Jana Stewart (Victoria, Australian Labor Party) Share this | Hansard source

Australia's first peoples have been traders, innovators, entrepreneurs and knowledge holders for over 65,000 years. We have unbroken mind of invention, innovation and resilience. Our contribution to the Australian economy and local communities is significant, far-reaching beyond GDP and it is growing at pace. But as economic partners, too often our story is untold but, fortunately, that now is changing. I am proud to be chairing an inquiry into the opportunities and barriers to economic prosperity for First Nations Australians.This is exciting because First Nations businesses and communities contribute enormously to the Australian economy and to local jobs. Research from Melbourne university tells us that Aboriginal businesses generate over $16.1 billion in revenue each year. They employ more than 116,000 people, which is the equivalent of the town of Bendigo in my home state of Victoria, and they pay $4.2 billion in wages. First Nations businesses are a hundred times more likely to employ First Nations people, and, for every dollar of revenue spent, Indigenous businesses create $4.41 of economic and social value—talk about bang for buck.

There are clearly huge wins for investing in First Nations organisations and businesses, but we also know that First Nations Australians have been historically excluded from the economy, and that system hasn't always delivered for them. Through the inquiry we've heard about the barriers, from a lack of access to finance and capital through to not having the intergenerational wealth of non-Indigenous Australians have to pass on to be able to grow and scale their business, as well as a lack of the corporate knowledge that comes with having people in your family and your broader community having had generations of experience in running their own businesses. The fact that First Nations businesses have contributed in the way that we are currently is absolutely a testament to the work ethic, entrepreneurial spirit and drive of First Nations people in our country.

The Joint Standing Committee on Aboriginal and Torres Strait Islander Affairs has been travelling the country to understand what practical changes are needed to supercharge First Nations peoples' economic empowerment and create long-term wealth. The inquiry has received over a hundred submissions and had four public hearings, and we've got at least two more public hearings to go. Throughout this process, we've heard about the economic opportunities for First Nations communities in the Future Made in Australia, and we're designing the system to ensure that First Nations peoples are in the driver's seat in this nation's energy transformation. We've heard about emerging industries for First Nations people to benefit from their commercialisation, to grow their wealth and to connect with country.

The native food and botanical industry is an excellent example of the economic opportunity for First Nations peoples' traditional knowledge. The industry is valued at $80 million and is estimated to double by 2025—and the government will likely need to modernise intellectual property laws and policies to achieve this. We've also heard that Indigenous chambers of commerce play a critical role in strengthening the financial capability and capacity of Indigenous businesses.

I want to thank all the stakeholders who have contributed to this inquiry, from Aboriginal businesspeople, individuals and organisations to the broader community as well, who have an interest in seeing Aboriginal people prosper. First Nations people are savvy, commercially and community driven and incredibly aspirational. But the government can do more to unlock economic opportunities for mob into the future. I look forward to tabling the report and recommendations later this year. Let's get on with doing the work.