Indigenous Business Australia (IBA) is delighted to welcome the historic passing of the legislative amendment to the Aboriginal and Torres Strait Islander Act 2005 (Act) to enhance IBA’s ability to leverage capital, supporting more Aboriginal and Torres Strait Islander people in achieving their dreams of home ownership, business enterprise and community investment.
This amendment aligns with the Government’s indications that IBA should have an expanded remit and role in delivering economic independence for First Nations people in Australia.
Previously, Section 184 of the Act restricted IBA from borrowing or raising capital. The amendment removes this barrier, providing IBA with the flexibility to explore new opportunities, and expand the range of financial products it can offer to meet market needs.
A Kokoberren man from north Queensland and the IBA Chair, Darren Godwell, highlights the importance of this change in furthering IBA’s mission.
“We continually seek new pathways to grow our impact. This is particularly meaningful this year as we celebrate 50 years through the generations. Our home ownership program commenced in 1975 and to date we’ve supported more than 22,000 families into home ownership – an achievement that empowers prosperity, wellbeing and intergenerational impact.
“Expansion for further investment and business opportunities, as well as our largest, long-standing program of home ownership, means more success for Aboriginal and Torres Strait Islander people.
“As demand for our services continues to grow, this amendment will help us to achieve our vision for Australia’s First Nations people to achieve economic independence – a right we fully deserve.”
As the Treasurer of Australia, the Hon Dr Jim Chalmers PM, noted in November 2024, the amendment “is part of the Albanese Government’s push for greater economic empowerment for First Nations people – and delivers on a key commitment made by the Prime Minister at the Garma Festival (2024)."
The IBA Chair acknowledges the incredible support from multiple groups to get to where we are today, including the Minister for Indigenous Australians, Senator the Hon Malarndirri McCarthy, the Expert Panel (which included Mr Rick Allert AO, Ms Rosemary Addis, Dr Doug McTaggart, Ms Diane Smith-Gander AO, Professor Robynne Quiggin, Dr Helen Szoke AO, and Professor Marcia Langton AM), and our staff at IBA.
“The work that led to this legislative change has been underway for several years now with valuable input from our Expert Panel members, the Minister for Indigenous Australians, the Prime Minister, and the Indigenous community who recognise the impact this will have,” said Mr Godwell.
“This is not the end goal but only the beginning. We look forward to the next steps in this process so we can provide increased access to capital, robust pathways to prosperity, and success through collaboration and partnerships.”
The Minister for Indigenous Australians, Senator the Hon Malarndirri McCarthy, was integral in progressing this result. Minister McCarthy notes the reason this will benefit Aboriginal and Torres Strait Islander people.
“Modernising the ATSI Act will supercharge IBA’s capability to inject capital into activities that promote greater economic empowerment and self-determination for First Nations Australians,” said Minister McCarthy.
“The measure will provide IBA with the opportunity to partner with a range of Government entities and private investors, amplifying the positive economic, social and cultural impact it will have on the lives of First Nations people.
“The ability to participate in more investment opportunities and raise funds to advance the commercial and economic interests of First Nations people will enable IBA to deliver on Government priorities and support its agenda for Closing the gap.”
Media contact: Tara Toohill 02 9207 6362 or tara.toohill@iba.gov.au
PLEASE NOTE: Although the legislation successfully passed, the important next step involves establishing the Rules under the new legislation. The Rules will set the parameters within which IBA can borrow and raise money. The rules need to be agreed by both the Minister for Indigenous Australians and the Finance Minister.
Larrakia Development Corporation Pty Ltd (Larrakia) acquires shares in the Adina Vibe Hotel from Indigenous Business Australia (IBA) demonstrating its continued investment into the Northern Territory tourism industry.
Last week Larrakia completed its purchase from IBA of shares in the hotel and apartment enterprise located in the Darwin Waterfront Precinct. The purchase reduces IBA’s effective ownership to 40% while making Larrakia a 5% owner.
Larrakia’s investment goes beyond fiscal; it allows for a growing Larrakia presence at the Darwin Waterfront, that will create culturally informed spaces and further opportunities for employment and training of the Larrakia people.
Nigel Browne, CEO, Larrakia Development Corporation, noted that now is the right time for the corporation to reinvest in the assets.
“The Larrakia Development Corporation has spent the last twenty-two years investing in economic prosperity for ALL Larrakia. The repurchase of shares of the Adina Vibe allows us to do just that and be able to provide genuine engagement into one of the NT’s economic growth industries,” said Nigel.
"With the Larrakia Cultural Centre slated to open in 2026 and the purchase of these shares, Larrakia Development Corporation is placing our faith in the growing economic and employment opportunities in the NT’s Aboriginal Tourism sector.”
“The Adina is suitably located at the Darwin Waterfront to seize on the growing popularity of the precinct and does not interfere with the nearby registered Larrakia Sacred Site.”
IBA supports and enhances the economic development opportunities of Aboriginal and Torres Strait Islander people across Australia. Divestment opportunities that benefit Indigenous communities are part of the strategy to create wealth and positive impacts for the future.
“The investment by Larrakia Development Corporation means that the Traditional Owners benefit from the future growth of the property. It also further encourages First Nations employment and cultural recognition which lead to a more inclusive community – all key priorities for IBA,” said Shanti Rama, Acting CEO, IBA.
Media contacts:
Tara Toohill 02 9207 6362 / tara.toohill@iba.gov.au
Kate Finch 0413 633 750 / special.projects@larrakia.com.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, Senator the Hon Malarndirri McCarthy. www.iba.gov.au
About Larrakia Development Corporation
Officially incorporated under ASIC in February 2002, the Larrakia Development Corporation is a company owned and operated by the Larrakia people, the traditional owners of the lands and waters in and surrounding Darwin. The company is continually seeking opportunities to establish positive commercial relationships with organisations that are operating on Larrakia Country and beyond. Larrakia Development Corporation aims to work with likeminded operators to build economic wealth and better health for our local community. www.larrakia.com.au
Has your home or business been impacted by the severe weather and recent floods to parts of North Qld and NSW? 
If you have an IBA home loan or business finance product and have been impacted by this weather event, we want to reassure you and your family that IBA is here in times of need.
Customers impacted by the recent natural disaster can apply for an emergency natural disaster relief grant – $5,000 for IBA business finance customers and/or $2,000 for IBA home loan customers.
Impacted customers will receive a direct link to apply. Applications accepted until midnight 21 March 2025, or until funds are exhausted (whichever comes first).
Additional information and resource links are below:
Due to the flooding in Townsville and affected areas, IBA has temporarily closed our Townsville office until further notice.
During this period, all local employees are requested to work from home, considering the safety of our customers and staff.
If you need to speak to anyone at IBA, you can phone us on 1800 107 107 or get in touch via email.
If you’ve been affected by the floods, the Queensland Government may be able to assist:
For further information
Has your home or business been impacted by the December natural disasters in parts of Queensland and Victoria?
If you have an IBA home loan or business finance product and have been impacted by these weather events, we want to reassure you and your family that IBA is here in times of need.
Customers impacted by the recent natural disaster can apply for an emergency natural disaster relief grant – $5,000 for IBA business finance customers and/or $2,000 for IBA home loan customers.
Natural disaster relief grants are currently available to affected customers in the following areas:
Queensland
Victoria
Impacted customers will receive a direct link to apply. Applications accepted until midnight 28 February 2025, or until funds are exhausted (whichever comes first).
Additional information and resource links are below:
I am a proud Yuin woman with family connections to Dharrawal Nation and the La Perouse community. I was born in Nowra NSW (2 hrs south of Sydney) and grew up in my community, the old Roseby Park (Jerringa) mission in Culburra, up till I was 10 years old. Growing up on Country and in my community connected me to my culture and identity. I was surrounded by all my cousins, Nan, Pop, aunties, uncles, Mum and my stepdad. Family has always been such a huge influence on me growing up.
It was hard for my family to find jobs and to provide the life that we deserved, which led us to move. We relocated to Queensland which was a cultural shift since I was used to being around community and immersed with culture. I faced identity challenges as I didn’t fit the “stereotype” Aboriginal person. However, I was able to overcome that adversity and maintain my cultural connection through my mum and aunties. This has a profound impact on the person I am today.
I now reside with my partner and son on beautiful Kabi Kabi land (the Sunshine Coast) which fills my cup as it so close to the ocean. As a saltwater woman I live and breathe the beach which always makes me feel like home. In my free time and anytime outside of my mummy duties, I’m at the beach.
I am the Community Experience Officer within IBA’s Community & Customer Experience team (CCE). My role includes reviewing some of IBA’s initiatives, projects, products and processes to ensure we have our customer experience at the centre. This includes handling customer complaints and providing various project supports, giving our customers not only the best customer service, but the best customer experience.
It's an interesting space to work in but it’s also an important one. We are here to serve a specific client set. Our customers’ journey with IBA should be culturally appropriate and supportive at all points of interaction with us.
I started my career journey working in various admin roles. I worked in industries such as insurance which focus on profit rather than people which didn’t sit with my value set. It made me realise that I wanted to do something where I have that connection and passion, especially working with mob. So, if I can make even a small difference for my mob and assist with community development, that’s success for me.
I started working at IBA in 2017 as a Business Support Officer then moved to the Special Projects team where I worked on projects such as Women in Business and the Accelerator program. I left IBA in April 2021 to begin studying a Bachelor of Social Science full-time. The social impact of the work really cemented my passion in working in this space.
When I saw the opportunity of the Customer Experience Officer within CCE come up, I knew I wanted to stay at IBA so I applied and have been working here ever since.
I see IBA as having an important job to do for Aboriginal and Torres Strait Islander people and the wellbeing of community.
The work we do improves the inequality faced by Indigenous Australians. Engaging customers and centring our projects and programs around mob ways of doing and being, is a powerful way of driving that change.
A lot of mob have a mistrust towards government. It’s important to build that trust and fill those gaps. There are so many opportunities to help our mob, and I wanted to be part of an organisation that has that potential. It also aligns with my personal values and wanting to see mob do well. I want to be able to influence that any way I can.
Every holiday season between November to December it’s everything Christmas. From movies such as Home Alone, Elf, The Holiday to cheesy Netflix Christmas Movies like The Knight Before Christmas and The Holiday Calendar; I love them all. Much to my partners dismay, that is 😉
Indigenous Business Australia (IBA) farewells the significant contributions of our outgoing board directors, including the chairperson, as they finish their terms this week. Their leadership and commitment to IBA led to the achievements of the business and to Aboriginal and Torres Strait Islander people.
The outgoing board directors include Eddie Fry (chairperson), Shirley McPherson, Rick Allert, and Rick Callaghan. Their contributions have been pivotal in shaping the direction of the organisation and empowering Aboriginal and Torres Strait Islander people in achieving economic independence.
Eddie Fry served as chairperson of the IBA Board since 2014. A Dagoman man from the Katherine region in the Northern Territory, Eddie’s leadership has been transformative—not just for IBA, but for Indigenous businesses and communities across Australia. Under his guidance, IBA expanded its reach and impact, helping businesses thrive and communities grow.
IBA’s latest annual report noted success in the financial year with distributions of over $365 million in capital or capability development to Aboriginal and Torres Strait Islander people, support for 2,681 people with an IBA product or the opportunity to access the economy through a job or procurement, and 3,829 people provided with access to networks, knowledge, and capability-building services.
Over ten years since 2014, IBA has grown its total investment portfolio value from $198 million to $576 million, approved $1.951 billion home loans and $456 million in business finance.
Mr Fry highlighted his time as chairperson by saying, “The IBA Board and the IBA family kept striving for excellence in everything we do.”
Shirley McPherson, a Yamatji-Noongar woman, made significant contributions to Indigenous financial and economic development in her 10-year term at IBA. Shirley always came to the table with a dedication and strategic insight to IBA’s growth and impact.
Ms McPherson leaves behind her hopes by saying, “My wish is for our First Nations people to understand that they have an enormous land mass ownership in Australia therefore must develop it to ensure great returns but always maintain in ‘control’ of their country. My second wish for our customers is to always pursue your dreams, never think that you’ll never achieve them, you will.”
Rick Allert AO, has been vital in strengthening IBA’s financial sustainability and its capacity to deliver meaningful outcomes for Indigenous Australians in his 10-year term. His governance expertise and commitment to transparency have played a key role in IBA’s strategic development.
Mr Allert noted about his time at IBA: “The highlight for me has been our home loan lending which has had such a positive impact on Indigenous people...which gives them security and pride, but also a platform for wealth creation.”
Rick Callaghan, a proud Potaruwutj man whose Aboriginal family originate from the Padthaway region South Australia, served as a board director since 2021. Rick has made significant contributions to Indigenous policy and business integration across the country, as well as at IBA.
Mr Callaghan’s highlight of his time at IBA: “Knowing that our strong team has delivered on our charter and increased the gross assets by 71% over the past ten years, and legislation to improve the IBA’s commerciality and sustainability is ready as we leave.”
Acting IBA CEO Leo Bator notes, “The dedication, expertise, and leadership of our outgoing directors have left a lasting legacy at IBA, and we are grateful for all they have done to further the cause of Indigenous economic empowerment. We wish you all the best in your future endeavours and know that your influence will continue to be felt in the years to come.”
More information on the IBA Board can be found at Our board - Indigenous Business Australia or see the PM&C Media Release: New Indigenous Business Australia Board Members appointed - Indigenous Business Australia on the announcement of the new appointments.
Media contact: Tara Toohill 02 9207 6362 or tara.toohill@iba.gov.au
Reproduced from Minister for Indigenous Australians media centre, released 11 Dec 2024.
Three eminent First Nations people have been appointed to the Board of Indigenous Business Australia (IBA).
Mr Darren Godwell has been appointed as Chair and Ms Leah Cameron and Ms Olga Havnen as Directors.
Indigenous Business Australia plays a critical role in advancing the economic independence of First Nations people through expert business advice, tailored finance solutions and investment initiatives that empower individuals and businesses.
The new appointees bring extensive expertise from different First Nations communities across the country and from sectors including business, finance, law, trade and investments.
The Albanese Government acknowledges and thanks outgoing Chair Mr Eddie Fry and Directors Ms Shirley McPherson and Mr Richard Allert AO, for their leadership and dedication to IBA over the past decade, and Mr Richard Callaghan for his contributions during his 3-year tenure.
Quotes attributable to Minister for Indigenous Australians, Senator Malarndirri McCarthy:
“The new Board members bring to IBA a wide range of skills and lived experience that reflects the diversity of First Nations Australia - from finance to community health, from small communities to big cities.
“That diversity will contribute to IBA’s ongoing efforts to support First Nations people to realise their aspirations and build sustainable economic futures.
“I congratulate Mr Darren Godwell, Ms Leah Cameron and Ms Olga Havnen on their appointments.”
IBA welcomes the Federal Government’s support of our vision for a nation in which Aboriginal and Torres Strait Islander people are economically independent and an integral part of the national economy through the support and introduction to the House, of the legislative amendments to IBA’s enabling legislation, the Aboriginal and Torres Strait Islander Act 2005 (the Act).
The proposed amendment will support and drive our ability to continue the legacy of nearly 50 years of outcomes for the community through the Indigenous Home Ownership Program, which to date has provided more than 21,000 home loans. IBA is gearing up financially to increase delivery to Aboriginal and Torres Strait Islander people, families, businesses and communities. Empowering prosperity, financial inclusion, and creating intergenerational impact.
Our investments have a proven track record of success. We have matured to become a sophisticated financial institution with a range of products and services supporting a diverse range of needs for our customers in homes and business opportunities. The current legislative constraint has acted as a barrier to IBA’s growth and ability to offer a broader range of support across the country. IBA can achieve more without this constraint
We continually seek new pathways to grow our impact, and the first step in this evolution commences with the introduction of Future Made in Australia (Production Tax Credits and Other Measures) Bill 2024, which will amend the Act and position IBA to raise capital and borrow funds, and to fulfil the growing demand for Indigenous home ownership, business and investments.
Our legislated purpose and strategic remit sets out the requirement to advance the commercial and economic interests of Aboriginal and Torres Strait Islander people and communities by the accumulation and utilisation of a substantial capital and asset base for their benefit. Our consolidated total assets now exceed $2.3 billion—a remarkable increase from $1.7 billion just five years ago.
IBA Chairperson Eddie Fry, a Dagoman man highlighted the need for legislative change in a recent speech on ‘Activating Indigenous-led opportunities in Northern Australia’.
“Expanding the financial capability of IBA, along with the growing desire for Indigenous people to engage in commercial activities, is a perfect combination to increase Indigenous participation in the economy.”
IBA has been actively working towards this legislation change to expand our capacity for several years and in the process, we received valuable input from our Expert Panel members, Mr Rick Allert AO, Ms Rosemary Addis, Dr Doug McTaggart, Ms Diane Smith-Gander AO, Professor Robynne Quiggin, Dr Helen Szoke AO and Professor Marcia Langton AM.
We greatly appreciate the very strong support IBA received for the legislative change from the Indigenous community following extensive consultations across the country. IBA will continue extensive consultations as we partner with groups to progress their initiatives to transform Indigenous economic empowerment.
On behalf of the IBA Board and the IBA family, we are focused to deliver on Indigenous Australians’ aspirations in the immediate and forward years, which have long been voiced. Not just for the current generations, but for generations to come. They will be an integral part of the economic and social fabric of the whole nation.
Leo Bator, IBA’s Acting CEO, welcomed the development, “This legislative change will allow IBA to financially collaborate with other agencies to deliver even deeper meaningful impact for Aboriginal and Torres Strait Islander people.”
“The changes will lay the foundations for further growth as an organisation, and has been years in the making, thanks to the hard work of IBA’s Executive team, the IBA Board and current Chair of IBA, Eddie Fry.”
“We look forward to continuing our work towards closing the gap on housing, providing more access to business finance and support for entrepreneurs, and increasing investment opportunities for First Nations communities.”
Earlier this year at Garma 2024, Hon Anthony Albanese MP, Prime Minister of Australia, said:
“This very exciting success for change of legislation for IBA will result in:
On behalf of the Board, Mr Fry thanked the Minister for Indigenous Australians, Senator the Hon Malarndirri McCarthy, for her support in driving this change to allow IBA to strengthen its purpose for economic empowerment for First Nation’s people, families and communities.
Media contact: Katie Hoskins on 02 9207 6361 or Katie.Hoskins@iba.gov.au.
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