Private sector backing Indigenous business

Private sector backing Indigenous business

Indigenous Affairs Economic Development Indigenous Business Sector Strategy
Friday, 01 June 2018

Department of the Prime Minister and Cabinet

Indigenous Procurement Sector logo, which is a map of Australia composed of various circle motifs in yellow, purple and blue.  Text reads The Indigenous Business Sector Strategy.

The Australian business community is backing Indigenous business sector growth and its potential to create economic opportunities across Australia.

According to Jennifer Westacott, CEO of the Business Council of Australia, private sector demand for goods and services from Indigenous-owned businesses is increasing rapidly.

‘Since 2014, Australia’s largest companies have spent over $2 billion in supplier contracts, they’ve employed 20,000 [Indigenous] people. That’s actually driving economic activity at a community level, at a family level, at an individual level and that’s great for the country,’ Ms Westacott said.

The first Indigenous Business and Employment Hub, part of the Australian Government's Indigenous Business Sector Strategy, opens in Western Sydney later in 2018. An expansion of microfinance opportunities for small Indigenous businesses is also expected. The Strategy supports the continued development of the Indigenous business sector to empower Indigenous business owners, their families and their communities through economic opportunity.

Ms Westacott says Indigenous-owned businesses ‘create economic opportunity in remote locations, amongst people who previously hadn’t had access to work. They create a capacity to generate wealth in communities that can get pushed back into communities – lift the living standards of people living in those communities.’

The Strategy provides assistance for Indigenous-owned businesses of any kind, but has a particular focus on women, young people and Indigenous Australians living in regional and remote areas. 

Support and engagement with the private sector is essential for the ongoing growth and success of the Indigenous business sector and commitment from the private sector demonstrates its potential for growth.

Find out more about the Indigenous Business Sector Strategy