Commonwealth Bank has launched its FY26–28 Reconciliation Action Plan, setting out a strengthened series of commitments aimed at deepening engagement with Aboriginal and Torres Strait Islander people in employment, procurement and community partnerships.
The launch coincided with a formal event in Sydney marking 10 years of the bank's Indigenous Advisory Council. The event, held on Gadigal Country recently, brought together Indigenous leaders, community stakeholders and bank executives.
In his keynote address, IAC chair Sean Gordon reflected on the decade-long role of the council in shaping CommBank's reconciliation journey.
"A decade of continuous advice, advocacy and accountability is no small achievement," Mr Gordon said.
"It demonstrates a genuine willingness from this organisation to listen, to be challenged and to grow."
The IAC, established in 2014, provides strategic guidance to the bank on Indigenous matters and ensures First Nations perspectives are present at the highest levels. Along with Mr Gordon, its current members are Mick Gooda, Bronwyn Bancroft, Mayrah Sonter and Gail Mabo. The new action plan outlines more than 50 measurable actions.
Key highlights include:
Spending a cumulative $100 million with First Nations businesses between July 1, 2025 and June 30, 2028
Recruiting 150 First Nations peoples each year through targeted employment pathways
Expanding Indigenous customer support and cultural capability training across the organisation
Embedding Indigenous engagement principles to ensure shared decision-making and co-design Gordon says the introduction of Indigenous engagement principles marks a shift from transactional consultation to genuine partnership.
"True reconciliation isn't just about what you do for Indigenous people, it's about what you do with us," he says. "Reconciliation can't be bolted on. It must be built in. It must be embedded in how we hire, how we lead, how we invest and how we serve."
The RAP has been formally endorsed by the Commonwealth Bank board and is supported at the executive level. CEO Matt Comyn maintains regular dialogue with the IAC through the CEO Advisory Council.
The launch comes at a time when the role of the financial services sector in advancing Indigenous economic inclusion is under increasing public focus.
Advocates say the sector's reach gives it significant potential to drive change, provided commitments are backed by delivery.
First Nations Foundation chairman Ian Hamm has previously emphasised the vital role that the private sector must play in advancing Indigenous economic participation and he has called for sustained investment across the economy.
"It is only logical, and necessary, for the private and community sectors to make substantial and meaningful efforts to uplift Aboriginal people by way of the economy writ large," he said.
"Aboriginal Australians are some of the most clever, industrious and able people that this country has and we, as a nation, are wasting this invaluable resource."
The RAP also includes commitments to improve access to banking services for Indigenous customers, strengthen place-based partnerships and increase financial literacy support in community-led contexts. Career development initiatives for Indigenous staff will be enhanced, including mentoring programs, leadership opportunities and cultural support networks.
Mr Gordon closed the event by encouraging all parts of the organisation to move from policy to impact:
"Let the next decade be defined not just by plans and policies, but by impact," he said.
"By Indigenous bankers thriving in this workforce, by Aboriginal businesses flourishing in our supply chain and by communities seeing the Commonwealth Bank not as a transaction but as a trusted partner."