2017-18 Budget: Indigenous Business Sector Strategy

What was announced in the 2017 Budget?

  • Indigenous businesses will benefit from greater access to finance, business support suited to their needs and a focus on Indigenous entrepreneurs and start-ups from Indigenous Business Australia (IBA).
  • IBA’s funding arrangements will change to focus on Indigenous entrepreneurs and start-ups. This is an important part of our plan to supercharge the Indigenous business sector – the Indigenous Business Sector Strategy – which has been released for consultation.
  • The Government’s plan for an Indigenous Business Sector Strategy includes an Indigenous Entrepreneurs Capital Scheme to provide Indigenous businesses access to private sector finance, as well as better support services.
  • Indigenous women will benefit as a focus of these reforms.
  • IBA’s new funding arrangement will focus on Indigenous businesses at the start of the business cycle. Initiatives like the Indigenous Entrepreneurs Capital Scheme will be designed in consultation with the community to assist more established businesses.

Key facts

  • The Indigenous Business Sector Strategy programmes, were part of Coalition Government’s $115.0 million Indigenous Entrepreneurs Package election commitment.
  • The Indigenous Procurement Policy has delivered extraordinary results in its first 18 months – 708 Indigenous businesses winning more than $407 million in contracts.
  • From 1 July 2017, IBA’s Business Development and Assistance Programme will refocus to assist early stage entrepreneurs and start‑ups.

More information

For information on the Indigenous Business Sector Strategy, visit (http://www.nigelscullion.com/media+hub/Coalition+supercharging+Indigenous+business+sector)

For information about the 2017 Budget, visit the Australian Government Budget website (www.budget.gov.au).