We recently launched our Pathways Through Business report at an online event hosted by IBA’s Dr Siddharth Shirodkar, Principal Economist, who was joined by two First Nations business owners who shared their inspiring and groundbreaking stories – Shane Kennelly, Managing Director of Kennelly Constructions, and Hanina Rind, Founder of Yarn Legal. Both shared experiences that highlighted the strength, resilience, and powerful potential within the Indigenous business community.
The findings from the Pathways Through Business report show us the transformative growth in the sector: the Aboriginal and Torres Strait Islander business sector grew by over 50% from 2016 to 2021, reaching approximately 29,200 business owners—or 4.4% of the population aged 15 and above. This phenomenal rise in First Nations business owners speaks volumes about the resilience and dedication of mature First Nations businesses that have long overcome barriers and challenged stereotypes.
Shane Kennelly, a proud Bundjalung man, has turned his construction company, which has been operating for over a decade, into a symbol of success for Indigenous business in Australia.
A lot has changed over that time, not least of which is the success of the Indigenous Procurement Policy. “Up until 2015, being known as a black business was a disadvantage because of cognitive or behavioural discrimination in procurement. But the Indigenous Procurement Policy changed things, making big companies accountable for engaging Indigenous suppliers. We’ve seen massive growth in the sector, but there’s still a lot of work to be done.”
Reflecting on his journey, he said, “[Business] people give us the opportunity because we will not let you down. There’s a stigma that black businesses can’t succeed…we [First Nations entrepreneurs] take that load personally, to make it an easier pathway for others in the future.”
Shane’s dedication isn’t just about building a thriving business; it’s about creating a legacy and setting a foundation for the next generation. “Our goal is not just about growing a business. It’s about creating a path for our children and future generations. The opportunity to own a business wasn’t afforded to my family or generations before that, so for me, it’s about creating a legacy and being a role model.”
For Shane, the real challenge was competing in a mainstream market without the advantage of intergenerational wealth—a reality for many Indigenous entrepreneurs. Fortunately, for programs like IBA’s, it made a crucial difference, giving Kennelly Constructions the leverage to expand and take on larger contracts. Shane’s story is a testament to the power of tailored support and the dedication of Indigenous business owners to creating a legacy.
For Hanina Rind, the journey into business began with the courage to take a risk. As the founder of Yarn Legal and a proud Yamatji, Badimaya, and Balouchi Muslim woman, Hanina built a culturally safe and trauma-informed legal practice. Her decision to establish her own practice was driven by a passion for empowering her community and creating a space for other Indigenous women.
“For many Indigenous women, it’s not just financial support that’s needed—it’s that cultural support, that sense of validation and encouragement from others. We’re often balancing so many roles and responsibilities, so knowing someone believes in you is powerful.” Hanina shared.
Aboriginal and Torres Strait Islander women are the fastest growing business demographic in Australia. First Nations women represented 36% of the business sector in 2021, up from 33% in 2016, in part due to initiatives like IBA’s Strong Women Strong Business. However, they currently make up only 31% of IBA business loan customers. This is something IBA is looking to address, so that more First Nations women feel comfortable taking on suitable finance products, so watch this space.
Hanina spoke passionately about the challenges Indigenous women face, balancing cultural responsibilities, community needs, and the demands of business. “For me, it was about finding that balance between community support, financial backing, and the courage to take that step forward.”
Her journey exemplifies how community backing, and belief can fuel business success, particularly for women carrying cultural and familial responsibilities.
“Taking the leap, taking the risk… that’s the part we often hesitate on, but that’s what opens doors.” she said, encouraging other Indigenous women to pursue their dreams, knowing they have the strength and resilience to overcome barriers.
Both Shane and Hanina’s stories remind us that while policy, like the Indigenous Procurement Policy, plays an essential role in leveling the playing field, it’s the personal drive, courage, and community support that truly propel Indigenous entrepreneurs forward.
These entrepreneurs are paving a path for future generations, breaking down barriers, and rewriting what Indigenous success looks like in Australia’s business landscape.
The hard work of Aboriginal and Torres Strait Islander business owners has truly blazed the trail, making business ownership a more genuine and accessible path for the next generation of First Nations entrepreneurs. Together, they’re proving that with courage, support, and the right resources, Indigenous business can continue to drive self-determination and economic empowerment—one success story at a time.
For more information:
In October we celebrated the 10 year anniversary of Indigenous Business Month (IBM) which showcased the theme 'Making our Mark' where we shared, celebrated and congratulated First Nations businsesses making their mark in the business sector. On socials we shared our 'Feel Good Fridays' and customer stories that feautred First Nations businesses.
Below are some customers we shared for IBM as we feel the love and dedication of the Indigenous business sector.
Meet Shane - Kennelly Constructions
Meet Saltwater Eco Tours a unique tourism experience that would inspire a deeper connection to Indigenous culture and the ocean.
This awesome family business specialises in one-on-one digital support and e-commerce training for small and medium businesses who want to sell products online. They have also recently built an app specifically for Shopify Point of Sale called POS Cafe. The app allows businesses like cafes and coffee shops more flexibility to sell products that need complex modifications (like milk type or sweeteners).
Meet David, making his mark in the film industry. His business @newdreamproductions has been shooting for the stars and making big moves.
His debut feature film, ‘Heart of the Man’, follows Chris Wundurra, an amateur boxer caught between family expectations and following his true passion. Currently making the festival rounds, with streaming platforms on the horizon!
David received a business loan from IBA which he used to purchase the equipment that produced this.
We also shared our newly launched Business Pathways report which highlighted the amazing work and milestones First Nations businesses are accomplishing. To read the more: IBA-Pathways-Business-Report.pdf
For me, life is all about family and living life to the fullest. I was born and raised in Coolbellup, Perth on Whadjuk Noongar Boodja. I’m extremely family-orientated which fits with me having a huge family. I have two adult children and two grandkiddies who I love spending time with. My family gatherings are always a riot with all the grandkids, nieces and nephews, all gathered together.
In my spare time I also enjoy going on trips in our caravan up and down the coast. I’m all about making memories with my family and friends and living life together.
At IBA, I am a Principle Home Lending Officer which involves helping customers take the next step in their homeownership journey. From the initial assessment of EOI’s (Expression of interest), through to supporting customers through their application and purchasing journey. This includes seeking borrowing capacity, offer guidance/tools if they aren’t ready to go now and prepare loan submission to credit for decision.
School was never really for me; my Mum said I could get a full-time job instead, so I decided to leave in year 10 to do so. I worked in different industries, ranging from retail and other financial institutions.
At my previous workplace where I worked in home lending a friend told me about IBA, after I had a look on the website, I decided I’d like to make the move. I’ve now been here for one year. The work here is so different compared to the other places that I have worked and I love it. I love how we help people and change people’s lives.
I love helping people and I always want to know what more can I do. I’ve worked with customers who came from being homeless to now owning their own home. That’s the type of change that brightens my day. The work we do here aligns with my core values and the difference I want to make to people’s lives.
Sharing finance and education, and being part of the process to assist customers in generational wealth is priceless. This creates that ripple effect for their families to share and continue to pass on that knowledge.
I can’t name anything specific, but anything Country. Artists like Luke Combs, Morgan Whalan and a couple of oldies such as Charlie Pride, Alan Jackson. Country music just speaks to my soul and is able to calm me on a bad day.
This year’s Annual Report outlines the first-year results and progress in implementing our five-year strategy out to 2028 and our 2023-24 Corporate Plan.
It outlines how we are changing our ways of working to align with the Priority Reform Areas under the National Agreement on Closing the Gap to support self-determination through inclusive, equitable and fair access to capital. 
During the year we:
IBA Chairperson, and Dagoman man, Eddie Fry, said:
“Our purpose sets out the requirement to advance the commercial and economic interests of Aboriginal and Torres Strait Islanders people and communities by accumulating and using a substantial capital and asset base for the benefit of Aboriginal and Torres Strait Islander peoples.
“IBA’s consolidated total assets now exceeds $2.3 billion—a remarkable increase from $1.7 billion just five years ago.
“The IBA Board is proud of IBA’s achievements, and those of our customers, and we look forward to driving greater outcomes in the future.”
The report includes photos and stories from inspiring, resilient and determined IBA customers and showcases some of the innovative new initiatives delivered by IBA during the year including:
It also expands our sustainability reporting and explains how our products and services continue to have a positive impact in the lives of Aboriginal and Torres Strait Islander people.
View the full IBA Annual Report 2023-24.
Indigenous Business Australia (IBA) have launched the IBA Shared Equity product to support more Aboriginal and Torres Strait Islander people into home ownership sooner. $50 million will be available for shared equity financing to eligible customers over three years.
The IBA Shared Equity product allows customers to purchase a property in their local market where the maximum home loan available is insufficient to meet the full cost of the purchase. The Shared Equity product can contribute up to 35% of purchase price.
Under the Shared Equity arrangement, IBA does not jointly own the property, but it will have a share in the property that is equivalent to the percentage of the property purchase price that was financed using the IBA Shared Equity product. When the customer refinances or sells their home, IBA receives a percentage of the property value at that time relative to the IBA Shared Equity product, along with the outstanding balance of the IBA home loan.
Over the first 12 months of piloting the IBA Shared Equity product, IBA assisted 56 customers to purchase a home in their preferred location, and is looking forward to assisting even more customers this year.
Gamilaroi woman Abbey, a new homeowner, says that the IBA Shared Equity product was key to her achieving her home ownership dreams.
“I had a really supportive home loan officer. She had done lots of research and could just see there was nothing in the area for the price I had been approved for. That’s when she came to me with the opportunity of the IBA shared equity product,” Abbey said. “That was the game changer for me, it made it all possible.
“This isn’t just a home; this will be a change in my family’s bloodline. An opportunity to create a safe space and intergenerational wealth and healing for hopefully my future jarjums and their jarjums. Without IBA I don’t think I’d have had a chance of becoming a first homeowner.”
IBA Deputy CEO, Sean Armistead, said: “The IBA Shared Equity product is a fantastic initiative that was created in response to the growing housing crisis. It can make home ownership achievable for some First Nations people who otherwise could not afford to buy in their local area.
“It’s not for everyone, but for those that may benefit, our friendly home lending team can work with you to review whether it’s the right option.”
Links
Read IBA Shared Equity Frequently Asked Questions
Watch IBA Shared Equity product explained
Media contact: Katie Hoskins 02 9207 6361 or katie.hoskins @iba.gov.au
Disclaimer: The information contained in this material is general in nature and not tailored to your particular circumstances, objectives or needs. Terms and conditions apply. If you are eligible to apply, you should obtain independent financial and legal advice before signing any documentation or making any significant financial decisions. IBA takes no responsibility for any damage or loss suffered by you in relying on the information in this material.
Indigenous Business Australia (IBA) released its Aboriginal and Torres Strait Islander Pathways Through Business report on the growth and diversity of the Aboriginal and Torres Strait Islander business sector.
IBA partnered with the Australian National University’s (ANU) Office of the Vice-President, First Nations, to undertake the study. The research, led by a team of both First Nations and non-First Nations experts, offers a detailed look at the sector's remarkable expansion over the last decade and highlights opportunities for continued growth.
Key findings of the report identify industry representation, gender representation, proportion of businesses at various stages of the lifecycle, and future opportunities, as well as the barriers to further growth.
The Aboriginal and Torres Strait Islander business sector grew over 50% from 2016 to 2021, reaching an estimated 29,200 business owner managers.
IBA supported about 19% of this sector (5,515 businesses) over five years, contributing to 56% of the overall growth in business ownership during that period, which goes to show IBA’s significant role in supporting the sector’s expansion.
While the First Nations business ownership rate (4.4%) has grown rapidly over the past 15 years, a gap remains with the non-First Nations business ownership rate (8.5%). If rates were the same in 2021, there would have been an additional 26,900 First Nations business owners.
IBA supports First Nations businesses through the entire business lifecycle with access to workshops, finance and business support. The report noted that as more businesses are reaching maturity, gaps are emerging in the supporting business eco-system, which is reducing the opportunity for First Nations people to access the capital, business support and networks they need to sustain growth and maximise impact.
The report finds that societal bias and prejudice continues to impact Aboriginal and Torres Strait Islander business owners across the business cycle but hitting those at earlier stages the hardest.
Although Aboriginal and Torres Strait Islander women are the fastest growing business demographic, they are less likely to access support. First Nations women represented 36% of the business sector in 2021, up from 33% in 2016, partly due to initiatives like IBA’s Strong Women Strong Business. However, they currently make up only 31% of IBA business loan customers.
IBA Chairperson Eddie Fry, a Dagoman man, welcomes the research and believes the findings in the report will lead to a deeper understanding of the business sector's growth and development as well as its incredible impact on Aboriginal and Torres Strait Islander people and communities.
“As we celebrate the incredible growth of First Nations businesses, we also recognise the work that still lies ahead to expand our investment in businesses ideas to help to make them real.
“Together, we are building a future where Aboriginal and Torres Strait Islander businesses thrive at every stage, exploring opportunities for sustainable business growth that will create prosperity for people, communities and the nation as a whole.
“I am confident that with continued support and collaboration, the best is yet to come.”
IBA will be joined by business customers from Yarn Legal and Kennelly Constructions to discuss the report on 7 November 2024. To attend the event, register here.
The Pathways Through Business report is the second in the ‘Pathways’ series which IBA released. The Pathways Through Housing report was launched in early October at the Housing First Nations conference in Meanjin (Brisbane).
Read previous media release: IBA Media Release: Research into pathways through housing.
Read the Pathways Through Business report
Media contact: Katie Hoskins 02 9207 6361 or katie.hoskins@iba.gov.au
Indigenous Business Australia (IBA) and the Northern Territory Government (NTG) are excited to announce the second round of the NT Aboriginal Tourism Business Accelerator Program (The Accelerator), is set to begin in February 2025.
Aboriginal Territorians and Northern Territory-based majority-owned Aboriginal businesses are now invited to apply for this transformative program. Participants will benefit from business and tourism related training, practical skills, access to experienced advisors, personal business coaches, and introductions to industry networks to help build strong, sustainable businesses.
The Accelerator, modelled from IBA’s ‘Accelerate with IBA’ program, is designed to empower Aboriginal entrepreneurs with the tools and skills needed to grow and create new and innovative Aboriginal tourism product and experiences.
Earlier this year, the inaugural program saw 7 participants further develop leadership skills, innovative ideas, and practical business strategies to strengthen the Northern Territory’s Aboriginal tourism industry. From immersive cultural tours to strategic partnerships and niche fishing charters, their unique tourism offerings are set to thrive, showcasing the diversity of the Territory to visitors from across the globe.
The Accelerator program is supported by the Australian Government’s Strategic Indigenous Tourism Project funding program (SITP). SITP supports a range of projects in the Northern Territory to strengthen Aboriginal Territorians’ participation in the tourism industry and deliver strong economic outcomes for the Northern Territory.
For more information or to apply, visit www.iba.gov.au/ntaccelerator .
Quotes from Executive Director, Tourism NT Valerie Smith:
“The Northern Territory is a premier destination for unique Aboriginal tourism experiences. By nurturing Aboriginal tourism ventures, we're not only celebrating culture but also driving economic growth, creating jobs, and boosting local communities.”
Quotes from Lower Southern Arrernte woman Stella de Cos, Director, Community & Customer Experience, Indigenous Business Australia (IBA):
“We are excited to be able to deliver a second program in the Northern Territory and are looking forward to working with a new group of Aboriginal businesses and entrepreneurs.
“We are extremely proud of the success of our first program and to have worked with and supported such a strong group of Aboriginal businesses and entrepreneurs - their businesses and vision held family, country, sea, and community at the centre of their purpose.
“Our people are the original and ongoing custodians of this land, and the NT Aboriginal Tourism Business Accelerator program will continue to support our Aboriginal businesses with the tools and skills they need to do what they do best – share the deep understanding and knowledge of culture and country with the rest of the world.”
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Media contact: 0428 052 647
I was born in Adelaide but spent most of my childhood in Canberra. I am of Nicaraguan and German descent, but have always felt more connected to my Nicaraguan side as my maternal grandmother lived with us growing up.
My lifestyle outside of work was previously more indoors and enjoying luxury. However, my partner enjoys anything to do with the outdoors. We compromise by embracing both our lifestyle preferences. Nowadays you can catch me at the opera with my Mum or out in nature, hiking and camping with my partner.
I’m the Director of Business Solutions based in our Turrbal and Yuggera office (Brisbane). My role involves engaging with stakeholders, people across IBA and providing program leadership. My day to day is always different and doing what I can to elevate our business program and support the people who deliver it.
In school I enjoyed maths and business subjects so I completed an undergrad in Commerce at the ANU. Later in life I went back to study to complete my CPA and did an MBA at Melbourne University.
My career has been in the corporate and government sectors ranging from AMP, Commonwealth Department of Finance, Victorian Treasury, Queensland Treasury and acting CEO at HealthShare Victoria.
I found my way to IBA when a recruiter contacted me suggesting I would be a good fit. After doing my research it was the purpose that drew me in and I’ve been working here for 18 months.
Australia is a prosperous country and I believe with that wealth there should be economic equality. At IBA we have the resources to help Aboriginal and Torres Strait Islander people access capital that supports their businesses, and those businesses create a space where mob can flourish.
This aligns with my values of caring about communities and creating change. It’s important to get satisfaction from what you’re doing.
When I think about how Indigenous businesses have evolved, two things stand out.
These things reshape the way people are looking at Indigenous businesses. Traditionally, people saw Indigenous businesses as limited to tourism and cultural tours, but the continued growth of Indigenous businesses, and the variety of industries they now operate in, demonstrate that the sector offers so much more.
First Nations businesses offer capabilities that might have not been valued in the past. Things like a holistic approach to business management and organisational culture, which are key to driving innovation and economic development.
My favourite book is ‘The Alchemist’ because it’s a beautiful story and the first novel I read in Spanish.
A strategic partnership between Indigenous Business Australia (IBA) and NRMA Insurance aims to pilot support for Aboriginal and Torres Strait Islander businesses with a discount on small business insurance.
Through the partnership, IBA small business customers will have access to a discount off the standard NRMA Insurance base premium. The discounted rate will be applied by NRMA Insurance to all eligible Aboriginal and Torres Strait Islander businesses.
The new partnership between IBA and NRMA Insurance will give access to insurance that could provide First Nations businesses with more affordable assurance.
According to research to be released by IBA, the Aboriginal and Torres Strait Islander business sector grew by more than 50% between 2016 and 2021, to reach 29,200 business owner managers.
IBA supports businesses throughout the whole business lifecycle and an important element in managing a business is ensuring the right insurances are in place. Insurance can support and protect small business owners from the financial impact of interruptions in their business operations, property damage, loss in case of disasters or accidents, and legal liability claims.
NRMA Insurance is the first insurer to collaborate with IBA to offer a discount for First Nations businesses with intentions to expand the pilot to a panel of insurers once tested.
NRMA Insurance CEO Julie Batch said: “Insurance is an important protection for small business owners, giving them the confidence to start their business and the support needed should the unexpected happen.
“Through this partnership with IBA we want to help First Nations business owners achieve their business goals by offering a discounted insurance rate as well as providing educational support to help IBA customers better understand the role of insurance and what is covered.”
IBA Acting CEO Leo Bator said: "Our pilot partnership with NRMA Insurance creates more pathways for Aboriginal and Torres Strait Islander business owners to access insurance.
“Operating a business can be hard work. Finding ways to support our customers and First Nations communities to manage risk is a positive outcome. This collaboration aims to provide options for our customers, enabling them to focus on their business."
IBA media contact: Tara Toohill 02 9207 6362 or tara.toohill@iba.gov.au
NRMA Insurance media contact: Nicole Schulz 0411 011 201 or nicole.schulz@iag.com.au
Disclaimer: The information contained in this material is general in nature and not tailored to your particular circumstances, objectives or needs. IBA has not considered the terms and conditions of the product(s) offered by the provider and does not endorse the provider or its product(s). If you are eligible and decide to apply for products or services from the provider, you should obtain independent financial and legal advice before signing any documentation or making any significant financial decisions and you should rely upon your own independent advice and inquiries. IBA takes no responsibility for any damage or loss suffered by you in relying on the information in this material.
About IBA
IBA is a commercially focused organisation. Economic independence for Aboriginal and Torres Strait Islander peoples is at the heart of what we do. Our programs assist Indigenous Australians to buy their own homes, be successful in business, and invest in commercial ventures that provide strong financial returns. IBA is established under the Aboriginal and Torres Strait Islander Act 2005 (ATSI Act) and is a corporate Commonwealth entity for the purposes of the Public Governance, Performance and Accountability Act 2013 (PGPA Act). IBA resides in the portfolio of the Prime Minister and Cabinet and is accountable to the Australian Parliament through the Minister for Indigenous Australians, the Hon Linda Burney MP.
About NRMA Insurance
NRMA Insurance is Australia’s most trusted insurance brand1, helping more than 3 million Australians protect what matters. Help has been at the heart of NRMA Insurance since its beginnings in 1925 as a member-only company that provided motor insurance policies to the first drivers in NSW. NRMA Insurance has grown to become a national brand that helps people protect their cars, homes and businesses. It has a proud history of working with communities to build their resilience against extreme weather and keep people safer on the road. NRMA Insurance helps Australians understand their local risks and prepare for extreme weather through its Help Nation initiative. NRMA Insurance is backed by IAG, Australia and New Zealand’s largest general insurer.
1Roy Morgan Most Trusted Brands 2024
New research dropping soon!
Join our virtual event on Thursday 7 November, 12.30pm-1.30pm AET where we'll launch the new research presented by IBA in partnership with the Australian National University (ANU) Office of the Vice-President, First Nations.
The report outlines important detail from the experiences of Aboriginal and Torres Strait Islander entrepreneurs through the business lifecycle. It provides insights into the growth of First Nations business sector and identifies where gaps are emerging in the availability of support.
You’ll hear a lively discussion from a panel on the report, business realities, and what still needs to be done. The research is only the beginning!
Panellists
Shane Kennelly, Managing Director, KENNELLY CONSTRUCTIONS
A proud Bundjalung man, Shane is a practical and skilled executive with demonstrated success and experience in leading and building sustainable growth for businesses across the defence, telecommunication, civil, mining, and oil & gas sectors.
Hanina Rind, Principal Lawyer & Founder, YARN LEGAL
A proud Yamatji, Badimaya and Balouchi Muslim woman, Hanina transitioned into law after a successful career in tech. More recently, she set up her own culturally safe and trauma-informed legal practice.
Michelle Jasper, Associate Professor, AUSTRALIAN NATIONAL UNIVERSITY
A proud Māori woman, Michelle was the research lead from ANU on IBA’s Pathways Through Business report. She seeks to develop the intersection of western innovation with traditional and living Indigenous knowledge systems and practice.
Dr Siddharth Shirodkar, Principal Economist, IBA
Siddharth was IBA’s research lead for the Pathways Through Business report. He is passionate about First Nations economic development, having worked in the area since 2015 and completed a PhD in Indigenous entrepreneurship in 2021.
Register now for this free online event: Thursday 7 November, 12.30pm-1.30pm AET.
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