$600 million-plus for investment into Aboriginal communities and businesses in the Northern Territory is an unprecedented opportunity with "immense potential", says the body tasked with the fund's distribution.
Earlier this month, Northern Territory Aboriginal Investment Corporation launched its 2024-2029 plan, coinciding with their rebrand to Aboriginal Investment NT.
On establishment as an independently-operating entity in 2022, NTAIC took over from the NIAA's Aboriginals Benefit Account (ABA) Grant Funding.
Aboriginal Investment NT chair and Kaytetye, Arrernte, Warramunga and Warlpiri woman Barbara Shaw said the five-year, $655 million Strategic Investment Plan is a "milestone moment for our people".
Earlier this week, Ms Shaw said "Aboriginal Territorians are not just the recipients of these investments; we are the decision-makers and builders of wealth for our future generations".
"I am proud of what we have achieved so far but also the role we now play in deploying and investing these funds into the future," she said.
"We now have the chance to show what an Aboriginal-led investment corporation can achieve when it is working for and with community. Our governance structure is underpinned by strong public accountability, as well as deep cultural understanding and lived experience of the Territory, ensuring that every dollar is deployed to benefit Aboriginal Territorians.
"No one understands our needs and challenges more than we do. We will use this knowledge to ensure our investments make a real difference where it is needed most."
The plan outlines four key objectives; Grow Aboriginal money for future generations; Strengthen Aboriginal economic, social and cultural systems; Build collective Aboriginal wealth and assets at the local level; and Elevate Aboriginal interests
The focus will include supporting Aboriginal-led decision-making, community, culture, Traditional Owner groups, Aboriginal Community Controlled Organisations, social enterprises engaging with local needs, and small businesses.
Aboriginal Investment NT said 95 per cent of the 396 Aboriginal owned businesses in the Territory are small businesses, with over seven per cent of all businesses outside of Darwin being Aboriginal-owned.
The organisation has initial capital of $680 million, having $40 million in business and community grants already delivered, with expectations 86 Aboriginal businesses and 38 community projects expected to benefit from future support.
The $655 million to inject is flagged to be split between Community Ready Fund ($155 million), which Aboriginal Investment NT said 'has interest from public, private and philanthropic partners to support its work', and the $500 million bulk over a long-term Future Fund.
Ms Shaw has penned a forecast for their delivery.
"When conducting research into the state of investment in the NT, we found that large investments often marginalised Aboriginal communities, with decision-making and beneficiaries sitting outside Aboriginal communities altogether," she said.
"This Plan marks a pivotal change for Aboriginal Territorians, ensuring our people have the capital to drive investments with financial and non-financial benefits flowing to our communities, fostering both immediate and long-term benefits across the region.
"Never before has there been the capital of this scale to support development that leverages Aboriginal assets. This is a milestone moment for our people.
"With Aboriginal Investment NT's backing, Aboriginal Territorians are now key economic players in the NT. We are looking forward to seeing the benefits this will bring not just to our people, but to the entire Territory."