A report produced by the Registrar of Indigenous Corporations shows the combined income of the 500 top-earning Indigenous corporations registered under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 increased by 8.2 per cent in 2014–15.
The report revealed the combined income grew to $1.88 billion, averaging out at $3.76 million per corporation. Total assets under management increased by 5.7 per cent to $2.22 billion.
Minister for Indigenous Affairs, Nigel Scullion, welcomed the findings contained in The top 500 Aboriginal and Torres Strait Islander corporations 2014–15 report, and said they showed how Government can work with Indigenous communities to achieve better outcomes for First Australians.
“These are great results that show the Coalition Government’s policy of backing Indigenous organisations is delivering real results,” Minister Scullion said.
“Through the Indigenous Advancement Strategy (IAS), 55 per cent of funding is going to Indigenous organisations and 45 per cent of successful organisations are Indigenous, up from 30 per cent before the IAS was introduced.
“Through the new Indigenous Procurement Policy, Indigenous businesses have won more than $200 million in contracts in just its first year, up from the $6.2 million achieved by Labor in its last year in office.”
Minister Scullion congratulated the Arnhem Land Progress Aboriginal Corporation (ALPA) on becoming the largest Aboriginal and Torres Strait Islander corporation.
“ALPA should be proud of its achievements in creating employment and economic opportunities for Indigenous people in communities across Arnhem Land, including through the Australian Government’s Community Development Programme,” Minister Scullion said.
The top 500 report found that the average income of native title bodies around Australia increased from almost $845,000 to more than $1.4 million.
“Native title holders are increasingly where the action is going to be and that is why the Turnbull Government has delivered $20.4 million to support them to pursue economic development – the first time funds have been available specific to native title holders,” Minister Scullion said.
This is the Registrar’s eighth annual report on the 500 top-earning Indigenous corporations registered under the Corporations (Aboriginal and Torres Strait Islander) Act 2006. All of the corporations are owned and controlled by Aboriginal and Torres Strait Islander people.
A full copy of the Registrar’s report, The top 500 Aboriginal and Torres Strait Islander corporations 2014–15, is available at www.oric.gov.au.