Ken Wyatt (Hasluck, Liberal Party, Minister for Indigenous Australians) Share this | Hansard source

I thank the member for Curtin for your ongoing interest in the work that I'm doing. The Morrison-McCormack government is committed to securing the economic future of Indigenous Australians in the Northern Territory. On the weekend, the Acting Prime Minister and I were at Barunga—the member for Lingiari was there as well—and we had the opportunity of announcing an initiative that will establish an independent body that will have an endowment of $500 million to enable Indigenous Australians within the Northern Territory to plan their own economic future. Currently, under the ABA arrangements, the ABA make decisions in regard to the grants and then the minister either approves them or disapproves them. This way, they will determine the opportunities for economic development for their grandchildren and for the future generations that come afterwards.

In this process, we co-designed with the land councils what the independent body would look like, what the membership would be and what the initiatives would be that would allow it to make decisions to contribute to the development of opportunities but, equally, to contribute within the Northern Territory economy. When we made that announcement, it was well received because, as they said, 'For the first time, we're going to be making decisions about the money from the royalties that come into the ABA.' This creates an opportunity to invest in aquaculture, agriculture and, certainly, tourism and other commercial ventures which will provide job opportunities that will be far-reaching into the future. They're even talking about equity investment in some of the mining ventures that may happen within the Territory.

This gives all people in the Territory the opportunity to contribute to their economic development. The new body will be required to consult with Indigenous people within the Territory. At the end of the planning process, the minister will table in parliament the economic strategy, which will be a three-year strategy to realise the utilisation of funding, which has been used fundamentally on a project basis, to also look at economic opportunities. Instead of ordering 15 tractors separately, they will look at economies of scale. It will give our people in the Territory the opportunity to become their own managers of the funds that are set aside for them. It will also enable them, through a $60 million injection into that endowment fund, to provide for homeland movements, housing and other significant infrastructure opportunities that will make an incredible difference. The Gunner government have welcomed the reform and the changes.

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