Australia’s Indigenous-led economy

Indigenous Business Australia Media Release

For the first time since Federation, Australia will be measuring the Indigenous-led Economy.

Today Indigenous Business Australia (IBA) is officially launching the Office of the Indigenous Economy (OTIE) to monitor and track the value and shape of Australia’s Indigenous-led economic activity. The Office will monitor, record and publish economic data and intelligence and be led by Australia’s first ever Chief Economist for the Indigenous Economy – Dr Siddharth Shirodkar.

To inform and expedite economic decision-making and investment decisions requires accurate and reliable economic data. IBA has a unique position and capability in the market to bring this information to light.

OTIE will expand knowledge of the size, composition and growth of the Indigenous economy, and build understanding of capital flows. OTIE will examine investment flows, demographic impacts, and, in time, will develop Australia’s first measure of Indigenous GDP.

First Nations peoples offer a demographic and productivity dividend to Australia at a time when the wider economy is trying to boost productivity and unlock future economic growth.

The Indigenous estate covers an estimated 70% of Australia, including 20% that is directly owned by Aboriginal and Torres Strait Islander interests. Most new mining activity will happen on Aboriginal land.

A feature of OTIE will be a collaboration with the Australian Bureau of Statistics. Building new data tools and collaborating with partners across government, the private sector and academia, OTIE will publish accurate estimates of the Indigenous economy activity.

IBA Chairman Darren Godwell said, “The Office of the Indigenous Economy is designed to collate and publish critical economic data that details Indigenous people’s contributions to the Australian economy.”

An Advisory Panel of eminent economic thinkers will support the Office and the Chief Economist, providing guidance on the development and interpretation of the data produced by the Office.

The inaugural Advisory Panel members are:

• Ms Vanessa Elliot AM – Jaru woman (WA), Director of Northern Australia Infrastructure Facility
• Professor Deen Sanders OAM – Worimi man (NSW), Deloitte Access Economics Special Counsel
• Professor Kerry Arabena – descent of the Meriam people of the Torres Strait, Managing Director at the Karabena Group
• Mr Alan Oster – former Chief Economist at National Australia Bank
• Professor Doug McTaggart – IBA Board Director and former CEO, Queensland Investment Corporation, and Under-Treasurer in Queensland Treasury
• Mr Darren Godwell – Kokoberren (QLD), IBA Chairperson and CEO of Indigenous firm i2i Global.

Vanessa Elliot said, “As a Jaru woman from the Kimberley and Central Australia, I have seen macroeconomic development around me and limited opportunities for people like me. This gap is partially due to the limited understanding about the First Nations economic footprint and barriers to market navigation, which I believe the newly formed Office of the Indigenous Economy will help us resolve.”

Professor Deen Sanders said, “Australia, as a nation, will benefit from a truthful and richer story of Indigenous enterprise and the impact Indigenous people have on the wider economy. There is a great deal of work to do in getting there but on the other side waits a reimagined Indigenous economy and a new, shared national aspiration.”

IBA CEO David Knights said, “The Office of the Indigenous Economy will inform IBA’s activities and help shape a capital environment that is more open to investing in Aboriginal and Torres Strait Islander communities. The data provided will build two‑way trust between First Nations communities, investors, academia and government.”

IBA is proud to announce that our Chief Economist will be Dr Siddharth Shirodkar. Siddharth has worked as an economist and academic in public policy for almost two decades, applying his expertise to strengthen data analysis, policy, innovation and economic opportunity for First Nations people. A recipient of the Sir Roland Wilson Scholarship, in 2021, Siddharth completed a PhD at the Australian National University looking at the pathways and barriers into business ownership for First Nations people.

About IBA

Economic independence for Aboriginal and Torres Strait Islander people is at the heart of what we do. Our programs support Indigenous Australians to buy their own homes, be successful in business, and invest in commercial ventures that provide strong financial returns. IBA was established under the Aboriginal and Torres Strait Islander Act 2005 (ATSI Act) and is a corporate Commonwealth entity for the purposes of the Public Governance, Performance and Accountability Act 2013 (PGPA Act). IBA resides in the portfolio of the Prime Minister and Cabinet and is accountable to the Australian Parliament through the Minister for Indigenous Australians, Senator the Hon Malarndirri McCarthy.

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