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Indigenous Business Australia was established under the Aboriginal and Torres Strait Islander Act 2015 (ATSI Act) The ATSI Act sets out the purposes, functions and powers of IBA.
IBA is a corporate Commonwealth entity and its Board is the accountable authority under the Public Governance, Performance and Accountability Act 2013 (PGPA Act).
Section 146 of the ATSI Act sets out IBA’s purposes:
to assist and enhance Aboriginal and Torres Strait Islander self-management and economic self-sufficiency
to advance the commercial and economic interests of Aboriginal persons and Torres Strait Islanders by accumulating and using a substantial capital asset for the benefit of the Aboriginal and Torres Strait Islander peoples
These purposes are included in the 2019–20 Corporate Plan and were achieved through IBA’s single portfolio outcome—to improved wealth acquisition and economic independence of Indigenous Australians—via:
- commercial enterprise
- asset acquisition
- access to concessional business and home finance
IBA is accountable to the Australian Parliament through the NIAA and the Minister for Indigenous Australians, the Hon Ken Wyatt AM MP.