The New South Wales Government has launched its first NSW Aboriginal Business Strategy, a five-year plan with the aim of facilitating Aboriginal businesses and government working in partnership to drive further growth and innovation across the sector.
The Strategy, launched in Tamworth at Thursday's NSW Aboriginal Business Roundtable, recognises "the critical importance of Aboriginal self-determination in maintaining strong, sustainable business and employment opportunities", the state government said.
The NSW Aboriginal Business Taskforce, industry leaders and business owners played a key role in developing the Strategy through consultations over the past year.
New South Wales is unique in having its own Closing the Gap Priority Reform (5) which is focused on Aboriginal business, economic participation and employment.
There are more registered Aboriginal businesses in NSW than any other state or territory, with over 940 businesses, representing more than 31 per cent of First Nations businesses nationwide, according to last year's NSW Treasury Report.
While the Aboriginal business sector is showing strong growth through the leadership and strength of Aboriginal people, it faces challenges such as access to capital, procurement, and business growth, the government noted.
The Strategy aims to reduce barriers, encourage First Nations women's participation in business, unlock new opportunities, particularly in regional areas, and support Aboriginal business leadership.
Key initiatives include: Support for leadership and entrepreneurship, with a particular focus on Aboriginal women; Building relationships with major banks to identify investment and funding opportunities for Aboriginal businesses; Providing targeted support for Aboriginal businesses through a new Aboriginal specific business advisory service run by Service NSW; Investment in further research and data to support better understanding of the size and impact of the sector; and Continuation of the 'Delivering Better Outcomes' grants and NSW Aboriginal Business Roundtables.
NSW Aboriginal Business Taskforce co-chair, Wiradjuri man Phil Usher, said: "Aboriginal people have creative and entrepreneurial minds. We just need to harness that and put it into ways to build businesses, and look after family and Community in the process."
"Priority Reform 5 is about putting us in the position to start building businesses and building wealth, and not just looking after this generation but the next six or seven generations," he said.
'The Aboriginal business sector is self-determination in action'
Yarpa Business Hub Acting Director Shannon Mallison, a Wiradjuri woman, said "we know that Aboriginal businesses are more likely to support local sporting and community groups through philanthropy and we know that when you spend with an Aboriginal businesses you get a much greater social return on investment".
"But Aboriginal businesses go way beyond the dollar value. It is the leadership and role modelling that makes a real difference. The Aboriginal business sector is self-determination in action," she said.
NSW Minister for Finance Courtney Houssos said the state government is "committed to supporting Aboriginal businesses, which create jobs, drive innovation and strengthen communities across the state - in turn making a significant contribution to the NSW economy".
"We will continue working to find opportunities for Aboriginal businesses to secure government contracts. This will help drive economic growth, create jobs and strengthen communities across NSW," she said.
'A testament to the leadership, innovation and strength of Aboriginal business'
NSW Minister for Aboriginal Affairs and Treaty David Harris said the government is "proud to walk alongside Aboriginal business owners in supporting and empowering businesses to grow, which in turn helps Aboriginal communities to thrive and benefits the economy as a whole".
"This new Strategy demonstrates the NSW Government's ongoing commitment to Aboriginal self-determination and supporting Aboriginal economic participation, two essential elements of Closing the Gap," he said.
"The success of Aboriginal businesses in NSW is a testament to the leadership, innovation and strength of Aboriginal business owners, employees and entrepreneurs."
The 2023 First Nations Women's Economic Participation Review found that Aboriginal women are the fastest growing cohort of First Nations business owners, representing more than one third (36 per cent) of Aboriginal business owner/managers nationally.
NSW Minister for Small Business Janelle Saffin noted that First Nations entrepreneurs, particularly Aboriginal women, "are driving remarkable innovation and growth across our state".
"Their contribution to regional economies is recognised along with all small business operators and they have told us that creating economic independence and wealth if key to many other goals," she said.
"This Strategy is specifically designed to back the Aboriginal business community by breaking down the real-world barriers they face every day, from accessing capital to scaling up operations."
The NSW Aboriginal Business Strategy 2026-31, is available through the Aboriginal Affairs NSW website.
