BREAKING: Indigenous businesses in Australia have achieved a monumental milestone, recording a staggering $5.83 billion in procurement spending for the 2024/25 financial year. This figure, verified by Supply Nation, marks an increase of over $1 billion compared to the previous year, highlighting the growing influence and demand for Indigenous entrepreneurs.
Kate Russell, Chief Executive of Supply Nation, states that these results reflect the Indigenous business sector’s robust growth and competitiveness. “This isn’t a trend, this isn’t a fad,” Russell, an Awabakal woman, emphasized to AAP. “Indigenous businesses are here to stay because they provide high-value products and services, embedded in supply chains throughout a post-referendum Australia.”
The data reveals that the mining sector leads the charge with a procurement spend of $1.64 billion, followed closely by the construction industry at $1.26 billion. Government agencies and local councils accounted for approximately 26 percent of the total spending, amounting to $1.52 billion in procurement contracts.
Despite facing significant challenges, including limited access to capital, Indigenous businesses are thriving. Russell noted that dozens of new Indigenous businesses join Supply Nation’s registry every month. “Our people were the first traders, the first entrepreneurs,” she said. “There’s thousands of years of wisdom in our communities that our entrepreneurs are just beginning to leverage and commercialize.”
While less than 1 percent of businesses on Supply Nation’s registry are non-profit or for-purpose organizations, many contribute back to their communities. Whether through scholarships, local sports sponsorships, or creating job opportunities for youth, these businesses generate substantial social value alongside their economic contributions.
Russell highlighted the dual motivations behind Indigenous entrepreneurship: economic self-determination and the positive impact on families. “They should be given a seat at the table when government discusses issues like closing the gap or economic policies,” she argued.
The Indigenous business sector is not only creating economic opportunities but also generating over $42.6 billion in social and economic value annually. As these businesses mature, Russell hopes to see more Indigenous entrepreneurs moving beyond procurement contracts.
These developments underscore the urgent need for recognition and support of Indigenous businesses in Australia. With their significant contributions to both the economy and society, the role of Indigenous entrepreneurs must be acknowledged as essential to the nation’s future prosperity.
Stay tuned for further updates as this story continues to develop, spotlighting the resilience and impact of Indigenous businesses across Australia.
