Supply Nation has announced that its members have spent almost $6 billion with Indigenous businesses in the last financial year.
In the financial year 2024-25, Supply Nation facilitated $5.8 billion in economic assistance from its corporate, government and not-for-profit members to verified Indigenous businesses.
This represents an increase of $1.2 billion over the previous year.
New South Wales led with $1.71 billion, followed by Western Australia with $1.43 billion, the ACT with $1.13 billion, Queensland with $800 million, and Victoria, not far behind, with $630 million.
Federal, state and territory government agencies recorded a procurement spend of $1.52 billion.
Not surprisingly, the mining sector led the industry sector in procurement spend at $1.64 billion, followed by construction at $1.26 billion.
Facilities management services recorded over $284 million, with the financial and insurance sector totalling $145 million.
The record procurement spend follows Prime Minister Anthony Albanese's announcement at Garma in August—a renewed commitment to economic empowerment to close the gap—and the recent declaration of the First Nations Economic Empowerment Alliance.
Supply Nation chief executive Kate Russell said the procurement spend on First Nations businesses was "remarkable".
"At a time when our member organisations are confronted with global trade disruptions, cost of living pressures and fiscal uncertainties, achieving this milestone in procurement dollars with Indigenous-owned businesses is remarkable and shows real commitment by both our members and Indigenous suppliers to economic empowerment and positive change through business collaboration," she said.
A recent Supply Nation report – The Sleeping Giant Rises – found that for every dollar of revenue generated by Indigenous-owned businesses, $3.66 of positive economic and social value was generated for the Australian economy.
The report revealed that Indigenous-owned businesses generate $42.6 billion in social value each year.
These benefits included enhanced agency and control over life, broader aspirations, financial stability, pride, physical health, mental wellbeing, and stronger bonds with community, culture, and Country.
"Today's confirmation of our members' total procurement spend confirms that the Indigenous business sector is growing and positively impacting the lives of Aboriginal and Torres Strait Islander peoples," Ms Russell said.
"Our entrepreneurs and business owners are helping to build intergenerational wealth and opportunity. They are closing the gap. This should be celebrated."
Since 2009, Supply Nation has helped deliver more than $26 billion in procurement spend between its members and suppliers.
It's estimated that Indigenous businesses contribute more than $16 billion to the Australian economy, employ 116,795 people and pay $4.2 billion in wages.
