In a significant milestone for Indigenous enterprise, Supply Nation has unveiled its latest Research Report, "State of Indigenous Business: An analysis of procurement spending patterns with Indigenous businesses 2023-2024".

The report, now in its sixth edition, provides in-depth analysis on the current state of Aboriginal and Torres Strait Islander business growth, emphasising the impact of procurement and supplier diversity on the sector's success.

The 2023-2024 financial year saw a substantial rise in procurement directed towards verified Indigenous businesses.

Supply Nation facilitated $4.6 billion in procurement spending from corporate, government, and not-for-profit sectors, marking a $500 million increase over the previous year. This growth underscores the increasing value of Indigenous-owned enterprises in the Australian economy.

The report revealed that a total of 284,864 contracts were awarded to Indigenous businesses in the past year.

Among these, the largest contract, valued at $91 million, was forged between a resources company and a facilities management business.

This year's findings illustrate that the prominence of small-and medium-sized enterprises (SMEs) within Indigenous business procurement - a move that has shifted in time from government agencies and large resource companies.

The report shows that SMEs now account for 89 per cent of the total procurement spend, showcasing their pivotal role in driving the Indigenous business sector forward.

Supply Nation's data also highlighted that businesses owned by Indigenous women are gaining ground, with 713 contracts valued over $1 million awarded to female-owned businesses, around 22 per cent of high-value contracts.

A significant driver influencing procurement patterns is the adoption of Reconciliation Action Plans (RAPs) by Supply Nation members.

Organisations with RAPs spent a total of $3.8 billion with Indigenous-owned businesses, significantly outpacing the $776 million spent by those without RAPs. This stark contrast highlights the tangible impact that RAPs have in promoting equitable economic opportunities for Aboriginal and Torres Strait Islander businesses.

The report also shows that Certified Suppliers, those businesses which are 51%+ owned by an Indigenous person or persons, while representing just over 30% of all listed businesses, received nearly three times more contracts than Registered Suppliers (businesses with 50% Indigenous ownership).

Supply Nation chief executive, Awabakal woman Kate Russell, spoke to the dedication of Supply Nation's members and suppliers in a challenging economic climate.

"In a year where business has confronted significant inflationary pressures and global uncertainty, our members and suppliers have stepped up to the challenge and continued their commitment to values-based collaboration. Their efforts bring tangible benefits to their business growth and the communities they serve," she said

As Supply Nation marks its 15th anniversary, Russell highlighted the enduring commitment to fostering long-term partnerships that deliver economic empowerment for both Indigenous businesses and the country more broadly.

"This Report offers wonderful insights into the growth and success of Indigenous businesses – something we should all be proud of."