Empowering Indigenous Economies: A Bold New Vision

Australia stands on the brink of an exciting new chapter in Indigenous economic development. PM Anthony Albanese and new Minister for Indigenous Australians the Hon Sen. Malarndirri McCarthy have pledged "to deliver the first comprehensive economic policy for Indigenous Australians".

Prime Minister Anthony Albanese is prioritising Indigenous economic policy as a natural counter-weight to social policy. There's new found merit and promise in adopting a balanced approach to Indigenous affairs. It is worthy and deserves to succeed.

A comprehensive Indigenous economic policy has a unique opportunity to create a thriving, export-oriented Indigenous business sector that seeks inclusion in all aspects of our broader economy. It would benefit all Australians, particularly those in regional and remote economies.

What could fit-for-purpose architecture and economic policy include? Lets try a couple of ideas on for size....

An Indigenous Economy Unit

Imagine a dedicated team, led by the first-ever Chief Economist for the Indigenous Economy. A policy unit that seeks to attract and mobilize greater private and foreign direct investment into Indigenous ventures on-country. With better data, stronger connections, and new relationships across the public and private sectors. Poised to accelerate investment decision-making, bringing Indigenous business interests to the forefront.

Ensuring Indigenous businesses have the support they need to thrive in growth sectors like renewable energy, critical minerals, new technology and large-scale infrastructure.

A Hub for Indigenous Investment & Trade

Designed to bring Indigenous economic interests to the market, meeting industry standards and building Indigenous capabilities. Delivering an Indigenous Investment Facility, the Hub will drive deal-flow, supporting Indigenous-led ventures in high-potential sectors. Additionally, supporting Indigenous capability to empower Indigenous participation in frontier industries like carbon markets, new tech, renewables, and critical minerals.

Ensuring Indigenous interests are represented and included from inception to delivery. This Hub de-risks the development pipeline and builds certainty for all parties involved. Its a catalyst for mobilising greater private sector capital and a supporters of Indigenous co-investment for equity.

An Indigenous Foods and Botanicals Authority

Australia’s Indigenous botanicals, including finger limes, macadamia nuts, seafoods such as lobster, scallops and pipi's, Kakadu plum, and spinifex, hold immense untapped potential in global markets. Its time to secure Australia's nations interests in export markets. Modelled on the success of Wine Australia’s R&D corporation, an Indigenous foods and botanicals authority will focus on expanding export markets, driving product development, and advancing scientific research. Maximizing their economic potential for Indigenous communities and contributing to the national economy.

These initiatives represent a bold, exciting vision for the future of Indigenous economic development in Australia. By embracing these opportunities, we can create a more inclusive, prosperous, and dynamic economy that reflects the true value of Indigenous contributions to our nation.