Today the Albanese Government has signed the First Nations Economic Partnership.
This is about helping First Nations Australians to secure more of the jobs and opportunities that we're creating in our economy.
The agreement signed today by the Treasurer, Minister for Indigenous Australians, the First Nations Economic Empowerment Alliance and the Coalition of Peaks is a commitment to work together even more closely to deliver better economic outcomes for Indigenous Australians.
First announced by the Prime Minister at Garma in August, it's a mechanism for shared decisions about reforms to First Nations economic policy, leveraging the resources of government.
The Partnership will establish an engagement process to ensure the diverse knowledge, skills and lived experience of First Nations stakeholders inform and strengthen economic reforms, helping to deliver meaningful and lasting outcomes.
Together, the Partnership will work with Aboriginal and Torres Strait Islander people around Australia to leverage land and Native Title, boost skills and education, create jobs and back business.
The first priorities for the Partnership will be to explore potential reforms to the funding model for Prescribed Bodies Corporate to deliver meaningful participation for communities and timely decision‑making for investors. The Government has committed an additional $75 million to support the new funding model.
The Partnership will also look at how Special Investment Vehicles like the Northern Australia Infrastructure Facility and the Australian Renewable Energy Agency can better deliver for First Nations communities across Australia.
The Partnership is an example of the Government's commitment to the Priority Reforms of the National Agreement on Closing the Gap, to work in partnership and share decision making, invest in the First Nations community‑controlled sector, and transform mainstream systems to achieve better outcomes for First Nations people.
The Albanese Labor Government's economic plan is all about modernising our economy and helping more Australians to get ahead and provide for their loved ones, and that's also the focus of the First Nations Economic Partnership.
Quotes attributable to the Treasurer, Jim Chalmers
"This is about helping First Nations Australians to secure more of the jobs and opportunities that we're creating in our economy.
"This Partnership puts First Nations decision‑makers in the driver's seat when it comes to steering economic outcomes.
"It will ultimately mean more support for First Nations workers and businesses, better skills and training pathways for First Nations people and more participation in the economic projects that create opportunities for First Nations communities.
"Government investments, while substantial, are not delivering the outcomes Indigenous Australians need and deserve.
"The Partnership will help to ensure economic policy delivers better economic opportunities for First Nations people."
Quotes attributable to the Minister for Indigenous Australians, Senator Malarndirri McCarthy
"The First Nations Economic Partnership is a new approach to First Nations economic policy and economic prosperity.
"I welcome the signing of this agreement and the opportunity to work in partnership with First Nations representatives from the Coalition of the Peaks and the First Nations Economic Empowerment Alliance.
"The Albanese Government knows economic empowerment for First Nations communities is about self‑determination and creating opportunities that reflect the aspirations of First Nations communities.
"By working together, we are unlocking the potential of land, culture and community to drive prosperity, not just for today, but for generations to come."
Quotes attributable to Lead Convener of Coalition of Peaks, Pat Turner AM
"The Coalition of Peaks is pleased that the Economic Partnership has finally commenced and knows from its experience with the Closing the Gap Agreement that genuine change depends on it being implemented properly.
"Reflecting what Aboriginal and Torres Strait Islander people told the Coalition of Peaks through a nationwide engagement process in 2024, our focus will be for the Economic Partnership to design funded programs to grow secure employment and career pathways in our community‑controlled organisations."
Quotes attributable to First Nations Economic Empowerment Alliance Chair, Professor Peter Yu
"The signing of this Economic Partnership is historic. Australia has never had such an agreement. The economic self‑determination of Indigenous peoples has received little attention, and our communities have never been given a chance to shape our own economic futures. Today that changes. The Alliance is focused on a Partnership and Economic Framework that delivers real fiscal reform and structural change - including improved access to capital, Indigenous‑led investment, and greater involvement in the Australian economy.
"The challenge is now before Australian policymakers, industry and our communities to take up this opportunity for genuine economic innovation and reform. Indigenous peoples are not a debit on the national balance sheet. This partnership can demonstrate that we are principal partners in the economic future of Australia."
