Indigenous Prosperity and Wealth: Extending the conversation

Global macadamia market to reach $AUD6 billion by 2027.

Few Australians know that macadamia nuts are Indigenous to Queensland. Even fewer understand that Australia continues to forgo its national interests in this, and many other, multi-billion dollar crops by failing to list any Indigenous botanicals in any trade arrangements.

The “kendal”, "baphal" or “bauple” is one of 6,500 species of plants endemic to Australia. The ‘Bauple Cashew’ is linked through Aboriginal lore to several Indigenous nations of the south-east Queensland hinterland. Even with this ancient pedigree it has never made its way onto a Geographic Indications list within any Australian free-trade agreement. Why?

To date, Australia has not seen fit to protect the national interest by asserting claims of authenticity and providence of any Indigenous botanical. This is a failing of an outdated trade policy and its costing Australia's agricultural sector billions of earnings - in macadamias, sandalwood, finger limes, Kakadu plum and Indigenous cereals and grains - and its time to secure the Australian national interest by doing something about it. Trade Minister Dan Tehan and Minister for Agriculture David Littleproud have great opportunity to advance the $100 billion Ag2030 target and to bring these levels of protection to Indigenous botanicals.

Indigenous additions in our agricultural and export sectors would be a welcome boost to regional economies and Indigenous interests. Listing the first ever Indigenous inclusions on Indigenous botanicals is one concrete measure to advance the new Indigenous economy. Which is one illustration of Indigenous wealth and the Indigenous economy.

To date a focus on social policies in Indigenous affairs was of the highest priority. For good reasons but now there is a case to be made to extend the discussion to economic policy. Indigenous economic policy is a complement to Indigenous social policy. Its not an 'either/or' situation but rather an 'and' discussion. A deliberate push into Indigenous economic development, commerce, trade and investment is gathering momentum.

Australia is ready for an Indigenous focussed trade-led strategy that lifts the Indigenous economy and extends the Australian national conversation in Indigenous affairs.

The formulation of Indigenous trade strategy yields commercial benefits to Indigenous interests and advances the Australian national interest. Through new markets and export markets for products and services made by Indigenous companies we find economic paths. An Indigenous economy creates a return of Indigenous prosperity, abundance and wealth in this country.

I’ve joined Minister for Indigenous Affairs the Hon Ken Wyatt’s Industry Champions to bring forward concrete proposals, to expand an Indigenous economy and to add to a modern Australian Indigenous economic agenda. The proposed National Roadmap for Indigenous Skills, Jobs an Wealth Creation is being framed around skills, jobs and businesses.

Three elements deserve our early attention.

First, Indigenous inclusions in Australian trade-arrangements is one plausible, immediate early step.

This measure would include improved access to the hundreds of billions of dollars of foreign direct investment that arrives on our shores every year seeking out commercial opportunity. It would also include the first ever listing of Indigenous botanicals within a geographic indicators chapter. And boosting access by Indigenous businesses to existing export assistance. It may open up preferential market access to Indigenous companies into other export markets such as the UK and Europe.

The Indigenous botanicals listing provides critical guidance to investors and commercial interests. It provides a market signal of greater commercial certainty and protection of Australian interests in substantial export markets such as the European Union. This market signal from government as the enabler through modernised trade policy is necessary to bring investors into the Indigenous sector and to bring a level of commerciality to Indigenous interests.

Second, a comprehensive Indigenous economic agenda should be industry-led and Indigenous-led. Ably supported by others but, nonetheless, industry-led. For many years Indigenous interests have advocated for improved economic policy and this now deserves to shape the Indigenous economic agenda. The Indigenous Network for Investment, Trade and Export (IGNITE), Indigenous Chambers of Commerce and Industry, and, as appropriate, Indigenous industry specific peak-bodies stand ready to contribute. They each deserve a seat at the table.

The formulation of Indigenous economic policies should be informed by those Indigenous executives, founders, entrepreneurs and business leaders with actual business and industry experience. If the Government is seeking to grow the Indigenous economy there’s good sense in looking to those Indigenous businesspeople with success and experience in building profitable companies, those that have responsibility for P+L’s and those that have the lived experience of the challenges of building companies - by the way, many of whom are Indigenous women.

Industry partners and Indigenous business people as the leaders and drivers of increased Indigenous commerce, trade and export opportunity is a useful measure of moving in the right direction.

Third, get the architecture right to realise economic opportunities for the century in front of us.

When reviewing for industries most likely to generate sizeable economic activity that overlays with Indigenous interests four rise to prominence: extractives, Indigenous botanicals, large-scale renewable energy, and carbon markets.

These industries have the stomach to digest large investment capital and to generate the requisite returns. In turn, they offer commercial opportunity, potential to grow sizeable companies that will employ greater numbers of Indigenous peoples.

Let's step through the big four.

Extractives (Mining), especially rare earths and base metals required for the electrification of society, will happen on Indigenous country for a long time to come. And as with Indigenous peoples in Canada and the US we will Australian Indigenous interests take a more direct and active role in development on-country.

Commercial opportunities in Indigenous botanicals will probably unfold across three programs: agriculture and foodstuffs, manufactured goods and medicinal use. There is literally a multi-billion market opportunity awaiting. Critical to this will be a sui-generis system of geographic indicators of Australian Indigenous botanicals. Thankfully, each trade arrangement offers implementation plans for enactment that can extend years post-signing.

Every renewable energy venture in Australia that requires large plots of land should automatically offer respective Traditional Owners options to purchase 25% of the venture at inception, at market rates. It’s still their land.

And lastly, renewed Indigenous land and sea management practices in certified programs that create carbon abatements should be allowed into the open market to find the best price per tonne. Remove any artificial market barriers and let Indigenous interests find the best commercial returns.

A trade-led strategy for Indigenous interests, Indigenous economic policy and Indigenous business leadership are indicators of a critical transition. In total these features are a sign of a fundamental mindset shift. Indigenous peoples are moving from being supplicants of development to being proponents of development.

Thankfully, the quicker Australia can enable this transition the better-off everyone will be.