Nigel Scullion (NT, Country Liberal Party, Minister for Indigenous Affairs) Share this | Hansard source

I thank the senator for that question. The initiatives of this government are supporting all hardworking small businesses across Australia. Whilst those opposite oppose corporate tax cuts, instant asset write-offs and the TPP—and they still can't work out whether they are pro mining or anti mining—it is becoming painfully clear that only a coalition government stands for small business and Indigenous entrepreneurs. We know that Indigenous businesses face barriers to success other than just the Labor Party. Undercapitalisation has flowed from a lot of historical policies. So through our Indigenous Business Sector Strategy, which the Prime Minister recently launched, we have a suite of new initiatives to help overcome historical disadvantage and grow the sector to parity rates.

Upon our re-election we launched a $90 million Indigenous Entrepreneurs Fund for Indigenous businesses in remote and regional Australia to apply for capacity-enhancing plant and equipment grants to grow their businesses. More recently, we announced a $27 Indigenous Entrepreneurs Capital Scheme, which will unlock commercial finance for more established and mature Indigenous businesses.

We have also refocused Indigenous Business Australia's operations. They are now offering financial products such as a new start-up package and a new procurement loan designed to make payments coincide with an Indigenous Procurement Policy contract. For those at the very start of the journey in remote areas, where accessing a bank is virtually impossible, we are doubling microfinance to help turn CDP activities into microbusinesses.

All of these fantastic new initiatives will be brought together in Indigenous Business Hubs, which will effectively be one-stop shops for all of these services.