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The Investments and Asset Management division contributes to IBA’s purpose by providing Indigenous investors with access to direct investments and managed investment options that deliver commercial returns. Direct investments also seek to deliver social and economic gains for Aboriginal and Torres Strait Islander people through employment, training and procurement benefits.

Measurement of the division’s performance against IBA’s purpose focuses on the financial growth and returns of assets and investments, through the following performance measures:

8. total amount of Indigenous co-investments with IBA

9. portfolio return to Indigenous co-investors.

Both performance measures are sourced from IBA’s Corporate Plan 2019–20 (p23) and the Portfolio Budget Statements of the Prime Minister and Cabinet Portfolio (p182).

Measure 8

Total amount of Indigenous co-investments with IBA


$169 million against a target of $200 million (target not achieved).


The result measures the value of funds invested by Indigenous entities in:

  • the Indigenous Prosperity Fund (IPF)
  • the Indigenous Real Estate Investment Trust (I-REIT)
  • IBA’s direct investments

A COVID-19-induced economic slowdown impacted performance against the target. As with the broader market, many potential investors put investment decisions on hold, until the pandemic’s impacts were better understood. The Investments team focused on serving existing investors and managing current assets during the market volatility and uncertainty caused by the COVID-19 pandemic in the fourth quarter.

Measure 9

Portfolio return to Indigenous co-investors


0.64% against a target of 3.2% (CPI + 3.5%) (target not achieved).


Return on equity to Indigenous co-investors measures financial returns across the IPF, I-REIT and IBA’s Direct Investments.

COVID-19 significantly impacted returns in 2019–20 through declines in both the Australian and international share market as well as short-term reduced trading performance of IBA’s Direct Investment assets, including adverse valuation impacts particularly in the tourism assets. Despite these negative impacts, the portfolio generated a positive return to IBA’s Indigenous co-investors.