Senate debates

Tuesday, 13 February 2018

Questions without Notice

Indigenous Affairs

2:07 pm

Photo of Nigel ScullionNigel Scullion (NT, Country Liberal Party, Minister for Indigenous Affairs) Share this | Hansard source

I thank you for that question, Senator. Mr President, I was very proud to announce, with the Prime Minister yesterday, that our small business policies are receiving unprecedented results. The Indigenous Procurement Policy, or IPP, has just eclipsed $1 billion in contracts to more than 1,000 Indigenous businesses. In fact, it's been so successful that we're applying its principles to our other investments including the Launceston City Deal around Launceston, in your state, Senator Bushby.

The data from the 2016 census shows that our policies are overseeing unprecedented growth in the Indigenous business sector. Since the last census, the number of Indigenous businesses has grown by 30 per cent. The sector is still small—despite being three per cent of the population, there is only 0.7 per cent in businesses—but if we close that gap, the economy will be $28 billion better off. That's why yesterday we launched the Indigenous Business Sector Strategy, the first comprehensive roadmap to grow the Indigenous business sector, which has been co-designed with more than 200 Indigenous business people. And I can advise the Senate that, as part of this strategy, we will be rolling out Indigenous business hubs across the country, which will be one-stop shops for business advice and support. We'll be launching a $27 million Indigenous Entrepreneurs Capital Scheme for mature Indigenous businesses who, because of historic undercapitalisation, cannot currently access commercial finance.

The other end of the spectrum will be doubling microfinance to particularly help CDP participants when they want to turn activities into microbusinesses. This is on top of our existing initiatives, like our $30 million Indigenous Entrepreneurs Fund and the refocused IBA business support programs.

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