First Nations Foundation is urging the federal government to pursue an ambitious agenda to ensure the financial prosperity of Indigenous Australians, following the findings of a parliamentary report.
On Tuesday, the federal government announced the finding of the Joint Standing Committee on Aboriginal and Torres Strait Islander Affairs Inquiry into Economic Self-Determination and Opportunities for First Nations Australians.
First Nations Foundation (FNF) chief executive, Phi Usher, said the 22 recommendations in the report highlighted strong support from Aboriginal organisations for a long-term strategy for economic empowerment for Indigenous communities.
"What we now have is a suite of 22 recommendations that can form the basis of a water-tight plan for intergenerational wealth for our First Nations communities," Mr Usher said.
"Aboriginal and Torres Strait Islander people have been forced to play catch up due to being structurally locked out of the economy for more than a century.
"Our communities are ready to look forward and leave behind narrow, deficit-focused ideas.
"The report outlines a range of options to achieve this goal with meaningful impact."
Key highlights of the Inquiry's report include the government: fund a national longitudinal Indigenous economic and business dataset to understand the composition and economic contribution of First Nations business to the Australian economy; strengthening existing, and developing new, instruments to enhance and fast-track First Nations peoples' access to finance and capital; consider impediments to responsible lending and capital flow from mainstream banks and financial institutions to Aboriginal and Torres Strait Islander peoples and facilitate knowledge exchanges between First Nations Australians; and facilitate international First Nations communities to share experiences and lessons on economic empowerment and trade.
Mr Usher said the federal government must continue to listen to the community as the report was a pivotal moment in the national conversation on Indigenous affairs.
"Parliament is in its final sitting week for 2024, and we are now within 180 days of the federal election," Mr Usher said.
"As the sole First Nations financial education provider in the country, we sit at the intersection of community, government and the financial services sector, and are uniquely qualified to advise the nation's economic decision-makers on their formal response to this report."
Mr Usher said FNF wanted to thank committee chair, Mutthi Mutthi and Wamba Wamba woman Senator Jana Stewart for helping to shape some of the recommendations.
"Having provided a submission in May and appeared as a witness in July, I know how much effort was poured into the inquiry from all stakeholders," Mr Usher said.
"There is a deep well of cultural knowledge for the government to tap into as the report evolves from concept to implementation.
"I look forward to FNF continuing to empower First Nations people to be the authors of their own economic prosperity."
After the report was handed down, Ms Stewart said the inquiry confirmed First Nations' significant, expansive, and rapidly growing contribution to Australia's economy and local communities.
"Australia's First Peoples - my ancestors - have been successful traders, innovators, entrepreneurs and knowledge holders for more than 65,000 years," she said.
"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."
First Nations Legal and Research Services chief executive Tony Kelly sad in response to the report that "self-determination is the key to unlocking social and economic prosperity for First Nations people".
"We welcome the Joint Standing Committee on Aboriginal and Torres Strait Islander Affairs' report into improving the economic self-determination for First Nations Australians. First Nations businesses and people play a significant role in Australia's economy," he said.
"The findings of this report confirm this and shows there is more governments can do to foster economic success among First Nations people," he said.
"We welcome recommendation 10, which calls for the federal government to consider whether a full review of the Native Title Act 1993 (Cth) is required after the completion of the Australian Law Reform Commission Future Acts Regime Review and recommendation 11, which calls for better funding for Prescribed Bodies Corporates to be able to undertake their statutory functions under the Native Title Act. These recommendations will strengthen the Native Title process and help First Nations communities achieve formal recognition.
"Beyond the report's direct relation to Native Title, recommendations 18 and 22 build on the Federal Government's positive work developing a First Nations Clean Energy Strategy. The development and implementation of this Strategy is an important aspiration for Traditional Owners across Australia.
"This report is another vital step towards achieving the full principles of self-determination. We look forward to supporting the successful implementation of the report's recommendations and findings."