The Albanese Government has officially signed the First Nations Economic Partnership, a groundbreaking initiative aimed at enhancing job opportunities and economic outcomes for First Nations Australians. The agreement, signed by the Treasurer and the Minister for Indigenous Australians, along with representatives from the First Nations Economic Empowerment Alliance and the Coalition of Peaks, signifies a commitment to collaborate more closely on economic policy tailored to Indigenous communities.
Announced by Prime Minister Anthony Albanese during the Garma festival in August, this partnership is designed to facilitate shared decision-making regarding reforms to economic policies impacting First Nations. The goal is to leverage government resources to create tangible benefits for Aboriginal and Torres Strait Islander populations across Australia.
Engagement and Economic Empowerment
The Partnership will implement an engagement process that emphasizes the input of First Nations stakeholders. By drawing on their diverse knowledge and experiences, the initiative aims to create reforms that are not only meaningful but also sustainable over time. Key priorities include exploring potential changes to the funding model for Prescribed Bodies Corporate, which would enhance community participation and ensure that decision-making processes are efficient for investors.
The government has allocated an additional $75 million to support this new funding model. The initiative will also examine how Special Investment Vehicles, such as the Northern Australia Infrastructure Facility and the Australian Renewable Energy Agency, can better serve First Nations communities.
“This Partnership puts First Nations decision-makers in the driver’s seat when it comes to steering economic outcomes,” said the Treasurer. “It will ultimately mean more support for First Nations workers and businesses, better skills and training pathways, and increased participation in economic projects that create opportunities for these communities.”
A Commitment to Economic Self-Determination
The First Nations Economic Partnership is seen as a pivotal step towards economic self-determination for Indigenous peoples, an area that has historically received little attention in Australia. Leaders from the Coalition of Peaks expressed optimism about the initiative, noting that genuine change depends on proper implementation.
Reflecting input gathered from Aboriginal and Torres Strait Islander communities during a nationwide engagement process in 2024, the Coalition emphasized the importance of designing funded programs that promote secure employment and career pathways within community-controlled organizations.
The signing of this Economic Partnership is described as historic, marking the first time such an agreement has been established in Australia. Stakeholders are focused on creating a framework that promotes fiscal reform, improved access to capital, and Indigenous-led investment.
“The challenge is now before Australian policymakers, industry, and our communities to seize this opportunity for genuine economic innovation,” stated a representative from the Coalition of Peaks. “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.”
The Albanese Government’s broader economic plan emphasizes modernizing the economy and ensuring that more Australians can thrive and support their families. This initiative underscores a commitment to the Priority Reforms of the National Agreement on Closing the Gap, aiming to foster collaboration and self-determination for First Nations communities. By working together, the Partnership seeks to unlock the potential of land, culture, and community, driving prosperity for generations to come.
