Over sixty thousand years ago, the world's oldest living culture created one of the most sophisticated trading systems ever seen. Domestically, Indigenous communities developed and utilised trade routes that spanned across Australia, facilitating the exchange of goods such as ochre, tools, food, and ceremonial items. Internationally, communities engaged in trade with neighbouring countries. For instance, the Yolngu people from Arnhem Land traded with Indonesian fishermen. For thousands of years, Indigenous Australians thrived in an economy they established and controlled.

However, the arrival of British colonizers in 1788 marked a devastating turning point for Indigenous Australians and their flourishing trade networks. Reduced from businesspeople to slaves, they were systematically locked out of the job market and exploited on missions. In contrast, immigrants who sought better economic opportunities were welcomed and quickly secured employment. As the rest of Australia prospered economically, Indigenous Australians were systematically left behind.

Policies designed to suppress Indigenous advancement, such as those that led to the Stolen Generations, continue to cast a long shadow over our communities. Despite decades of government efforts to reverse the damage, these past policies still negatively affect Indigenous Australians in areas such as health, the law, and education. The Productivity Commission's latest data on Closing the Gap shows little progress towards achieving its goals in successfully getting Indigenous Australians on an equal playing field with the rest of Australia, with only five out of the 19 targets on track.

The failure of the 2023 Voice referendum further underscores the inability of governments—whether Labor or Liberal—to achieve the meaningful change that has been sought for many years. It is becoming increasingly clear that Indigenous Australians must move away from relying solely on government intervention. Instead, we should harness the power of the private market, combined with a community-led approach, to drive change ourselves.

Indigenous Australians have long been passionate about effecting change in our communities, often channelling efforts into fields like health, law, and social work. These areas are undeniably crucial, offering vital support and advocacy for those in need. However, I argue that business, too, can be a powerful vehicle for change, with a far-reaching impact on social outcomes. The Snapshot Study 3.0 by Melbourne University indicates that the Indigenous business ecosystem fosters opportunities for Indigenous employment and self-determination, and supports the creation of intergenerational wealth within communities.

Since the introduction of the Indigenous Procurement Policy (IPP) in 2015, over $9.5 billion has been spent on Indigenous businesses. More than 64,000 contracts have been awarded to over 4,000 Indigenous enterprises. This policy has stimulated Indigenous entrepreneurship, business growth, and economic development, providing Indigenous Australians with more opportunities to participate in the economy.

The benefits have been profound. There have been higher employment rates among Indigenous Australians and significant growth in Indigenous businesses due to increased access to government and private enterprise contracts. The economic benefits derived from the IPP have had a positive ripple effect on Indigenous communities.

Money spent on Indigenous businesses doesn't just reward shareholders. Statistics from Supply Nation show that for every dollar of revenue within an Indigenous business, $4.41 of social return is generated, uplifting community members. These businesses employ a combined 116,795 people, paying $4.2 billion in wages and are also 100 times more likely to employ other Indigenous people. Lastly, Elders who lost their identities as a consequence of the Stolen Generations find their identities within their businesses.

In today's rapidly evolving world, the business sector presents unique opportunities for driving sustainable, systemic change for our communities. Indigenous people passionate about effecting change should consider the benefits of pursuing careers in business, leveraging our natural entrepreneurial skills and commercial acumen to uplift our communities, just like our ancestors did thousands of years ago.

Alex Sanderson is a Business Contributor of the Indigenous Business Review. He is the Founder and President of UNSW First Nations Business Society, where he works with UNSW Business School and industry in recruitment and retention strategies of First Nations students and an Executive Education Facilitator at the Australian Graduate School of Management.