{"id":45568,"date":"2024-10-14T22:26:48","date_gmt":"2024-10-14T22:26:48","guid":{"rendered":"https:\/\/www.cos.net.au\/c\/?p=45568"},"modified":"2024-10-14T22:26:54","modified_gmt":"2024-10-14T22:26:54","slug":"economic-and-social-first-nations-business","status":"publish","type":"post","link":"https:\/\/www.cos.net.au\/c\/cospedia\/economic-and-social-first-nations-business","title":{"rendered":"The Economic and Social Impact of First Nations Business"},"content":{"rendered":"\t\t
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First Nations-owned and operated businesses represent one of the most rapidly expanding sectors in the Australian economy. A 2023 Indigenous Business Report from ANU highlights the remarkable growth, noting that there are now over 19,000 First Nations businesses in Australia, contributing more than $16 billion AUD annually to the economy and providing employment for over 116,000 people. This surge can be traced back to the mid-2000s when the sector began to flourish, with revenues growing by $2.6 billion between 2006 and 2018, as reported by Supply Nation.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Several factors contribute to the rapid growth of First Nations businesses. Increased recognition of First Nations rights and a broader societal appreciation of First Nations culture have played significant roles. Younger generations, who are more inclined towards values of equality, diversity, and social justice, have also contributed to this trend. Moreover, structural reforms and support systems have made it easier for First Nations entrepreneurs to establish and grow their businesses. These dynamics indicate that the rise of First Nations businesses is not just a fleeting trend but a sustained movement.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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First Nations Business Ownership<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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The expansion of First Nations businesses brings substantial benefits to both First Nations communities and the broader Australian society. Supply Nation, a key player in this growth, connects First Nations-owned businesses with opportunities in corporate and government supply chains. The organisation certifies businesses that are at least 51% First Nations owned as Certified Suppliers, providing them with a valuable endorsement that helps them gain access to procurement policies aimed at increasing First Nations participation.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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The impact of First Nations businesses<\/strong><\/a> extends far beyond economic contributions. The “Sleeping Giant” report by Supply Nation illustrates how these businesses strengthen cultural connections for First Nations employees and owners in addition to strengthening the economy and supporting First Nations communities.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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First Nations businesses are 50% more likely to employ First Nations workers compared to non-First Nations businesses, playing a crucial role in fostering economic stability and advancing community development, according to the 2024 Indigenous Employment Report by the Australian Bureau of Statistics (ABS).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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First Nations business ownership also contributes significantly to Australia’s economy. In 2023, First Nations businesses generated an estimated $10 to $14 billion in annual revenue, significantly contributing to Australia’s economy. These businesses employ around eight times more workers and offer 3.5% higher wages than non-First Nations companies.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Giving Back to the Community<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Ngiilay<\/strong><\/a> exemplifies how smaller businesses specialising in cultural products can have a profound social impact. Andrew Craig, known as Ondi, and his wife Tegan founded Ngiilay, meaning \u201cFrom Here,\u201d when they struggled to find gift boxes containing items made by First Nations businesses, artists, and artisans for their extended family.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Ngiilay\u2019s gift boxes are designed to spark conversations about First Nations culture, containing various items from First Nations businesses, curated for different occasions and demographics.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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\u201cYou’ll see a number of Aboriginal businesses that put money back into the community, whether through sponsorship, footy teams, scholarships, or some sort of educational program,\u201d says Andrew. \u201cBut there\u2019s also the small to medium-sized businesses that invest in other Aboriginal products.\u201d<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Ngiilay holds a unique position in generating social returns by purchasing from multiple First Nations suppliers and supporting First Nations artists and artisans with their profits.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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\u201cThe return on investment is huge and does wonders for communities because they can employ people, they’re
buying other Aboriginal products,\u201d Andrew continues. \u201cIt’s keeping money in that ecosystem. You’re putting money
towards training and upskilling people. It’s a beautiful thing to see, you know. That’s how we empower communities.\u201d<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Muru Office Supplies also allocates profits to support First Nations community programs in education, employment, and health. Since 2014, they\u2019ve contributed over $790,000 to charity. One key Muru<\/strong> <\/a>initiative is an early childhood education program in North Queensland, offering free access to improve literacy and numeracy for over 30 First Nations children, aiding their transition to public school.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Muru also supports IndigiGrow, a social enterprise focused on native plant revitalisation, including bush foods. Since 2019, Muru has employed two First Australian trainees, providing them with horticultural skills and cultural knowledge. These efforts create both tangible and intangible benefits for First Nations communities.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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