Australia urged to adopt bold reforms for Indigenous economy

The Joint Standing Committee on Aboriginal and Torres Strait Islander Affairs has released a new report detailing 22 recommendations aimed at promoting Indigenous economic self-determination and prosperity in Australia.

The report, a result of collaborative efforts with First Australians Capital (FAC) and the First Nations Economic Empowerment Alliance, highlights the necessity for comprehensive reforms to dismantle systemic obstacles while unlocking economic opportunities for Indigenous communities. Senator Jana Stewart led the initiative, which took two years of research conducted by the Australian National University (ANU) and the Alliance.

"We need to completely reimagine the economic empowerment of Indigenous peoples," said ANU Professor Peter Yu, Chair of the Alliance. He emphasised that First Nations businesses generate a significant AUD $16.1 billion annually and support over 116,000 jobs, yet they face considerable challenges in accessing necessary capital for growth. "This report is not just another contribution to the discussion—it's a demand for immediate action," added Professor Yu. "The time for incremental change is over. Government, industry, and Indigenous leaders must come together now to drive the fundamental reforms needed for genuine economic justice."

FAC expressed pride in contributing to the Committee's recommendations, particularly those fostering the growth of the Indigenous business sector. The report includes initiatives such as reviewing and strengthening the Indigenous Procurement Policy and piloting entrepreneurial mentorship programs for Aboriginal and Torres Strait Islander women. It also proposes enhancing access to finance, addressing barriers to responsible lending from mainstream financial institutions, accelerating collaboration with the First Nations Economic Partnership, and adopting the UN Declaration on the Rights of Indigenous Peoples to inform policy development.

Jocelyn King, Chairperson of FAC, commented on the importance of the findings: "First Nations businesses are a vital part of Australia's economic landscape, yet they continue to face entrenched barriers that limit their potential. The recommendations in this report are a critical step toward dismantling these barriers and creating the conditions for Indigenous economic self-determination. FAC is committed to supporting systemic change that ensures First Nations communities can fully contribute to and benefit from Australia's economy. Now is the time for bold action—together, we can create a new economy driven by First Australian businesses."

Beyond the outlined recommendations, the report advocates for reciprocal partnerships between governments, financial institutions, and Indigenous communities. These partnerships aim to ensure Indigenous voices are integral in policy-making processes while fostering sustainable economic growth.