A landmark agreement between the Commonwealth Government and First Nations leaders has been signed in Canberra today, marking what advocates describe as a “reset” in how Australia approaches Indigenous economic policy.
The First Nations Economic Partnership Agreement was formalised at Parliament House by Treasurer Jim Chalmers and Minister for Indigenous Australians, Malarndirri McCarthy, alongside the Coalition of Aboriginal and Torres Strait Islander community-controlled peak organisations.
It follows an announcement by Prime Minister Anthony Albanese at the Garma Festival in August, and comes after three years of research and advocacy led by the ANU’s First Nations Portfolio.
That work culminated in the creation of the First Nations Economic Empowerment Alliance in 2023.
Yawuru Professor Peter Yu, Chair of the Alliance, said the signing was the realisation of a long-held aspiration.
“The agreement signals a commitment by the Commonwealth to redesigning economic policies that affect First Nations peoples,” he said.
“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.”
The $16.9 million commitment will fund the operation of the partnership through to 2030, supporting research, governance and policy design.
Under the agreement, Treasury will lead a whole-of-government approach, working with the Alliance and peak Aboriginal and Torres Strait Islander bodies to co-design reforms aimed at creating lasting economic opportunities.
Torres Strait Islander woman and founding member of the Alliance, Leah Armstrong, said the agreement provides the structural change First Nations communities have long been calling for.
“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,” she said.
“If we get the implementation of this agreement right, we move from piecemeal programs to a genuine economic partnership that delivers generational prosperity.”
The Commonwealth has committed $16.9 million to support the partnership through to 2030.
