Indigenous Business Australia (IBA) is on track to deliver financial inclusion and economic empowerment targets for Indigenous people established in its long-term strategy.
The IBA board recently met to analyse the performance 12 months on, confirming goals set in place in the Strategy Towards 2028 were being met.
The board analysis found IBA was delivering financial inclusion and economic empowerment for First Nations people, with $365 million distributed to support capital and capability development last financial year.
In that period IBA delivered significant achievements to its PBS targets, including providing access to capability building, knowledge and networks to 3829 individuals (Measure 1); distributing capital and capability development support of $365 million (Measure 3); and delivering a comprehensive impact study (Measure 5).
The breakdown of the financial commitment of $365m includes $227m of approved home loans, $73m of approved business finance, $53m co-investment and capital contributions, $2m for external business support and $9m on Indigenous procurement.
Targets to be met include IBA launching its Environmental Social and Governance Strategy (ESG) later this year, which includes reporting on the latest impact research focusing on financial wellbeing.
IBA chairperson Eddie Fry, a Dagoman man, said Strategy Towards 2028 was a testament to IBA's unwavering commitment to enhancing the financial wellbeing of Indigenous communities.
"From assisting families to buy their first home, to supporting businesses to grow and secure contracts worth millions of dollars, our activities have a significant positive impact on the lives of many," he said.
"The strategy is a roadmap for growth and empowerment, but it's the performance to date that demonstrates our commitment to deliver on that goal."
Mr Fry said the efforts from the IBA team over the year was evidence of a collective dedication to drive meaningful change for the economic aspirations of Indigenous people.
"I am deeply proud of IBA's commitment to supporting our people in achieving financial independence and lasting outcomes for the communities we serve," he said.
"I look forward to more good things to come – particularly working with the new Minister for Indigenous Australians ... and developing the commitments the Prime Minister announced at Garma about boosting the investment, borrowing and lending power of IBA."
Mr Albanese told festival participants last Saturday Labor's Future Made in Australia agenda would improve economic outcomes for Indigenous communities through better private sector investment and borrowing.
The PM told the country's largest Indigenous cultural gathering that comprehensive Indigenous economic policy was needed.
"Let me make it clear, our government will take up that challenge," he said at the recent Garma Festival.
"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."
More information about IBA's Strategy Towards 2028 can be found online.
