The Prime Minister has upped the stakes on Indigenous economic development, with new climate and industry policies designed to leverage benefits for remote communities during Australia's clean energy transition.

Anthony Albanese told attendees today at the Garma Festival in the Northern Territory his government had a fresh focus for Indigenous affairs and the economic empowerment for First Nations people after October's failed referendum and recent Closing The Gap target shortfalls.

Mr Albanese told festival participants Labor's Future Made in Australia agenda would improve economic outcomes for Indigenous communities through better private sector investment and borrowing.

Investors, developers, companies and job creators would have direct contact with communities in northern Australia and regional centres, in an effort to boost employment and home ownership.

Speaking on Saturday to the country's largest Indigenous cultural gathering, Mr Albanese said comprehensive Indigenous economic policy was needed.

"Let me make it clear, our government will take up that challenge," he said.

"We know this has not been tried before on a national scale. We understand this is a new approach. That should not be cause for concern. It is a reason for optimism.

"We are living with what's been tried before. We know where the old models take us, we know where the old road leads.

"We have to make a new path, and walk it together."

Mr Albanese's speech heralded a shift in government policy that would produce economic outcomes to help close the gap.

He also showed his hand on Indigenous engagement, declaring communities should have a say and benefit from renewables projects on First Nations land.

This enhanced cooperation would be achieved by the establishment of a First Nations Economic Partnership with the Coalition of Peaks.

He also announced a $20 million investment to build the Garma Institute, a tertiary education centre owned and run by the Yolngu people.

"I have not come back to this place of fire, to rake through the ashes," Mr Albanese.

"I am here because my optimism for a better future still burns.

"We can be a country where Aboriginal and Torres Strait Islander people have power over their destiny."

The weekend's event in the NT is the first major outing for Mr Albanese and his newly-appointed Indigenous Australians Minister Senator Malarndirri McCarthy, who succeeded Linda Burney in the role this week.

The Prime Minister said it was possible to confront a legacy of dispossession and disadvantage for Indigenous people, but it would require a new path.

Yothu Yindi Foundation chief executive Denise Bowden told the crowd October's referendum had been soul-crushing.

"Our ancestors made us strong, intelligent, determined people and we have needed all of these qualities as we experienced the referendum result," she said.

Yothu Yindi chair Djawa Yunupingu said when he spoke at the 2023 Garma Festival he was confident his people would have a voice in the Australian constitution the following year.

Despite the failure of October's referendum, he said his people chose to look to the future.

"Yolngu people are not dismissed by a single event," he said in north-east Arnhem Land on Saturday.

"The land is timeless and powerful, it remains and we remain, and I stand here today to tell you we will renew ourselves, not tomorrow, but today."

"We sought a path to unity and we still seek it, we know that after the fire comes renewal and that goodness rises in the country after the fire has burned through the country."