Indigenous economic power: New report paves a path to prosperity
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A landmark report outlines a roadmap for Indigenous economic self-determination, through systemic change to empower First Nations businesses.
The report was launched in Sydney by the Joint Standing Committee on Aboriginal and Torres Strait Islander Affairs, in collaboration with First Australians Capital (FAC) and the First Nations Economic Empowerment Alliance.
The report, titled “Inquiry into economic self-determination and opportunities for First Nations Australians,” identifies systemic barriers hindering Indigenous businesses and proposes 22 key recommendations for reform.
Empowering First Nations businesses
“We need a complete overhaul of how we empower Indigenous peoples economically,” states Professor Peter Yu, Chair of the First Nations Economic Empowerment Alliance and ANU Professor. The report highlights the crucial role of Indigenous businesses, generating $16.1 billion annually and employing over 116,000 people. However, access to capital remains a significant hurdle to growth.
Professor Yu emphasises the urgency of action: “This report is a call for immediate action, not just another discussion piece. Incremental change won’t suffice. Collaboration between government, industry, and Indigenous leaders is vital to drive fundamental reforms for true economic justice.”
FAC applauds recommendations supporting Indigenous businesses
FAC, a national First Nations-led fund manager, applauds the report’s focus on fostering a thriving Indigenous business sector. FAC particularly resonates with recommendations that encourage capital access:
- Recommendation 3: Review and strengthen the Indigenous Procurement Policy.
- Recommendation 7: Pilot entrepreneurial mentorship programs for Aboriginal and Torres Strait Islander women.
- Recommendation 8: Enhance access to finance and capital for First Nations peoples.
- Recommendation 9: Address barriers to responsible lending from mainstream banks and financial institutions.
- Recommendation 20: Accelerate collaboration with the First Nations Economic Partnership.
- Recommendation 21: Ratify the UN Declaration on the Rights of Indigenous Peoples (UNDRIP) to guide policy development.
FAC Chairperson Jocelyn King emphasises the importance of dismantling barriers: “First Nations businesses are a vital economic force in Australia, yet they face limitations. These recommendations are crucial to creating the conditions for their self-determination. FAC is committed to systemic change so Indigenous communities can fully contribute to and benefit from the economy. Bold action is needed – together, we can create a new economy driven by First Nations businesses.”
Collaboration and UNDRIP ratification
The report further underscores the need for reciprocal partnerships between governments, financial institutions, and Indigenous communities. This collaborative approach would promote sustainable economic growth and ensure Indigenous voices shape policy decisions. Notably, recommendation 21 advocates for the ratification of the UN Declaration on the Rights of Indigenous Peoples (UNDRIP) to guide policy development.
Also read: Why Indigenous People need allies to Close The Gap
