Ballardong and Whadjuk Traditional Owner Rebecca Blurton says it's time for economic reconciliation for First Nations people "not just some morning teas".
The experienced CEO, consultant and Ballardong Aboriginal Corporation member said the rise in economic reconciliation through native title and First Nations wealth had exposed a gap in the way financial services provide finance to Indigenous people.
She said financial services needed to adjust their criteria for lending if they or their clients are to benefit from the future of Traditional Ownership.
"Better access and provisions for non-traditional wealth need to be considered in the product design for the success of this emerging sector," she said.
"For clients working with First Nations, detailed risk assessments verifying engagement and consent might mitigate future litigation risks and broken relationships with key stakeholders.
"If a bank had someone who was Indigenous on the board that's a voice to be able to clarify different opportunities from a product and services point of view and also internally as a lot of these banks struggle with retaining Indigenous talent."
Ms Blurton said First Nations voices must be prioritised and have a seat at the decision-making table.
She said it was also time to banish the outdated argument that there weren't enough First Nations "experts" to sit on panels or committees.
"For major projects, contracts, funding and planning impacting First Nations, First Nations need to be involved early and continuously," she said.
"Boards, committees, working groups, project teams, strategy and planning meetings, and governance structures all require First Nations representation and voice at every level.
"Our people could run a masterclass on governance and resilience and adapting and learning. We are some of the most consulted and in many areas, overqualified, yet we can't sit on a board with all that experience and provide strategic direction? Please!"
"At that higher decision-making level, there needs to be representation to mitigate the current risks that everyone is facing with reconciliation."
Ms Blurton, who is currently studying to become a lawyer, said financial institutions needed to review the way they lent capital to traditional owners so they can have an equity share in projects.
She said equity partnerships would foster greater reconciliation for First Nations people and provide for long-term social, economic and well-being benefits for Indigenous people.
"When you're talking about major projects on First Nations land, traditionally it's been about we will consult with Traditional Owners and come to some royalty agreement if the project is a go," she said.
"But what I mean by equity partnerships is if the Traditional Owners and industry are coming together and both are putting in equity to get the project up and running then there should be equal ownership and equal decision-making.
"Australia is a prosperous country, we are educated, we are discerning, we are very aware of our history, it's time for economic reconciliation, not more morning teas."
