As Garma Festival continues in northeast Arnhem Land, it is once again the stage for big promises about the future of First Nations people in this country.

Political leaders, policymakers and community advocates are gathered on Yolŋu Country to talk about change, but the question remains: how much of what is being said here will translate into action?

This year, Prime Minister Anthony Albanese unveiled what he calls a "historic shift" in how governments engage with Aboriginal and Torres Strait Islander communities on economic development. The centrepiece is the new First Nations Economic Partnership, co-designed with the Coalition of Peaks and the newly formed First Nations Economic Empowerment Alliance.

The government says the partnership will change the way economic opportunity is delivered across the country. Key elements of the plan include:

- $75 million to strengthen Prescribed Bodies Corporate (PBCs). These organisations, which hold and manage Native Title on behalf of Traditional Owners, have long complained of being underfunded and unable to fully capitalise on commercial opportunities. The government promises this new investment will help PBCs negotiate better deals, speed up approval processes and leverage Native Title assets to build long-term wealth for communities.

- Reform of funding models for PBCs, to give them more stable and sustainable resources, rather than relying on inconsistent project-based funding that has often left them hamstrung.

- A commitment to ensure Special Investment Vehicles, such as the Northern Australia Infrastructure Facility (NAIF) and the Australian Renewable Energy Agency (ARENA), deliver tangible benefits to First Nations communities. This comes after years of criticism that multi-billion-dollar infrastructure programs have largely bypassed Indigenous businesses and landholders.

- A review of how Indigenous Business Australia (IBA) and the Indigenous Land and Sea Corporation (ILSC) can work together to support economic development in communities that do not hold Native Title, recognising that many Aboriginal and Torres Strait Islander people are currently excluded from key programs.

- $31 million to establish 12 Mobile TAFE units, which will deliver on-Country skills training in industries including construction, health care, hospitality, resources and renewable energy. The aim is to ensure people in remote and regional areas can gain qualifications and access local job opportunities without having to leave their communities.

- Expressions of interest opening for $70 million in First Nations Clean Energy funding, aimed at kickstarting local renewable energy projects and ensuring First Nations people are partners, not bystanders, in Australia's energy transition.

- 800 new jobs in the Remote Jobs and Economic Development program, on top of 650 jobs already delivered: and

- Six additional remote water infrastructure upgrades, bringing clean and secure water supplies to 34,000 people nationwide.

The government says these measures will put communities in the "driver's seat" of economic opportunity, ownership and equity, delivering real jobs and building an intergenerational legacy of prosperity.

Yet there is reason to question whether this latest suite of announcements represents real change or another layer of process wrapped in new branding. Closing the Gap targets remain in crisis. Many indicators are worsening, particularly in the Northern Territory where Indigenous incarceration rates are among the highest in the world and child health outcomes lag far behind the national average.

Yothu Yindi Foundation CEO Denise Bowden used her Garma address to challenge both the federal and Northern Territory governments over systemic neglect and funding mismanagement. She said the nation cannot accept "billions meant for Aboriginal disadvantage being redirected to bureaucracy or Darwin waterfront projects," and called on the Prime Minister to intervene directly to ensure GST and federal grants reach the communities they are supposed to serve.

Meanwhile, Senator Lidia Thorpe has described the Prime Minister's presence at Garma as "an exercise in optics", warning against what she called "beads and trinkets" politics, a photo opportunity designed to project concern while avoiding the hard, structural reforms First Nations people have demanded for generations.

The authors of the Uluru Statement from the Heart have also weighed in, warning that shifting focus to "economic empowerment" without Voice, Treaty and Truth risks repeating the failures of the past. They argue that genuine self-determination and power-sharing are essential if governments want to deliver lasting change.

The new Economic Partnership could be different. It has the right ingredients: co-design with respected Indigenous bodies, commitments to build capacity, and promises of investment in community-led priorities. But history gives every reason to remain cautious. Too many initiatives announced with fanfare have been watered down or undermined by the very systems they were meant to transform.

Garma is a powerful platform. It should be a place where leaders are held to account, where the truth about policy failures is confronted, and where solutions led by First Nations people are not just heard but implemented. Without that, announcements risk becoming another entry in a long list of promises made under bright lights while the gap they are meant to close remains wide open.

Reece Harley is Managing Director of the National Indigenous Times.