Indigenous business policy a good step - The Centre for Independent Studies
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Indigenous business policy a good step

aboriginal indigenous businessThe ongoing restructuring of the much-maligned Indigenous Business Australia (IBA) is a step in the right direction for Indigenous Business.

Whilst scant mention was made of Indigenous Australians in the Treasurer’s speech, it has been confirmed that $146.9 million over four years will be re-directed from IBA to the Department of Prime Minister and Cabinet to “assist and enhance Aboriginal and Torres Strait Islander self-management and economic self-sufficiency.”

Funds will primarily be directed towards enhancing business capacity through workshops, business planning, training and bankability as part of ongoing efforts to ‘supercharge’ the Indigenous economic development via the new Indigenous Business Sector Strategy.

This is a positive sign that the Commonwealth is making a conscious effort to resolve some of the teething issues linked to the much-heralded Indigenous Procurement Policy (IPP).

The tendering of IPP contracts to already established Indigenous businesses has been well publicised and this renewed focus on developing the overall capacity of the sector is a commendable development.

Meanwhile, $55.7 million over five years will be provided to improve Indigenous employment outcomes.

Encouragingly, this will predominantly focus on the upskilling of the Indigenous workforce, with $33.2 million dedicated to pre-employment training and mentoring programs that will ultimately lead to greater long-term empowerment.