First Nations business chambers around Australia are the heart and soul of empowering Indigenous companies.

The chambers are a powerful voice for the needs of Indigenous businesses by building their skills and capability, and advocating and generating wealth for Aboriginal-owned companies.

With the recent re-election of the Albanese government, the National Indigenous Times asked two prominent chambers what more Labor could do to boost and support the First Nations economy.

Northern Territory Indigenous Business Network 'big boss' Naomi Anstess said it was time to back Blak businesses to build Australia's future.

"With a clear mandate from the Australian people, the Albanese government must act boldly," she said.

"This starts by formally recognising jurisdictional Blak Business Chambers and NIBCA (National Indigenous Business Chambers Alliance) as the national certifiers of genuine Aboriginal businesses, and ensuring they have a permanent seat at the table for all policy and decision-making on Aboriginal economic development. No more Black-cladding. No more tokenism. No more sidelining Aboriginal voices in our own economy."

Indigenous businesses contribute more than $16 billion to the Australian economy and pay around $4.2 billion in wages, yet many First Nation companies are still struggling to get backing from the finance sector.

This is despite financial experts predicting First Nations businesses will grow at a rate twice that of the rest of the economy.

Ms Anstess - a proud Kamilaroi/Gamilaraay and Torres Strait Islander (Erub/Darnley Island) woman - said now was the time for the Commonwealth government to use its mandate to invest in long-term nation-building projects led by Aboriginal businesses, not just government services.

"We need to move beyond short-term projects to long-term nation-building investments in Blak industries, land and sea economies, and intergenerational wealth," she said.

"Mandate recognition of jurisdictional chambers and NIBCA as the national certifiers of genuine Aboriginal and Torres Strait Islander businesses and legislate First Nations Economic Empowerment Agreements with clear targets, resourcing, and accountability.

"Also shift from program funding to structural reform and generational wealth-building."

One of the major drivers for the First Nation economy has been the introduction of the Commonwealth government's Indigenous Procurement Policy.

Since the IPP was launched almost 10 years ago, Aboriginal and Torres Strait Islander-owned companies have secured $10 billion in Commonwealth contracts.

The Albanese government recently overhauled the policy so businesses needed to be 51 per cent or more First Nations owned and controlled to access Commonwealth procurement contracts.

The government also lifted the Indigenous procurement targets from 2.5 per cent of the total value of contracts to three per cent from 1 July 2025.

The targets will then rise annually until they reach four per cent by 2030.

Ms Anstess said while the reforms were welcome, the government could be bolder and lift the targets to five per cent with 10 per cent stretch targets in key industries.

"We must now move from reform to transformation to legislate recognition of jurisdictional chambers and NIBCA as certifiers to stop black cladding; set stronger, enforceable targets with penalties for non-compliance and introduce exclusive Aboriginal procurement categories," she said.

New South Wales Indigenous Chamber of Commerce deputy-chair Narelle Anderson said while the chamber also welcomed the tweaks to the IPP, she warned that some agencies hit targets and then stop engaging further.

"Targets should be ambitious and tied to outcomes like Indigenous employment, local economic impact, and long-term contracts, not just spend percentages," she told the National Indigenous Times.

"The three percent is a minimum, not a ceiling."

The Commonwealth government said it was also planning to work with regulators to stamp out the unscrupulous practice of so-called black cladding.

Black cladding refers to the fraudulent practice of non Indigenous businesses falsely claiming to be Aboriginal-owned to access government contracts.

Ms Anderson said the reforms don't go far enough to

"The reforms are a first step, but without strict enforcement of 51 percent majority Indigenous ownership and control, black cladding will persist," she said. "Regulators must also ensure cultural governance standards, not just ownership metrics."

When it comes to what a re-elected Albanese government could do to boost the First Nations economy, Ms Anderson said it should commit to structural transformation led by Aboriginal and Torres Strait Islander communities.

"This includes empowering Aboriginal-controlled organisations to design, deliver, and lead economic programs. Community Resources' path toward becoming Aboriginal-led demonstrates the strength and sustainability of this model," she said.

Investing in First Nations business ecosystems, such as state Indigenous Chambers of Commerce (e.g., NSWICC), which already provide proven, culturally safe, and strategic business support.

Both Ms Anderson and Ms Anstess said the Commonwealth government could do more to Close the Gap.

"The path forward must include transitioning from government-led to community-led models, as shown by Community Resources' RAP and strategic move to Aboriginal leadership," Ms Anderson said.

"Embedding economic policy within cultural frameworks, ensuring any economic gains reinforce sovereignty, not assimilation.

Ms Anstess said the government should make Aboriginal economic empowerment a central pillar of Closing the Gap.

"Legislate enforceable targets for procurement, employment, and industry development and invest in intergenerational Blak wealth and business leadership."