Aboriginal Investment NT launches plan to invest $655m for benefit of First Nations Territorians
More than half a billion dollars of Aboriginal money previously controlled by Canberra has been unlocked for Aboriginal Territorians, in hopes of building wealth and wellbeing of local communities.
Indigenous Affairs
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More than half a billion dollars of Aboriginal money previously controlled by Canberra has been unlocked for Aboriginal Territorians, in hopes of building wealth and wellbeing of local communities.
On Wednesday, the Northern Territory Aboriginal Investment Corporation announced its rebrand to Aboriginal Investment NT, and launched a five-year plan to invest $655m in driving Aboriginal-led development across the Territory.
An NT-based Aboriginal-controlled corporation, Aboriginal Investment NT was established last year to take independent control of Aboriginal dollars previously locked up in the federally managed Aboriginal Benefits Account (ABA).
The ABA previously faced criticism that funds were being poorly invested and under-utilised by Canberra-based decision-makers.
Aboriginal Investment NT will use its capital to back Aboriginal organisations, businesses and small and large-scale investment opportunities in the NT, with a focus on developing income generating assets so local Aboriginal communities can meet their own social, economic and cultural aspirations.
The capital will be invested in two streams: a $155m Community Ready Fund aimed at shorter term projects, and $500m Future Fund for long-term, intergenerational wealth.
“Never before has there been the capital of this scale to support development that leverages Aboriginal assets. This is a milestone moment for our people,” chairwoman Barbara Shaw said.
“When conducting research into the state of investment in the NT, we found that large investments often marginalised Aboriginal communities, with decision-making and beneficiaries sitting outside Aboriginal communities altogether.
“This plan marks a pivotal change for Aboriginal Territorians, ensuring our people have the capital to drive investments with financial and non-financial benefits flowing to our communities, fostering both immediate and long-term benefits across the region.”
Ms Shaw said the plan hoped to attract co-investment from public, private and philanthropic partners, and made Aboriginal Territorians “key economic players in the NT”.
Aboriginal Investment NT chief executive Elly Patira said funds could begin to roll out before the end of the year.
“We will include smaller scale business and community grants to build development, but large scale investment is also certainly in the mix,” she said.
“Renewables are certainly a live consideration – we’ve heard that quite a bit through consultation – but really it’ll all be Aboriginal-led.”
Prime Minister Anthony Albanese recently shifted his focus for closing the gap to economic development – including a First Nations clean energy strategy.
Ms Patira said Aboriginal Investment NT’s plan was independent of the governments’ agenda, and placed high importance on social and cultural development alongside economic development.
She said there was opportunity to leverage existing culture based economies in Aboriginal communities, such as nature repair and carbon abatement.
“We know that there are emerging markets for those sectors, and there are huge opportunities to actually make sense of economic development through a cultural lens,” she said.
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