23 Feb 2018: The Australian Federal Government on 12 February 2018 released its Indigenous Business Sector Strategy – Supercharging Indigenous Business Start-up and Growth.
The Indigenous Business Sector Strategy was developed in partnership with the Indigenous business sector and after consultation with key stakeholders, including Indigenous Accountants Australia.
The Indigenous Business Sector Strategy is designed to support and boost the growth of the Indigenous business sector, and help Aboriginal and Torres Strait Islander people build sustainable businesses.
Access the Indigenous Business Sector Strategy here
View the IAA submission from May 2017 here
- There are between 12,000-16,000 businesses in Australia that are Indigenous-owned (out of approximately 2.1 million businesses in Australia)
- Collectively, Supply Nation registered Indigenous businesses earn more than $1 billion per year with revenues growing at an annual average rate of 12.5%
- An additional 73,250 prime working age Indigenous Australians will operate in the economy by 2026. Based on current Indigenous self-employment rates around 2,200 will start a business
- The majority of Indigenous entrepreneurs are in services and construction sectors – as per non-indigenous Australians
- The majority of Indigenous businesses are in regional NSW and QLD
The government and its Indigenous partners will commence work implementing some of the actions outlined in the Strategy, including;
- setting up Indigenous Business Hubs to offer support and advice
- pilot an Indigenous Entrepreneurs Capital Scheme to unlock finance
- fund support for Indigenous businesses entering into joint ventures
- fund improvements to Supply Nation’s Indigenous Business Direct and Meet Commonwealth buyers events
- invest in a digital platform to support the Sector Strategy