INDIGENOUS Business Australia will change its direction and help native title groups become economic development agents for their people.
IBA chief executive Chris Fry will announce the change in focus today at a native title conference in Townsville following a request from Indigenous Affairs Minister Jenny Macklin.
IBA, set up in 1992 to finance Aboriginal businesses and home ownership, has not in the past focused on native title claimants and holders.
"I am happy to announce today that this is now changing," Mr Fry will tell the conference, which marks the 20th anniversary of the Mabo decision.
"Recognising that the pace and number of determinations and agreements is increasing dramatically, the minister has asked the IBA board and, in turn, the board has given me clear direction to pursue a role for IBA in supporting indigenous people to achieve their economic aspirations created through their native title status," he says.
In his speech, obtained by The Australian, Mr Fry will announce that the IBA has now established a task force to provide a pathway for native title organisations to become "economic development agents for their people".
"While the task force has only recently been established, IBA has been considering its role in native title for some time," he says.
"A concerted effort . . . has begun to sharpen our focus on some key areas of interest for us."
Under the proposals, IBA may help native title claimants decide what sort of commercial structure best fits their economic development aspirations, and -- once title is granted -- how to become self-sustaining.
The task force is undertaking projects -- two in Victoria with claimants and one in Western Australia with a group that has secured title -- as pilots for future operations.
"Each has a different focus for IBA. However, all are based on the underlying principle that the support is provided for the benefit of participant groups first and foremost, with any additional learning and experience for IBA a secondary, yet welcome, outcome," Mr Fry says.
"Apart from the direct assistance these projects will deliver to the groups themselves, we hope to get an insight into what type of assistance we can offer others in the future."
The WA pilot is under way in the "particularly challenging location" of the Central Desert.
Mr Fry will also announce that with IBA on a firmer financial footing, it will branch out to work with "broader social returns from some of its investment -- such as increased employment, small business development, indigenous procurement or even housing and health care".
"I stress that this approach does not mean IBA is moving away from its commercial focus.
"IBA has an expectation that its investments will generate a sound financial return.
"However, some may not be required to return as much financially, if they are able to demonstrate other, measurable benefits for indigenous Australians," Mr Fry says.
Cheers Tbedon
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