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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Indigenous Business Australia (IBA) launches significant research report about housing for Aboriginal and Torres Strait Islander people – with insights to access, outcomes and wellbeing.
IBA engaged the Australian Housing and Urban research Institute (AHURI) to jointly research how it can best support Indigenous Australians to access secure, affordable, and appropriate housing. The insights will inform how IBA, and other parties, can address the home ownership dilemma for Aboriginal and Torres Strait Islander people.
The benefits of home ownership are considerable including security of tenure, the building of intergenerational wealth, and the autonomy to make their own choices about how to live – which is critical to self-determination.
Indigenous Australians share the same aspirations as other Australians but have distinctive experiences.
The number of Aboriginal and Torres Strait Islander households in home ownership has grown from around 46,150 in 2001 to 145,100 in 2021, more than tripling in 20 years.
The proportion of Aboriginal and Torres Strait Islander households who are homeowners has grown rapidly from 33% in 2001 to 41% in 2021.
First Nations Australian homeowners are now the largest single category by tenure type. The growth reflects a strong desire in First Nations communities to own their own homes.
IBA Chair Eddie Fry, a Dagoman man, emphasises the outcomes that home ownership can have on Aboriginal and Torres Strait Islander people are significant.
“Home ownership provides considerable benefits now and into the future.
“Today it provides secure housing which ultimately leads to intergenerational wealth and sets an example for others that may not have seen home ownership as an option.
“To fulfill our role at IBA to promote and encourage Indigenous self-management and self-sufficiency, we require a strong understanding about the pathways into housing for Aboriginal and Torres Strait Islander people.
“These insights inform IBA’s strategic direction, to ensure we are meeting the increasing aspirations of our communities.
“Owning your home is not the only option and the full spectrum of housing outcomes needs to be addressed for Australia to improve its housing crisis – for our Indigenous and non-Indigenous people.
“The research is just the beginning and builds an understanding of the potential business and investment opportunities to assist the market supply secure and affordable rental properties to support the transition pathways for Aboriginal and Torres Strait Islander people into home ownership and other great housing outcomes.”
Read Pathways through Housing report.
Read First Nations Housing fact sheet.
Media contact: Tara Toohill 02 9207 6362 or tara.toohill@iba.gov.au
Have you seen our latest round-up of stories and news? If you haven’t seen it, find the e-newsletter here. This issue, as always, features our inspirational customers and includes:
Later this month we’ll be sending out an Indigenous Business Month special edition. If you want to ensure you receive this and future issues, sign up here.
Has your home or business been impacted by the recent floods to parts of the Derwent Valley, Tasmania?
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 15 October 2024, or until funds are exhausted (whichever comes first).
Additional information and resource links are below:
Eddie Fry, IBA Chair, presented this speech at the Developing Northern Australia Conference in Karratha on 27 August 2024.
IBA HAS A DREAM
IBA has always had big dreams, but many thought it a mere figment.
However, IBA has grown to become a significant institution of lasting maturity that has structured meaning and measured outcomes, to foster Indigenous wellbeing.
Over the last 5 years, IBA has had steady growth that has contributed to total consolidated assets exceeding $2 billion. This is a remarkable increase from $1.7b just 5 years ago.
IBA’s core business is to intersect the deployment of capital and human resources, with Indigenous communities, individuals and third-party stakeholders.
In the last 10 years, IBA progressively developed the capacity to expand its services but was constrained and unable to borrow or raise capital to meet growing demand.
IBA committed to identify new sources of capital and finance, and channelling these towards the assets and commercial ventures of our Indigenous customers.
We needed to think of new funding opportunities and innovative ways to get better results for our customers within our operating environment. Partnerships play an immensely helpful role in this.
As IBA has become a sophisticated financial institution, we proposed to change our governing Aboriginal and Torres Strait Islander (ATSI) legislation to allow IBA to borrow and raise capital, to meet the growing demand for Indigenous home ownership, business enterprise and investments.
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.
THE PRIME MINISTER SUPPORTED IBA LEGISLATION CHANGE AT GARMA
At the recent Garma Conference the Prime Minister announced that in the spirit of empowerment, the government will boost the investment, borrowing and lending power of Indigenous Business Australia.
This very exciting success for change of legislation for IBA will result in:
The Prime Minister spoke to us about the governments ‘new ambition, energy and determination to find new ways forward for Indigenous Australians’.
‘Sharpening the focus on delivery and strengthening accountability, real empowerment and lasting economic security for communities’.
I was inspired by several aspects of his message, such as:
These are more than words to us at IBA, this is why we exist.
Adding to the government’s momentum, the Treasurer announced that the 2024-25 Budget delivers on the commitments made in the Commonwealth’s Closing the Gap Plan and invests $2.4 billion in real actions that will make a tangible difference to Indigenous people’s lives.
IBA seeks to sustainably develop the Indigenous national economic footprint by empowering our customers to engage with economic and wealth-building activities. We also seek partnerships to provide opportunities to Close the Gaps.
FOUNDATIONAL SETTINGS
IBA continually seeks new pathways to success and with our learnings over last 10 years IBA has a substantial foundational framework with:
IBA’S IMPACT
At IBA we assist our customers on their journey to self-management and self-sufficiency. This becomes a turning point which has an expansive impact on the Indigenous Estate, wider Australia, and generations to come.
In the financial year to June 2024, IBA distributed $365 million in capital and development support to Indigenous individuals, families, business, procurement and partnerships.
The breakdown of the financial distribution includes:
Over the coming months, IBA will continue to pursue a broader investment program, financial strategies and commercial models to mobilize capital for high impact outcomes to make a greater contribution to the National Agreement on Closing the Gaps.
We have learned with our strategic changes in the IBA Investment Program across all of our product range, and pursue:
As our Prime Minister says ‘We are living with what’s been tried before, we know where the old road leads, we have to make a new path – and walk it together’.
At this point in time, I believe it is essential that we change and progress our Indigenous spring
CHANGE TO PROGRESS – OUR INDIGENOUS SPRING
According to George Bernard Shaw, ‘progress is impossible without change, and those who cannot change their minds cannot change anything’.
‘All progress is initiated by challenging current conceptions and executed by supplanting existing institutions’
We know that change is difficult, but we can advance change more productively with trusted partnerships.
We must seek steady economic development and commit to continued improvement in our institutions and in trusted partnerships with common purpose.
We have learned that our collective past is scattered with Indigenous economic and social fracture.
Social fractures are divisions in society, causing people and institutions to disengage with one another, which ultimately leads to economic, technological and cultural inequality.
You may recall that Charlie Perkins developed a point plan for Indigenous advancement, noting that ‘Aboriginals have to work this out for themselves.’
We need to have and implement on a continual basis this point plan including:
OUR INDIGENOUS SPRING
As part of my learning, I see this is the time for the emergence of our Indigenous Spring, a time for effective Indigenous led and implemented change.
A refined economic thinking is not groundbreaking, is often spoken of, but is rarely applied.
This is the next wave of building a win-win world for Indigenous Australians as we invest in northern Australian opportunities for our people.
We are here to consider northern economic development; we know that economics drives politics and our Prime Minister speaks with driving renewal sentiments, to adapt the way we do business.
What better place, what better time, what better circumstance is there for a national unity approach and an uplift in economic development.
For me it’s theoretical physics versus applied physics.
Theoretical physics is the idea or concept, but applied physics implements practical systems based on foundational sound principles.
Our continual learnings are about applying practical methods of implementation of our business models - for our customers to find solutions that work for them.
Our impact will demonstrate how to drive intergenerational change.
The Indigenous Estate is foundational for new economic thinking:
And - as a consequence…
WE HAVE AN INDIGENOUS ESTATE, BUT WHAT DO WE MEAN BY AN INDIGENOUS ECONOMY?
Let me begin by saying – there is only one Australian economy – only one GDP.
Articulating an Indigenous economy is understanding that the total and growing list of assets under management are held and owned by Indigenous groups across the nation and in particular for the assets of the northern zone.
We have land and more land, water and more water, and more and more assets
We need to understand the Indigenous assets current state of play in our work in order to identify opportunities to expand our assets. We need to understand:
The development of corporate and operational settings must be consistently aligned with the overall state of Australia’s economy.
The cyclical patterns of expansions, peaks, contraction and troughs, requires us to understand what factors impact Australia’s GDP, interest rates, employment and spending.
These patterns will play out on a constant theme and yet again Indigenous peoples will need trusted partnerships to ride the economic cycles of our wider Australian economy and its intersection with global markets.
TRUSTED PARTNERSHIPS
Trusted Partnerships bring to the table connection points to bridge our gaps in skills and experience.
Trusted partnerships will include revitalized institutions with a common purpose underwritten by capability and capacity and a willingness to explore alternative opportunities jointly.
Partnerships have always been a vital part of IBA’s success and demonstrates how our work alongside others to achieve their purpose, helps immensely in achieving our own.
Partnerships are a powerful platform for extending our reach, providing important co-design opportunities and help us deliver vital products and services with greater impact on the economic landscape.
IBA has a consistent approach for how we identify, appoint, manage and evaluate partnerships. We ensure the partnerships we embark upon are strategic aligned and set up to achieve maximum benefits for both us and our customers.
Our partnership goals include improving IBA’s reputation, efficiency, effectiveness and to generate measurable impacts. We seek partnerships that are:
WE PARTNER FOR THE FUTURE, FOR INTERGENERATIONAL TRANSFORMATION
IBA established a Partnership Framework when we revitalized IBA.
We learned the benefits of engaging in trusted partnerships and this became a foundation with which we deliver of our purpose.
Partnerships:
SO, WHAT IS POSSIBLE?
The Indigenous Spring is how I understand implementing in practical terms, Charlie Perkins Indigenous advancement, ‘Aboriginals have to work this out for themselves.’
Indigenous partnerships could be established or emerge as regional or zone offices defined by Native Title Prescribed Body Corporate areas, with sole ownership or in a Joint Venture arrangement.
The Regional or Zone office should address local initiatives and provide community identified opportunities to move our people away from welfare dependency and seek to improve housing, employment, health, wellbeing and restore dignity.
The office can assist our resilient Indigenous communities towards financial independence and reduce dependence on government housing, rental, and employment programs to locally address closing the gap targets.
Regional offices could manage community assets such as land holdings and infrastructure and share services with other offices.
In time, the office could widen the scope of investment, and management, with financial and technical assistance on Housing, SME’s and Education. The potential for local and systematic mapping of all utilities and infrastructure will identify new opportunities for development.
In essence, this would lead to an alternative deployment of targeted financial and human capital with greater impact at an individual and community Indigenous level.
An important aspiration within the “INDIGENOUS SPRING” will be a focus on education of our children as one of the pillars that underwrites and supports self-determination.
If there is limited access to education facilities in regional Australia, the office could underwrite tailored education opportunities for children, which may be outside of the immediate community. Students returning to community can offer employment capability, creativity and incentivise other children to aspire to higher education.
The “INDIGENOUS SPRING” is all about choice – motivation, incentivisation and skill development using the Indigenous Estate as a launch pad. This is our advantage.
Using our assets under management and ownership to leverage opportunities within the primary, secondary and tertiary sectors of the northern economy.
In closing
These ideas are not theoretical policy – they are applied practicality.
Indigenous disadvantage can evolve to Indigenous advantage.
We all know that achievements are not born, they are made - and we can make them.
I look forward to seeing a growing Indigenous Spring across northern Australia, as a model.
With unified Indigenous led changes, to practically address Indigenous economic disadvantage - by our people for our people.
THANK YOU for the opportunity to be here today.
Our Corporate Plan 2024-25 is now published.
The plan marks 50 years of the Indigenous Home Ownership Program. Since inception, the program has written over 21,000 home loans, improving the lives of thousands of Aboriginal and Torres Strait Islander families, while contributing to the overall housing assistance framework in Australia.
It outlines what we will do to deliver on the second year of our five-year strategy out to 2028.
During the year will deliver our next groundbreaking impact study, which explores the role financial wellbeing plays at the individual, family, and community levels.
Our 2028 strategy takes a wellbeing approach and places impact at the centre. This shows how we understand where our target outcomes fit within the broader needs of the people we serve.
“Informed by our performance and proof of the impact created, we will leverage our partnerships to collaborate and deliver projects and initiatives led by Aboriginal and Torres Strait Islander people.” Eddie Fry, IBA Chairperson.
The plan explains our priorities for the year ahead that will contribute to achieving our four strategic goals – Choice, Inclusion, Prosperity, and Excellence.
Investing in these areas will ensure we continue to achieve positive impacts in the lives of Aboriginal and Torres Strait Islander people.
Our Impact Reports demonstrate how our activities directly and indirectly address many of the disparities identified in the National Agreement on Closing the Gap, including those relating to housing, economic participation, education, employment, safety, health, and wellbeing.
IBA supports Aboriginal and Torres Strait Islander people to achieve financial inclusion and economic empowerment through:
Read our current and previous plans.
Indigenous Business Australia (IBA) launched its first Environmental, Social and Governance (ESG) strategy with Aboriginal and Torres Strait Islander wellbeing at the centre of consideration – wellbeing of Country, culture and community.
The strategy outlines how IBA intends to move beyond the mandatory compliance and risk management requirements to incorporate, where possible, the lived experiences of Aboriginal and Torres Strait Islander people.
The extensive rights and interests of Aboriginal and Torres Strait Islander people over land and waters, and intrinsic understanding and cultural knowledge of the landscape, means they are best placed to protect and restore Country and build resilience to climate change as well as other systemic and societal issues.
Five priority areas are the focus for IBA’s ESG strategy including: 1) climate change and resilience, 2) customer and data security, 3) human rights and labour, 4) integrity and business ethics, and 5) lending and investing responsibly.
These areas closely align with the goals and objectives in IBA’s Strategy Towards 2028 and are areas that present significant risk and opportunity in the short and medium term.
The strategy also provides a structured, systematic, and strategic approach to emerging ESG-related compliance and reporting requirements for matters like modern slavery and climate risk.
IBA Chairperson Eddie Fry, a Dagoman man, comments about the organisation’s commitment to the integration of ESG principles to support the aspirations of Aboriginal and Torres Strait Islander people, their businesses, our co-investors, and the communities to whom we serve.
“Connection to Country, culture, and community are inherent to Aboriginal and Torres Strait Islander values, worldviews and genealogy, providing a blueprint for sustainable development.
“IBA knows and recognises the important and inseparable links between Country and Aboriginal and Torres Strait Islander people. It is our responsibility and obligation to care for Country to ensure sustainability for future generations.
“We are witnesses to the urgency for a coordinated national and global effort to improve monitoring, evaluation, reporting and rehabilitation across a range of environmental, social, and governance (ESG) areas.
“IBA began a rapid transition because we have a very important role and responsibility to facilitate access to finance and capital that allows Aboriginal and Torres Strait Islander people and communities to meaningfully participate in the changing economic and ESG landscape.
“We’re exploring new opportunities to invest responsibly alongside Aboriginal and Torres Strait Islander people in sustainable ventures.
“We must all continue to evolve our approach to incorporate environmental and intergenerational aspects into our overall impact.”
Media contact: Tara Toohill 02 9207 6362 or tara.toohill@iba.gov.au
We’re halfway through the month, but August still has plenty in store! We've got a few of events lined up before the end of August—so if you're around, come by, say hello, and let's connect!
Developing Northern Australia Conference
Our Chair, Eddie Fry, will present, “Activating First Nations Led Opportunities in Northern Australia”. Our Executive Director, People & External Relations, Sean Armistead, will also join a panel discussion, “Partnering to Deliver Innovative Finance Solutions for Northern Australia”.
IBA Board Director Joshua Gilbert will present at this event which highlights the future of Environmental, Social and Governance (ESG) data and disclosure
As a proud sponsor of CONNECT 2024, we're excited to announce that Stella De Cos, Director, Community & Customer Experience will represent IBA, presenting at the Knowledge Forum. Additionally, we'll have a booth at the First Nations Tradeshow as part of Government Link.
IBA is a proud sponsor of the event and will be in attendance. Don’t miss Chris Moore, IBA's Senior Business Development Officer, as he presents during Session Four: “Navigating North Strategically” on Friday 30 August.
Dorrie Day Carnival of Careers – Bundaberg
As a sponsor, IBA are excited to be attending this community event. If you’re around, stop in and have a yarn with our team.
Indigenous Business Australia (IBA) set out a clear path to deliver financial inclusion and economic empowerment with Aboriginal and Torres Strait Islander people. At the recent IBA Board Meeting, the Board reviewed the performance and strategy, and confirmed that the goals set in place a year ago in the Strategy Towards 2028 are well on track. 
In the financial year to 30 June 2024, IBA delivered significant achievements to our PBS targets including providing access to capability building, knowledge and networks to 3829 individuals (Measure 1); distributed capital and capability development support in the sum of $365 million (Measure 3); and delivering a comprehensive impact study (Measure 5).
The breakdown of the financial commitment of $365 million includes $227 million approved home loans, $73 million approved business finance, $53 million co-investment contribution and capital distributed by IBA, $2 million external business support, $9 million Aboriginal and Torres Strait Islander procurement, and $676k partnerships with Aboriginal and Torres Strait Islander organisations.
Progress towards our goals include launching an Environmental Social and Governance Strategy (ESG) later this year that incorporates Aboriginal and Torres Strait Islander interests at the core of the program and reporting on the latest impact research focussing on financial wellbeing.
IBA Chairperson Eddie Fry, a Dagoman man comments about the performance to date and a strategy focussed on Indigenous prosperity.
"Our Strategy Towards 2028 is a testament to our unwavering commitment to enhancing the financial wellbeing of Aboriginal and Torres Strait Islander communities, ensuring we thrive for generations to come."
“From assisting families to buy their first home, to supporting businesses to grow and secure contracts worth millions of dollars, our activities have a significant positive impact on the lives of many.
"The strategy is a roadmap for growth and empowerment, but it’s the performance to date that demonstrates our commitment to deliver on that goal – a collective dedication to drive meaningful change for the economic aspirations of Aboriginal and Torres Strait Islander people.
“I am deeply proud of IBA’s commitment to supporting our people in achieving financial independence and lasting outcomes for the communities we serve and look forward to more good things to come – particularly working with the new Minister for Indigenous Australians, Senator the Hon Malarndirri McCarthy, and developing the commitments the Prime Minister announced at Garma about boosting the investment, borrowing and lending power of IBA.”
More details of end of year performance to be shared in IBA’s upcoming annual report.
For more information on IBA’s strategy, please see IBA Corporate Plan - Strategy Towards 2028.
Media contact: Tara Toohill 02 9207 6362 or tara.toohill@iba.gov.au
I’m currently living and residing on Turrbal and Yuggera Country in Brisbane. Growing up, I lived in many places all over Australia but was mainly raised in Alice Springs in the NT. Even though I spent a lot of time in the desert, I have a big affinity with water. Whenever I can, I love to spear fish and surf.
I work as a Relationship Manager in our Brisbane office. I work with existing business clients to support them along their business journey. We’re all-rounders, including writing new business loans, managing accounts, hashing out ideas with our clients, and working on projects to try and support our customers. Our goal is to try and keep businesses running, supporting them to grow and to achieve their goals.
I’ve been working in finance for over six years now after finishing a Bachelor of Commerce at Flinders Uni in Adelaide. After reading about IBA through a job listing, I really liked its core values and its not-for-profit approach. IBA offers a bit of a different experience and I feel IBA is connected to its people and genuinely cares for and wants people to succeed.
I joined IBA to try and create opportunities that make lasting change. Helping Aboriginal and Torres Strait Islander businesses grow has really cool flow-on effects for community. Having a part to play in that aligns with my values to influence change.
IBA also gives me the opportunity to build strong relationships with customers. I didn’t really like the suit and tie aspect of finance but being able to have a more casual approach has been more enjoyable for both me and my clients. Trust is important in any relationship, and I find I can be more personable here and have access to resources that can help people and businesses. The work I do allows me to build and maintain meaningful relationships.
As you could guess, I feel most connected when I’m in the water, getting out in the waves and being present in a body of water. Being in the water is a great way to reset and refresh. I always feel better after a dip.
