Minister for Indigenous Australians
The Albanese Labor Government has today updated the Aboriginal and Torres Strait Islander Act 2005 (ATSI Act) to support greater investment in First Nations businesses and communities.
This reform will give Indigenous Business Australia (IBA) the ability to borrow and raise funds to pursue investment opportunities that drive First Nations economic empowerment.
It will allow IBA to pursue co-investment and partnership opportunities with government and private entities and will deliver benefits that make a real difference to First Nations people.
This is about getting more money and more investment into more First Nations communities around the country.
It delivers on the Prime Minister’s commitment at the Garma Festival in August 2024 to boost the investment, borrowing and lending power of IBA.
Access to capital continues to be a significant barrier to First Nations economic development and empowerment, and, until now, IBA’s ability to support First Nations people has been restricted.
By modernising the ATSI Act, IBA will have the flexibility needed to structure investments and partnerships that support and promote First Nations economic self-determination.
This will contribute to Closing the Gap Target 8, which focuses on strong economic participation.
It also forms part of broader work Treasury is undertaking to establish a First Nations Economic Partnership, to help increase employment and training opportunities, and expand access to finance and capital for First Nations businesses. We invested $16.9 million in this work in the 2024-25 MYEFO.
The amendments to the ATSI Act have been informed by extensive consultation with IBA over several years.
They will support more First Nations people to start, grow and sustain businesses, purchase homes, and invest in commercial ventures.
