Indigenous Business Australia (IBA) and Monash University have partnered to launch Australia's first Indigenous-led business masters program.

Designed by Indigenous leaders and Elders to empower First Nations participants across public, private, and community sectors, the partnership aims to strengthen pathways for Aboriginal and Torres Strait Islander leadership in business through supporting students to be part of the joint Master of Indigenous Business Leadership (MoIBL) program.

Monash University Indigenous Engagement co-director and Gooreng Gooreng woman, Katrina Johnson, said program is a strength-based, interdisciplinary course which equips students to lead with innovation and cultural integrity.

"This partnership with IBA enables us to create meaningful outcomes that extend beyond the classroom by empowering First Nations leaders to shape their own economic futures and strengthen community-led enterprise across the nation," Ms Johnson said.

Monash and IBA say the collaboration deepens their shared commitment to empowering Aboriginal and Torres Strait Islander people through the MoIBL, a culturally grounded education and leadership development program.

Under the partnership, co-authored Indigenous business case studies are set to be envisaged, along with exploration of global Indigenous business research opportunities.

IBA chief executive officer, David Knights, said the partnership represents more than a scholarship program.

"It's a strategic investment, to help shape our Indigenous economic development and knowledge base," Mr Knights said.

"This partnership reflects our commitment to long-term, values-driven collaboration. We're proud to partner with Monash University to support a program that is culturally grounded, academically rigorous, and transformational in its impact providing pathways that help First Nations leaders and enterprises thrive."

Monash and IBA say beyond enhancing leadership excellence, the partnership will also have a strong focus on co-designed research and education initiatives which may support the MoIBL program as well as communities.

Applications for the MoIBL program are now open, with both organisations inviting First Nations leaders to apply.