The Albanese Government has introduced legislative changes to expand the role of Indigenous Business Australia (IBA), aiming to strengthen support for First Nations enterprises. 

Part of the Future Made in Australia (Production Tax Credit and Other Measures) Bill 2024, the reforms will enable IBA to borrow and raise capital, enhancing its capacity to invest in Indigenous businesses and communities.

The amendments are designed to remove barriers to accessing capital, which has historically hindered economic development for First Nations people, 

The government says IBA should be able to form partnerships with public and private sectors, increasing investment in projects that promote self-determination and improve outcomes for Indigenous Australians.

With modernised borrowing powers, IBA is set to play a larger role in supporting Indigenous Australians in starting and growing businesses, purchasing homes, and investing in commercial ventures. 

Safeguards will be in place, with borrowing regulated under rules prescribed by the Minister for Finance to manage financial risks.

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