Where next for First Nations’ economic development?

With the expansion of Indigenous Business Australia’s financial and investment powers, political leaders have an opportunity to centre First Nations voices in economic development, writes Rekeesha Fry.

First Nations affairs in Australia represent one of the most complex and persistent challenges facing our nation, exacerbated by deep-rooted social and economic inequities and the enduring consequences of historical policies. Despite over a decade of initiatives like Closing the Gap, the disparity remains stark. 

The outcome of the 2023 referendum on constitutional recognition has left the nation grappling with a crucial question: “Where to next for First Nations affairs in Australia?”

A recent announcement regarding the expansion of Indigenous Business Australia’s financial and investment powers, signals a shift toward empowering First Nations businesses and fostering economic growth.

Moreover, opportunities arising from Australia’s climate change and net-zero goals – many of which involve land-based projects on First Nations-owned country – present avenues for further empowerment. Yet, real sustainable progress remains elusive. How do we accelerate these efforts to achieve intergenerational wealth and independence for First Nations communities?

The path to meaningful change lies not just in policy reforms but in a fundamental shift in the mindset of non-Indigenous leaders in both government and corporate sectors. As the majority of decision-makers, non-Indigenous political leaders must reframe their approach to Indigenous affairs, recognising their pivotal role in creating an environment where First Nations voices are integrated and respected. 

Shift to genuine, collective partnerships

The traditional transactional approach to partnerships must give way to a collective mindset. Non-Indigenous leaders should ask: “What does the community gain as a whole?”

First Nations peoples prioritise collective wellbeing over individual success, so initiatives must benefit the entire community. For First Nations, success is not measured by the prosperity of a few but by the collective strength and stability of the whole community.

This requires building partnerships that go beyond contractual agreements and instead focus on shared values and mutual success long-term. Leaders must understand that First Nations peoples’ deep cultural obligations – such as the responsibility to care for Elders and kin – are central to how they define success.

Consult broadly and meaningfully

Meaningful consultation with Indigenous communities is not only a matter of respect, but also a crucial step in ensuring that decisions and actions do not negatively impact their wellbeing and rights. It is vital to recognise that Indigenous communities are not monolithic. Diverse groups exist, each with their own distinct perspectives, experiences, and priorities.

Therefore, consultation must be broad and inclusive, actively seeking out the views of various groups and individuals within the community. One Indigenous individual, or even a small set of stakeholders, cannot and should not be assumed to represent the diverse voices within the broader community. 

This process should adhere to the principle of Free, Prior, and Informed Consent, ensuring that communities have a genuine say in matters that affect them. However, FPIC must be implemented thoughtfully, avoiding processes that lead to consultation fatigue or place undue burdens on communities.

By engaging in genuine and respectful consultation, acknowledging the diversity of perspectives within Indigenous communities, we can work towards building stronger relationships and fostering outcomes that benefit all parties involved.

Challenge deficit-based assumptions

A significant barrier to progress is the deeply entrenched stereotypes about the capabilities of First Nations communities. These stereotypes often frame First Nations peoples as incapable, dependent, or unskilled. This deficit-based mindset leads to exclusion and marginalisation in decision-making, particularly in business and economic contexts.

To overcome this, non-Indigenous leaders must challenge their biases and focus on empowering First Nations communities. Instead of questioning whether First Nations peoples can succeed, leaders should ask themselves: “How can we support First Nations to lead in their own development?” This mindset shift involves embracing the resilience, knowledge, and innovation embedded in First Nations cultures and removing barriers to leadership.

Uphold First Nations right to self-determination

Self-determination is central to First Nations aspirations. Non-Indigenous leaders must move away from paternalistic approaches and instead support First Nations communities in making decisions about their own future. This is not about deciding what is best for First Nations peoples, but about facilitating their autonomy to decide what is best for themselves.

Every policy, program, and initiative should reflect the right of First Nations peoples to govern their own affairs and make decisions about their future.

Calling for transformative change

For First Nations communities to overcome the economic and social disparities they face, they must be given the investment, time, education, and support necessary to thrive. Non-Indigenous leaders must move beyond short-term, election-cycle thinking and commit to long-term strategies that address systemic inequities.

The transformation of First Nations affairs is not just a moral imperative – it is an investment in the future of Australia. To create a truly inclusive and prosperous future, non-Indigenous leaders must adopt a mindset shift that emphasises long-term partnerships, challenges outdated assumptions, respects First Nations values, and upholds the right to self-determination.

With a collective commitment to these shifts, we can close the gap, creating a future where First Nations peoples can lead, thrive, and drive the nation forward – economically, socially, and culturally – on their own terms.