Indigenous Business Australia launched its fourth impact report at an event on Gadigal Country on Thursday.
The new report focusses on ways to maximise wellbeing by providing pathways to financial wellbeing, resilience, and economic independence.
Joined by IBA's Board Director Josh Gilbert and a panel of customers and research partners, IBA marked the compelling findings at the event. The research was completed in collaboration with Yindyamarra Consultancy, Lonergan Research, and Kowa Collaboration. It included an online survey for an extended reach across metropolitan, regional, and remote areas as well as community consultation across five case study locations.
The specific case study locations include Dharug (Western Sydney, NSW), Ngurraiillam (Shepparton/Goulburn Valley, VIC), Kaiwalagal and Badu (Torres Strait Islands, QLD), Ngarluma (Karratha & Ieramugadu, Pilbara, WA), and Mparntwe (Alice Springs, NT).
The new report is the latest in a series of studies into the impact of IBA's activities. The theme of the latest report is 'pathways to financial wellbeing' which explores what wellbeing means for Aboriginal and Torres Strait Islander people and how IBA's activities support financial wellbeing.
Results note a wide range of positive impacts including a sense of pride, safety, self-confidence, security, community wellbeing, cultural practice, and inspiration to have dreams for the future.
Stories shared at the launch event by the panel of speakers highlighted the impacts they experienced to their own financial wellbeing journey.
Mr Gilbert noted the impacts to First Nations community.
"The report confirms that Country, culture, and community are important determinants of Aboriginal and Torres Strait Islander people's wellbeing," the Worimi man said.
"Home and business ownership contribute to wealth-building and stability, fostering stronger community ties and the freedom to practice and promote culture. It helps people to become financially stable, safe and secure, build a future for their family and children, be independent, and have more control over their life.
"By fostering financial wellbeing, we provide meaningful support that empowers individuals and strengthens communities."
IBA Acting chief executive Shanti Rama said: "We measure the impact of our programs and services by asking our customers how they define success from their own perspective."
"The report shows that our customers experience markedly higher financial wellbeing compared to the broader Aboriginal and Torres Strait Islander population," she said.
"Importantly, these positive wellbeing outcomes continue even after customers leave IBA's programs."
IBA's impact reports show that when capital is distributed in a targeted way, it has a significant positive impact on the lives of Aboriginal and Torres Strait Islander people.
The new report comes on the back of recent changes to IBA's enabling legislation, the Aboriginal and Torres Strait Islander Act 2005, removing the restriction on IBA borrowing and raising money. The Rules governing the scope of IBA's power to borrow and raise money are still to be determined and need to be agreed by the both the Minister for Indigenous Australians and Finance Minister.
The change will enhance IBA's ability to leverage its asset base to support more Aboriginal and Torres Strait Islander people in achieving their dreams of home ownership, business enterprise, and community investment. It will provide IBA with the flexibility to explore new opportunities and expand the range of financial products it can offer to meet market needs.
The full IBA Impact Report 2024 is available online.
