Yamatji-Noongar senator Dorinda Cox says it's time First Nations businesses got the recognition they deserved when it comes to contributing to Australia's economy.
Senator Cox, who was appointed as the Greens' new First Nations spokesperson after Lidia Thorpe's departure from the party, said state and federal governments needed to acknowledge Indigenous and Torres Strait business were more than just cultural tours and "bush tucker".
It's estimated First Nations businesses contribute around $5 billion to the national economy each year.
"Our ancestral knowledge in science, technology, agriculture and land management offer endless opportunities to enrich the lives and livelihoods of First Nations people across the continent," Senator Cox told National Indigenous Times.
"But without recognition of this cultural expertise, we struggle to secure the necessary funding and opportunities to scale up our emerging businesses and industries.
"This is further exacerbated by the inability of First Nations people to raise starting capital to acquire business loans."
Senator Cox said even when First Nations entrepreneurs were successful their achievements were not widely celebrated.
The WA senator said part of the issue was the business data that is collected does not highlight the immense economic contribution that First Nations businesses and organisations make to Australia's GDP.
"Generational wealth is not common for First Nations people, therefore continues to be a huge barrier to starting and scaling up businesses," she said.
"This also includes entrepreneurial knowledge that is essential to providing access to markets, and sometimes contrary to the 'care economy' in which First Nations people are over-represented due to kinship and caring responsibilities."
Senator Cox is also backing First Nations businesses' push for state and federal governments to review their Aboriginal Procurement Policies (IPP).
Under the current federal IPP, three per cent of all contracts, and 1.75 per cent of the value of all contracts, must be awarded to businesses at least 50 per cent owned by Indigenous people.
"It should be reviewed as should WA's Aboriginal Procurement Policy targets as they are not ambitious enough," she said.
"The Greens are committed to pushing Labor further and faster to be more ambitious in their policy making".
Senator Cox said while First Nations businesses needed to be "seen" by the Australian public and all tiers of government, several barriers needed to be removed for Indigenous businesses to become successful.
She noted that many First Nation businesses were confronted with a number of hurdles, including winning contracts, attracting low-cost finance and building relationships with suppliers.
"Indigenous inclusion chapters in Free Trade Agreements is something I've been working on as the Greens spokesperson for Trade and Tourism," said Senator Cox.
"The Government is introducing a First Nations Trade Ambassador role within the Department of Foreign Affairs and Trade. I'm keen to ensure the undertaking of this new ambassador addresses some of these barriers."
