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Indigenous Business Australia
|Sub Category:||Statutory Body|
|Alternative Names:||Aboriginal and Torres Strait Islander Commercial Development Corporation|
|Summary Information: |
|Indigenous Business Australia (IBA) is a Commonwealth Statutory Authority established under Pt IV of the Aboriginal and Torres Strait Islander Commission Act 1989 (Cth).|
IBA was established to assist and enhance Indigenous self-management and economic self-sufficiency. It is also required to advance the commercial and economic interests of Indigenous people by accumulating and using a substantial capital asset for the benefit of Aboriginal and Torres Strait Islander people. IBA does not receive recurrent funding and is required to act commercially and must meet its functional responsibilities from the profits derived from its investment activities. Generally, IBA invests directly in business opportunities, usually through joint venture arrangements with expert industry partners. In addition it invests in a range of core assets to underpin its capital base.
IBA has advocated its approach of partnerships with private sector, as an important part of the range of options available to governments. This approach was seen as an important key to achieving better economic outcomes for Indigenous Australians. In order to achieve its objectives, IBA has developed strategic alliances with experienced and reputable corporate operators who see the unique and commercial advantages in working with or involving Indigenous Australians in their operations.
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