The Northern Territory Aboriginal Investment Corporation (NTAIC) will be officially launched Thursday, March 16, at the Darwin Convention Centre.
NTAIC was established to provide better access to funds from the Aboriginal Benefits Account, or ABA, which was previously managed by the Australian Government. Recent reforms have transferred control from the Australian Government to the NTAIC directly. NTAIC was first established and convened in 2022 and has since undertaken significant work to developed a strategic investment plan which was tabled in the Commonwealth Parliament.
The NTAIC Board is made up of eight Aboriginal leaders from the Northern Territory, two government-appointed directors, and two independent directors.
This group will be responsible for making critical investment decisions based on local representation, financial expertise, and independence. The NTAIC will gradually roll out its grants and investment programs over the next two years to establish a firm foundation based on accountability and transparency.
The NTAIC has stated they will consult widely with Aboriginal and Torres Strait Islander peoples and organisations to create an investment plan that aligns with local conditions, context, and priorities.
This plan will ensure that NTAIC funding decisions are driven by local priorities and will be completed by May 2024. The NTAIC will receive a $500 million endowment from the ABA to support long-term, large-scale investments after this plan is finalised and tabled in the Federal Parliament.
The NTAIC is currently working on a new, targeted, and streamlined grants program. The grants program will receive $60 million per year for the first three years from the ABA. The NTAIC has stated they intend to ensure that the grants program is strategic and has a maximum impact on Aboriginal and Torres Strait Islander peoples in the Northern Territory. Further details about the grants program will be launched at the end of this month, with a limited grant round to open around June 2023.
The establishment of the NTAIC is a significant new vehicle for driving the economic, social, and cultural priorities of Aboriginal and Torres Strait Islander peoples and will help to realize self-determination and maximize the benefits that flow from land rights in the Territory.
