The National Native Title Council has welcomed the Federal Government's $75 million investment in Traditional Owner organisations to manage native title rights.
NNTC chief executive Jamie Lowe said "investing in the native title sector is game-changing".
"This injection of capacity will mean more jobs, more opportunities for young people and stronger protection for our cultural heritage," he said.
"Traditional Owner organisations carry significant statutory responsibilities but have been chronically underfunded for decades. That's why the NNTC advocated for funding reform - because we know that unlocks capacity and delivers long-term impact.
"This investment will mean Traditional Owners can make strong native title agreements and participate in the economic benefits generated on their land. Our members have consistently told us they need baseline capacity to grow and harness economic opportunities."
Mr Lowe said the funding, announced at Garma Festival on Saturday, shows the federal government is "serious about supporting Traditional Owners and regional and remote Australian growth".
The NNTC also welcomed the announcement of the First Nations Economic Partnership between the Commonwealth Government, the Coalition of Peaks and the First Nations Economic Empowerment Alliance.
"The Partnership announced today represents a new approach to driving economic activity. Economic activity where First Nations people have the market access required to make decisions about First Nations financial futures, aligned with our cultural values," Mr Lowe said.
"The time is right for structural reform. New solutions are required to ensure Native Title organisations can unlock economic opportunities on their land and build intergenerational wealth while protecting our country and heritage.
"The partnership will look at mechanisms to ensure First Nations organisations have multiple revenue streams and the economic certainty to create local jobs in Aboriginal community-controlled and Traditional Owner organisations."
NNTC chair Kado Muir said setting the right foundations is vital to closing the gap.
"We need to get the right building blocks in place to generate economic opportunities, create jobs and drive investment," he said.
"When First Nations generate wealth, all Australians benefit. Prosperous First Nations communities drive economic activity in regional areas, open new industries and generate stronger growth.
"More than half of Australia's critical minerals projects are located on First Nations land. We cannot repeat the mistakes of past resource booms where Traditional Owners watched billions in profit flow from their lands while being excluded from the economic benefits."
Dr Muir said the Economic Policy Partnership will identify and remove legislative barriers that prevent First Nations from participating in the Australian economy as equity partners and investors.
