The peak body for Traditional Owners in Victoria, as well as the country's first Indigenous-owned energy retailer, has welcomed the calls by the Joint Standing Committee on Aboriginal and Torres Strait Islander Affairs for stronger support to engage in renewable energy development and increased core funding for Traditional Owner groups.
The report found whilst First Nations people and businesses are significant contributors to the national economy, restricted access to finance and capital is limiting their growth and financial wellbeing.
The committee found First Nations businesses had a higher social return on investment than most other organisations in mainstream industries; for every dollar of revenue spent, First Nations enterprises created approximately $4.41 of economic and social value.
"Unlocking greater growth of Australia's economy and transforming First Peoples to long-term generators of wealth and equity requires change from all levels of government, financial institutions, and investors," committee chair and Mutthi Mutthi and Wamba Wamba woman, Senator Jana Stewart, said.
In response, the Federation of Victorian Traditional Owner Corporations welcomed the recommendations, with chief executive Paul Paton saying it was clear the inquiry had listened to Traditional Owners groups' recommendations and views, with the goal of improving First Nations development and prosperity.
"This report is significant for Traditional Owner groups – it hears and respects our ability to drive our own futures," Mr Paton said.
The Federation said they welcomed a number of the recommendations in the report, including ratifying the United Nations Declaration on the Rights of Indigenous Peoples, increasing the funding to Prescribed Bodies Corporate, and strengthening Traditional Owner Corporations' capacity and capability to participate in the renewable energy sector.
"It's a significant suite of reforms with a common theme: respecting Traditional Owner groups as not stakeholders, employees or statistics, but as authoritative bodies advancing collective economic rights and interests to benefit community and Country," Mr Paton said.
"While a strong and growing Aboriginal economy helps address individual social disadvantage, it is a strong and growing First Nations economy that better progresses self-determination.
"This reports' reforms have the potential to power the First Nations' economy and transform Indigenous lives."
Yurringa Energy, Australia's first Indigenous-owned energy retailer, who recently secured the energy supply contract for the North East Link, welcomed the findings, calling them a critical step toward creating a fairer, more inclusive Australia.
Managing Director Daniel Briggs said Yurringa Energy was an example of Indigenous economic progression in an industry that had previously seen little to no engagement with First Nations people.
"With a strong workforce strategy, Yurringa Energy is committed to employing Indigenous Australians in core business roles, delivering their services and operations," Mr Briggs said.
"This approach benefits all Australians, fostering greater economic growth and demonstrating how Indigenous enterprise can drive meaningful and sustainable change."
Yurringa said projects like the North East Link ensured First Nations communities take a central role in the development, ownership, and delivery of renewable energy solutions.
"Investing in First Nations-owned businesses and employees not only uplifts communities but also contributes to Australia's overall economic prosperity," a spokesperson said.
"A thriving First Nations business sector and an inclusive workforce bring diverse perspectives, innovation, and resilience to the national economy."
Both the Federation and Yurringa Energy called on the government, as well as businesses and the wider community, to embrace the recommendations to help foster a more inclusive and universally successful economy.