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.
This week, eight participants of the Northern Territory Aboriginal Tourism Accelerator program met on Larrakia Country to present at their final showcase and celebrate their achievements.
The showcase marked the end of a six-month program delivered by Indigenous Business Australia (IBA) in partnership with the Northern Territory Government. The partnership was part of a commitment to bolster the Northern Territory’s Aboriginal tourism experiences and expand the opportunities for our Aboriginal businesses to share culture and country with the rest of the world.
IBA’s commitment to the Northern Territory also follows our new office opening in Darwin late last year which was officially opened by Assistant Minister Malarndirri McCarthy.
The specialist business program, called the NT Aboriginal Tourism Accelerator Program, was delivered to support Aboriginal entrepreneurs to create and grow strong and sustainable tourism businesses. The program was open to Aboriginal Territorians and NT based Aboriginal businesses and organisations (greater than 50% Aboriginal owned).
“This transformative journey has been nothing short of remarkable,” said Southern Arrernte woman Stella de Cos, Director, Community & Customer Experience, IBA. “The program has empowered our Aboriginal entrepreneurs and allowed them to develop their business ideas and skills.”
“We’re immensely proud of our participants, and the great strides they’ve made in the development of their businesses or business ideas, they have each brought their deep cultural responsibility and connection and infused them into their business models. We are excited to see how they develop over the coming year.”
Minister for Tourism and Hospitality Joel Bowden said the NT Aboriginal Tourism Accelerator Program is another example of the Lawler Labor Government’s commitment to the growth and development of the Aboriginal tourism industry and Aboriginal workforce.
“We’re pleased to have partnered with Indigenous Business Australia who have an excellent track record in delivering successful accelerator programs, and promoting genuine Aboriginal cultural experiences in tourism; we look forward to seeing new and innovative business ideas for the Territory come from the program.”
The entrepreneurs undertook a transformative journey where they immersed themselves in a wealth of knowledge and experiences facilitated by a curated team of business experts and guests.
During their journey, the program participants joined a cross state cultural immersion in Queensland, meeting with QLD Aboriginal tourism operators, exploring and immersing themselves in tourism experiences in both North Queensland (Cairns and Mossman) and Southeast Queensland (Minjerribah Island). These vibrant regions provided fertile ground for learning, connection, and inspiration.
Zoe Fitzpatrick, Yanyuwa Garrwa woman was one of the program participants and noted about the experience: “I am doing this accelerator with my family to start a tourism business on country in Borroloola to generate inter-generational wealth, so our people and culture don’t just survive but we thrive.”
“Our business model isn’t just about establishing a tourism enterprise on country, it is also about educating Australia’s future leaders and improving relationships between Indigenous and non-Indigenous Australians.“We know people want to learn from us and we can see potential to help educate our future teachers, lawyers and decision makers on Aboriginal culture while showcasing our breathtaking Northern Territory.”
Between the in-person learning block sessions, the entrepreneurs undertook intensive one-on-one business coaching. This personalised guidance has equipped them with the tools and strategies needed to propel their ventures forward. But the coaching doesn’t end at the showcase. The graduates are now well-equipped to move onto the next stage of their business, and for the next three months, will receive ongoing coaching, ensuring sustained growth and impact.
“The IBA program provided me with invaluable insights into business planning and development, equipping me with the tools to turn my vision into reality,” said Arian Pearson of Bawaka Yolngu Fishing Tours.
“Through the course, I learned my business strategies, honed my operational plans, and built a solid foundation for offering authentic fishing experiences in the rich cultural landscape of Bawaka. This education not only enhanced my business knowledge but also deepened my commitment to my family and cultural values and has given me hopes for my future career in fishing and tourism.
''My experience has given me insight into my future career. It has given me confidence in one day owning and operating my own fishing guided business in the near future.''
Images and interviews available upon request.
Media contact: Tara Toohill 02 9207 6362 or tara.toohill@iba.gov.au
Indigenous Business Australia (IBA), with support from the Department of the Prime Minister and Cabinet, delivered $2.7 million of funding to social enterprises run by Aboriginal and Torres Strait Islander women, with outcomes specifically for women, girls and sistergirls. The partnerships transformed both the small businesses involved and the communities they supported.
Launched in January 2023, IBA established and worked 23 First Nations social enterprises over 16 months.
The partnerships were established to support the delivery of a range of programs including assisting First Nations women and girls prepare for employment preparation or start or grow their own businesses.
Key focus areas for the programs also included business development, financial literacy, wellbeing, and upskilling/training.
Participants overwhelmingly stated that these programs supported their confidence in taking the next step in their journey and empowering them to feel confident and make decisions.
One of the 28 programs delivered provided hope for First Nations women confronted with the impact of lateral violence.
Woolwonga and Kukatj woman, raised on Larrakia and Yolngu land, Lateesha Jeffrey, has firsthand experience and knowledge about the devastating impact of lateral violence on First Nations people and communities. Building on her own resilience, Lateesha created the ‘Lateral Empowerment’ program delivered through her business, Wave of Change Consultancy.
From Tennant Creek, and Groote Eylandt to Galiwin’ku, Lateesha and her team successfully worked with women and girls from 14 different remote and very remote locations to give them reflective tools to cut through the dark sides of lateral violence and inspire and uplift one another.
“Participants are provided the safe space to practice reflection, whilst also empowering responsibility and accountability towards changing the negative narrative, instilling principles of lateral empowerment for future generations.”
“The power of this program,” Lateesha said, “is that by capturing what makes the participants feel safe to connect, share and learn, we created a ripple effect because the women understood how to support and uplift others within their community to eventually stop lateral violence altogether.”
Stella de Cos, Southern Arrernte woman and IBA Director of Community and Customer Experience, led the team that oversaw the partnerships and says the program resulted in positive change for our women around the country.
“These partnerships brought an amazing opportunity for First Nations female entrepreneurs and female-led community organisations to continue to innovate and solve economic safety issues facing First Nations women and their communities.
“Women are the strongest pillars of many of our First Nations communities. Empowering them builds opportunities to continue the positive impact and the change they drive.”
Media contact: Tara Toohill 02 9207 6362 or tara.toohill@iba.gov.au
The next Strong Women Strong Business Lunch and learn will help you and your business get more savvy about security. 
The session will be facilitated by experienced Muruwari woman and Founding Director of Indigenous Technology, Cheryl Bailey.
Join us on zoom for an hour for an interactive lunch & learn session which empowers participants with essential knowledge and tools to counter cyber security attacks effectively. It’s ideal for anyone seeking to bolster their cybersecurity awareness and safeguard their digital identity.
Date: Thursday 11 July
Time: 12.00pm - 1.00pm AEST
Reserve your spot via Eventbrite here.
We're all gearing up for NAIDOC which looks like it will be bigger than ever this year.
It's our favourite time of the year to celebrate blak excellence. So we'll be getting out and about in the local community and soaking up the spirit of NAIDOC.
Here's a list of events across the country that we'll be at. If you're at any of these, please find us and say hello!
Adelaide /Kaurna Country
Alice Springs / Arrernte Country
Brisbane /Turrbal and Yuggera Country
Acacia Ridge NAIDOC Family Fun Day
The Murri School
Friday 5 July
10.00am-2.00pm
Aboriginal & Islander Independent Community School, 1277 Beaudesert Road, Acacia Ridge
Canberra / Ngunnawal and Ngambri Country
Darwin / Larrakia Country
Melbourne / Wurundjeri Country
Sydney / Gadigal Country
Tamworth / Kamilaroi Country
Townsville / Bindal and Wulgurukaba Country
Wagga Wagga / Wiradjuri Country
If you’re one of our home lending or business finance customers, keep an eye on your inbox. You may receive an email from us this week inviting you to take a survey to be part of our impact research. 
IBA’s next impact study is led by Yindyamarra Consultancy and Lonergan Research. The results will be used to identify how we can improve our products and services to continue to meet the needs of Aboriginal and Torres Strait Islander people.
The survey invites customers to share your thoughts on the impacts of our activities, and aspects of financial wellbeing. The goal of the impact research is to understand how our products and services support wellbeing at an individual, family, and community level, and to improve our relationships with the communities we serve. It will take approximately ten minutes to complete and closes 7 July 2024.
It builds on studies undertaken in 2020 and 2022 - you can read the latest impact report here.
We really appreciate your participation!
The Strong Women Strong Business Lunch & Learn online sessions are back! Join us online for a lunch hour, and hear from inspiring Aboriginal and Torres Strait Islander women.
The first in the new series is on Thursday 6 June, 12pm AEST - Goal Setting with Natasha Short.
Natasha Short is a descendant of the Jaru people of the Halls Creek community. Natashas work over the past 25 years has been around community development and investment into social change initiatives.
She has past experience in board memberships, and held various leadership roles over the past 20 years, including executive team appointments. In 2018, Natasha launched the business Kimberley Jiyigas (Birds) ‘A Movement of Kimberley Indigenous Women influencing Social Change’ to help create a voice for Indigenous women, promote Indigenous Culture and empower women into business opportunities.
Natasha is the Managing Director of Kimberley Jiyigas and the Club Captain of the Maganda (Tomorrow) Makers initiative where Influencing social change through Indigenous leadership and business development are a focus and passion.
Natasha is committed to Indigenous people succeeding and living purposeful and independent lives and believes that giving people the resources and support they need, can help transform our communities. Kimberley Jiyigas (Birds) and Maganda (Tomorrow) Makers have created an extensive number of strengths-based resources that seek to educate people, resulting in positive impacts within our communities. These valuable resources, and more information can be found on our websites, and can be used freely.
https://kimberleybirds.com.au/
https://magandamakers.business/
Natasha lives in Kununurra, East Kimberley, with her family.
Book your place or find out more via Eventbrite here.
We'll let you know about future Lunch & Learns soon. Watch this space for details!
