The ILC has recently been critised following the decision to write down the value of Ayers Rock resort by nearly 20 per cent, only three years after it was purchased.
This decision will cost the ILC $109 million dollars in funding.
Today, it was suggested that the ILC merge with the IBA, a corporation established to help Indigenous people own their own homes and businesses.
It's the third official review announced by the Abbott government into Indigenous programs.
Minister for Indigenous Affairs Nigel Scullion is in support of the proposed merge.
The Gillard Government began to link the two agencies, who now share the same Chairperson and Deputy-Chairperson.
The feedback from this review is due back early next year.