Indigenous businesses are creating billions of dollars of social value and helping towards progress on Closing the Gap targets.
A landmark report from Supply Nation found Indigenous businesses create $42.6 billion of social value each year and allow First Nations people more freedom to live on their own terms.
It’s leading to better mental health outcomes, more pride among communities and a better connection to culture and Country, the report found.
Supply Nation, which provides Australia’s biggest database of Indigenous businesses, said “social value” included things such as agency over life, expanded aspirations, financial security and physical and mental health.
Some $16.2 billion of the social value created was experienced by Indigenous employees.
Supply Nation chief executive Kate Russell launched The Sleeping Giant Rises report at a Business Sydney event on Monday, coinciding with NAIDOC Week.
“Trade and business are not new concepts to Aboriginal and Torres Strait Islander peoples … a thriving economy existed long before colonisation,” Ms Russell wrote in the report.
“Indigenous-owned businesses are contributing to the prosperity of all Australians and driving positive impact in their own communities.
“They create jobs, drive innovation, develop skills, and implement long-term sustainability initiatives.”
Nearly 66,000 First Nations people are employed by Indigenous businesses, and 84 per cent of owners said those employees were better able to support families and feel positive about life.
Many owners reported more home ownership among staff, with more than six-in-10 believing employees were more likely to own homes.
Educational Closing the Gap targets, currently assessed as not on track by the Productivity Commission, were also aided by business ownership, the report said.
Seven-in-10 business owners said young people in their families were more likely to finish year 12, the same result as those who were more likely to complete a university or TAFE degree.
One business owner quoted in the report described themselves as a “role model to my children”.
“They’ve seen the hard work that’s gone into being a business owner for the last 16 years and now they are starting to see the benefits for me and for them,” they said.
“I can support them to build their own careers (as well as provide for) education and travel.”
The report called for more programs and funding to boost Indigenous entrepreneurship along with involving businesses in Closing the Gap priority reforms.
“All levels of government must prioritise practical support for the Indigenous business sector,” Ms Russell said.
“Indigenous businesses right across Australia are making a real difference.
“They deserve to be backed.”
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