Last week's announcement of a new agreement to establish a First Nations Economic Partnership has been welcomed by the peak body representing Victorian Traditional Owner groups.

Speaking at Garma, Prime Minister Anthony Albanese unveiled a $75 million investment in Traditional Owner organisations to manage Native Title rights, alongside $70 million for Indigenous clean energy projects and $31 million for a mobile TAFE program.

Coalition of Peaks lead convener Pat Turner said the partnership was about giving Indigenous communities control over their economic future.

"Aboriginal and Torres Strait Islander people have been clear for decades that our community-controlled organisations are the best employers of our people, providing the foundation for our economic development," she said.

The Coalition of Peaks, together with the Prime Minister and the First Nations Economic Empowerment Alliance, said the partnership aims to "advance economic empowerment and lasting economic security for Aboriginal and Torres Strait Islander people, communities, and organisations".

In response, the Federation of Victorian Traditional Owner Corporations (FVTOC) called the announcement a "welcome and important change" but stressed it must not "leave behind groups without recognised Native Title or ignore the Victorian research outlining a Traditional Owner-led pathway to economic justice".

FVTOC interim chief executive Kaley Nicholson said for strong Indigenous communities, "money isn't a dirty word." Instead, she said it is "what enables us to set our own priorities, make our own decisions, and do what's best for our communities".

"We have always had the authority and capability to deliver for our communities, and now, finally, it seems like that's being recognised in a meaningful way," Ms Nicholson said.

Minister for Indigenous Australians Senator Malarndirri McCarthy said, "economic empowerment is about self-determination and creating opportunities that reflect the aspirations of First Nations communities".

"Prescribed Bodies Corporate are critical partners for Traditional Owners, the first point of contact in commercial negotiations and strong vehicles for First Nations economic empowerment," she said.

Ms Nicholson cautioned the success of the new approach will rely on implementation rather than promises. She highlighted FVTOC's March modelling, which estimated $1 billion in benefits to the Victorian community from a $300 million investment in Traditional Owner corporations' activities — regardless of whether the group holds formally recognised native title.

"We were forced off our land and pushed into poverty by government, so today, nothing less than decision-making will be accepted," Ms Nicholson said.

"And it's more than selecting mentorships for mob — we're calling for an economic transformation that genuinely puts us as Traditional Owners back in control of our lives.

"Economic independence as outlined in the Roadmap will drive generational change for First Nations communities and help realise justice for our people."

Announcing the agreement, the Prime Minister said, "making sure Aboriginal and Torres Strait Islander Australians can get a secure job, make the most of business opportunities and benefit from their land is a big part of Closing the Gap".

Ms Nicholson said the PM's comments could mark a new level of understanding and progress for Indigenous people nationwide.

"If we do this right, tomorrow could mean a new reality for First Nations communities — strong in culture, with our communities thriving, and our til-now untapped potential rising the economic tide across the board," she said.

"That's what we want to see, and it starts with genuine partnership, joint decision-making, restored land rights and the economic reform Victorian Traditional Owners have revealed in the roadmap."