At this year's Developing Northern Australia Conference held on Gimuy Walubarra Yidinji and Yirrganydji Country in Cairns, Darren Godwell, Chairman of Indigenous Business Australia, delivered a powerful address on transforming the economic future of First Nations communities through strategic investment and reform.

Mr Godwell, a Fellow of the Australian Institute for International Affairs, presented a compelling case for expanding the First Nations economy; one built not on charity or compliance, but on capital, capability, and co-investment.

IBA's portfolio now spans $2.3 billion in assets, including $1.3 billion in home lending, $100 million in business finance, and nearly $280 million in Indigenous co-investments. These numbers aren't just impressive; they represent real opportunities being seized by Aboriginal and Torres Strait Islander entrepreneurs across Northern Australia. From construction and mining to housing and defence, First Nations businesses are fast becoming key players in the region's economic landscape.

"IBA has supported around 56 per cent of the recent growth in First Nations business ownership," Mr Godwell shared, citing internal analysis of ABS data from 2006 to 2021.

"And now, thanks to legislative reforms, we're in a position to supercharge that impact."

New legislation introduced by the Albanese Government gives IBA greater flexibility to invest in high-growth sectors and respond faster to market opportunities. More importantly, it centres First Nations people in decision-making—from planning to execution—ensuring that communities aren't just beneficiaries but architects of their own futures.

Mr Godwell also outlined IBA's Shared Prosperity Investment Model, which brings Traditional Owners, sovereign and private investors together in co-owned enterprises that build, lease, and operate assets with full Free, Prior, and Informed Consent. It's a model that respects sovereignty while building wealth.

"Economic empowerment is about more than money," he said. "It's about self-determination, long-term opportunity, and social licence. It's about rewriting the story of how business is done on Country."

Speaking specifically to the Northern Territory's growing role in national defence, Mr Godwell noted: "Indigenous businesses will play a transformative role in the future of defence sustainment and infrastructure across the NT."

"With the sector growing by 50 per cent between 2016 and 2021, Indigenous businesses—due to their proximity, ambition, and capability—are well-positioned to deliver within this sector."

When asked how IBA is supporting this vision, he explained: "IBA has supported over 5,500 Indigenous businesses in recent years, delivering $100 million in business finance and $278.9 million in Indigenous co-investments."

"Recent legislative reforms have expanded IBA's remit, allowing it to borrow and raise capital. This unlocks billions in private investment to support infrastructure and enterprise development on Country."

Mr Godwell was clear that engagement needs to shift beyond box-ticking.

"Consultation must evolve into co-design and co-ownership. First Nations communities can ensure direct benefit by asserting Free, Prior and Informed Consent (FPIC) as a foundational principle for all defence-related developments on Indigenous land," he said.

"Key barriers include access to capital for scaling operations to meet defence contract requirements, limited early-stage engagement in project planning, and complex procurement processes that can disadvantage smaller or emerging enterprises."

To overcome these barriers, IBA is "providing flexible finance tools, including performance bonds, equipment leasing, and cashflow support. We're expanding our capital base and advocating for earlier engagement to assist in defence project lifecycles".

On how partnerships can drive deeper impact, Mr Godwell said there are many options to "catalyse and create systemic change, such as expertise and resource collaboration, the creation of multi-party scalable joint ventures, and investing in workforce development to ensure First Nations people are trained, employed, and retained in defence-related roles".

With industries like defence sustainment and renewable energy growing rapidly across Northern Australia, the path is clear: investment in Indigenous businesses is not just the right thing to do—it's a strategic imperative for the nation.

In Mr Godwell's words, "Australia has never attempted a truly comprehensive Indigenous economic policy until now".