The Joint Standing Committee on Aboriginal and Torres Strait Islander Affairs (JSCATSIA) of the Parliament of Australia has commenced a new inquiry that will look into improving the economic self-determination and opportunities for First Nations Australians, particularly the Aboriginal and Torres Strait Islander peoples.
The Committee is looking to learn about opportunities and impediments to training, employment and business development, as well as building the economic and social infrastructure to support economic prosperity in the long term.
The First Australians Capital Limited reported that Aboriginal and Torres Strait Islander business sector is comprised of more than 12,500 businesses, with their revenue reportedly growing significantly faster than the SME sector.
Indigenous Business Australia also noted the rise in First Nations business ownership growing to 4.5 per cent in 2021 as the ratio has gone down to less than half of the rate of non-First Nations people who run their own businesses.
The University of Melbourne’s Indigenous Business Snapshot Study, which examined data over a ten-year period, also highlighted a 74 per cent increase in the number of Indigenous businesses, a115 per cent growth in gross income, more than 22,000 jobs created, and that Aboriginal and Torres Strait Islander businesses contributed at least $4.88 billion to Australia’s economy.
“Aboriginal and Torres Strait Islander businesses have been exceeding all expectations, but unfortunately, their impacts have gone largely unnoticed by past governments,” Chair of the Committee, Mutthi Mutthi, and Wamba Wamba Senator Jana Stewart stated. “They are creating significant benefits for First Nations Australians; generating and growing economic prosperity as well as contributing to the wider Australian economy. Black-owned businesses are at the heart of creating a new generation of business owners who are growing networks, assets and long-term prosperity.
“Access to economic opportunities and participation in financial self-determination for First Nations people have far-reaching benefits,” the statement continued. “It is fundamentally important that we investigate the opportunities for improved training, employment and business development to support the Aboriginal and Torres Strait Islander industry and create economic, social and cultural benefits,” she added.
The Committee will also explore the untapped potential of leveraging Aboriginal and Torres Strait Islander intellectual property and Indigenous Estate and First Nations skills, as well as examine the experiences of First Nations communities intergenerationally and around the world in fostering economic independence.
The Committee said that that it is open for submissions from interested individuals and organisations until 24 May 2024.
