First Nations entrepreneur and academic Wayne Bergmann believes Indigenous businesses have been "locked out" of the Australian economy for far too long.

Speaking at the 15th International Conference on Tax Administration at the University of New South Wales recently, Mr Bergmann said First Nations companies have been excluded from any economic activity in this country for more than 200 years.

"We're locked out of capitalism. We're locked out of building our own economy because the institutional structures don't work," he said.

"This is because of the history, First Nations families, First Nations communities were excluded from the Australian economy for over 200 years. This has resulted in a lost opportunity to own wealth, intergenerational wealth, and become independent peoples.

"How do you make up for 200 years of exclusion in the economy, the lost opportunities? I believe you start with a vehicle that encourages investment with First Nations people. This can be done through the tax system, just like any other priority to encourage investment and development."

Mr Bergmann said the existing structures do not effectively create "investment-ready vehicles" that encourage investors to work with First Nations businesses.

"I think we need a special endorsement other than a charity, a local entity that drives investment to do business on Aboriginal land, and with Aboriginal people, that provides tax benefits for investors to do business with First Nations businesses," he said.

"Most Native Title Corporations are charities, charities promote a culture of giving and dependence. We need a policy shift to an economic independence and not dependence."

The first Indigenous Professor of Practice at the University of New South Wales and co-owner of the National Indigenous Times, Mr Bergmann said governments should offer tax incentives and tax cuts for companies to invest in First Nations businesses.

"I believe investors will come running," he said.

"I think that has to be the future to supercharge the sleeping giant of Aboriginal participation, because why would Aboriginal people open up Northern Australia if they're to not be part of the equity of the projects? So, for industry and government, I would encourage investment in some of the most remote areas, and that's where the result in terms of resources and minerals are, then we need a new vehicle in which to invest in Indigenous corporations."

Mr Bergmann said that on his Country the pastoral industry had operated for at least 143 years but Traditional Owners did not benefit.

"Our ownership of land was denied recognition. We were denied the opportunity to earn a wage," he said.

"Now there is a renaissance of sorts but you can't make up for the lost opportunities of the past 140 years. This is why you need this investment vehicle."

He said his own pastoral company faced additional challenges as a First Nations business.

"Banks will not use Aboriginal land as security. We were only able to get a stock mortgage, we were unable to unlock the full capital base to develop the business.

"We got there in the end but the economic structure doesn't work."

The former chief executive of the Kimberley Land Council said many Traditional Owners are forced "to play the game" with mining giants despite these corporate behemoths extracting resources from their lands.

Mr Bergmann, who is often called upon to assist with negotiations with the mining industry and Native Title groups, achieved success in getting huge parts of the Kimberley covered by native title while CEO of the KLC. It meant Traditional Owners had a seat at the negotiating table with mining companies, but Mr Bergmann said that didn't mean native title holders always got the best deal.

"The Native Title Act says if you don't do a deal within six months you lose the rights and the mining company can take your land without any deal for compensation," he said.

"What I mean by that is the native title rights give you a right to negotiate… If you were selling your house, and someone offered you something and you are not prepared to sell and they waited six months and then they could take your house off you; that's how I see the native title system working.

"It means there are no standard bench marks, no agreements, no participation. You're negotiating from a very weak position."

Mr Bergmann, who established one of the largest Indigenous pastoral businesses in Australia, said while it was critical that First Nations businesses participated in the national economy, Indigenous companies shouldn't have to sell their souls to do so.

The former solicitor and barrister said the tax system in Australia wasn't always about creating equality.

"Distributing tax fairly across the population is meant to be an efficient system to promote a productive economy," he said.

"So ultimately, the objectives of the tax office are controlled by the government for the purpose of contributing to the economic and social wellbeing of all Australians. And I think that First Nations people are not faring well from the current system."