Data shows the Indigenous business sector is booming. In the past few years, it generated $16-billion-dollars for the economy and employed as many people as Coles. But there is a concern a lack of capital and culturally safe support is limiting further growth.
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00:00Tara Croker is part of a new wave of First Nations entrepreneurs making a splash in the
00:08business world. This is the desert lime fruit and the rivamint leaves. She launched her sparkling
00:13water startup in 2023, hoping to shake up the Indigenous food and beverage market.
00:20It's currently less than 2% ownership of First Nations people across the entire supply chain.
00:25But for many like Tara, it's the first time entering the industry.
00:30It's a challenge to educate the market and the consumer and customers that actually it's
00:37quite important for Indigenous voices to be at the forefront.
00:41Her experience is captured in a report that shows while revenue from Indigenous businesses
00:47generated $16 billion three years ago for more than 116,000 employees, challenges remain
00:55around access to capital, lack of culturally safe support and entrenched racism.
01:01We're not just a deficit, we're not just a social policy, but we have something significant
01:05to contribute.
01:07Phil Usher from the First Nations Foundation wants to upskill Indigenous business owners
01:12to close the generational wealth gap.
01:14We look at one, maybe two generations above where they're kind of on reserves and missions.
01:20What we're seeing now is Aboriginal and Torres Strait Islander people doing well in the workplace.
01:25But to be a successful business and create a legacy really requires you to understand financial
01:30education.
01:32It's a concern he took to a federal inquiry into the matter, which recommended an overhaul
01:38of the industry.
01:39Those recommendations are now being considered by the federal government.
01:43The relevant agency says existing programs are largely fit for purpose, but it's committed
01:50at looking at what more can be done.
01:52For now, it's back to business as they wait for reform.