Historic economic partnership signed in Canberra

The Federal government has signed a landmark economic partnership with First Nations leaders, committing $16.9 million to drive self-determination, equity and generational prosperity through new policy reforms.

The First Nations Economic Partnership Agreement was formalised by Treasurer Jim Chalmers and Minister for Indigenous Australians, Malarndirri McCarthy, alongside the Coalition of Aboriginal and Torres Strait Islander community-controlled peak organisations.

Commitment

The announcement comes after Prime Minister Anthony Albanese spoke at the Garma Festival last month and after three years of research and advocacy led by the ANU’s First Nations Portfolio.

“The agreement signals a commitment by the Commonwealth to redesigning economic policies that affect First Nations peoples,” Yawuru Professor Peter Yu, Chair of the Alliance said.

Minister for Indigenous Australians, Malarndirri McCarthy.

“Treasury will now be responsible for coordinating a new, whole-of-government approach to developing economic opportunities, with the cooperation of peak Indigenous organisations and the Economic Empowerment Alliance.”

Real stake

The commitment will fund the operation of the partnership through to 2030, supporting research, governance and policy design.

“Today is about laying a strong foundation so that future generations inherit an economy that works for them – an economy where First Nations peoples have a seat at the table, a real stake in the economy, and the power to shape our shared prosperity,” founding member of the Alliance, Leah Armstrong said.

“If we get the implementation of this agreement right, we move from piecemeal programs to a genuine economic partnership that delivers generational prosperity.”