businesses are coping during these times.
Our CEO Rajiv Viswanathan will moderate a panel discussion with:
Join us for the forum, ‘Keeping Our Sector Strong – A discussion of the Indigenous business sector in times of economic change’ on Monday 12 Oct from noon to 1pm AEDT.
Places are limited so please register to attend. Once registered, a link to access the forum will be sent ahead of the session.
IBA’s Performance Bond Trust has assisted 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.
One of those contractors was Hicks Civil & Mining Pty Ltd - a 100% owned Aboriginal business providing civil construction services and equipment hire throughout the Pilbara region in WA. Through the IBA Performance Bond Trust, they were able to successfully tender to the Koodaideri iron ore mine and have delivered earthwork and drainage works for the project to date.
Hicks Civil and Mining Director, Caitlin Hicks Forshaw says, “We are now focusing on finishing off this project strong and leaving a reputation that will be put down in the history books for Aboriginal Contractors and be the example of showing that Aboriginal Contractors have the capacity to deliver such projects.”
“While we have both our onsite and offsite management teams – it’s the people and organisations that surround us that have also assisted in this project. IBA have been a massive contribution to our business and I have to thank them immensely.”
Through their hard work and success, Hicks Civil & Mining have been able to give back to their community supporting initiatives such as funding school pick-ups and sponsoring local events.
Since inception in 2018 the IBA Performance Bond Trust has now supported over 170 bonds worth $12 million, supporting contracts valued at nearly $202 million. Bonds totaling $167,600 have been returned due to successful completion of projects, many of which have been in regional and remote locations.
Find out more about our Performance Bonds.
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
In partnership with The Guardian Labs, IBA developed a series of articles on the impacts of home ownership on Aboriginal and Torres Strait Islander people. The last of the series featured two strong Indigenous women and how their families have blossomed through their experiences.
Kylie and Naomi share their stories from budgeting to education to how their kids now see home ownership as an achievable dream.
Read more at The Guardian Labs - IBA: Building Communities.
The second in a series of content developed with The Guardian Labs, the latest article shows the ripple effect of how supporting Indigenous home ownership drives a strong economic future for Australia.
IBA Chairperson Eddie Fry and Deloitte Access Economics’ Urban Advisory practice leader Nicki Hutley discuss the multidimensional impacts of home ownership for Indigenous Australians and all Australia.
From reduced pressure on the wider economy to economic injections that would not happen otherwise to improved wellbeing - Indigenous home ownership is a valuable part of our society.
Read more at The Guardian Labs - IBA: Building Communities.
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
A new program has launched to help Victorian Aboriginal and Torres Strait Islander business owners to accelerate the growth of their businesses.
The accelerator program, called Meereeng 50, is a collaborative project led by Kinaway Chamber of Commerce Victoria Ltd, PwC's Indigenous Consulting and the University of Melbourne. They are working together with some of Australia’s largest companies, including Lendlease, National Australia Bank and Telstra, as well as IBA and the Victorian State Government, to deliver an accelerator program for mature businesses aspiring to develop relationships with major companies.
As Co-CEO of PIC Jodie Sizer said, 'Our mob are true entrepreneurs. We just need to help them get access to those opportunities.'
Kinaway General Manager, Paul Kruspe, sees Meereeng 50 as a significant step forward for Victorian Aboriginal and Torres Strait Islander businesses. He said, 'We know that one of the barriers to Aboriginal businesses getting contract opportunities is a lack of confidence to connect with key decision makers. By bringing suppliers and corporates together, Meereeng 50 will help to break down this initial hurdle.'
The pilot program will initially include up to 10 Victorian Aboriginal and/or Torres Strait Islander businesses, with the intention to roll out the developed program nationally.
For more information, visit meereeng50.com.au
