Indigenous businesses sector among fastest growing in Australia

The Australian Small Business and Family Enterprise Ombudsman Kate Carnell has urged Aussies to support Indigenous businesses, as Supply Nation data revealed that the Indigenous business sector is in fact one of the fastest growing in Australia. 

“Supply Nation data shows the number of Indigenous businesses is growing by 12.5 per cent each year," said Ms Carnell.

"There are currently as many as 16,000 Indigenous-owned businesses in Australia and that is expected to grow to more than 18,000 in the next five years.

“We know every dollar spent with an Indigenous business goes a long way."

According to Supply Nation research, for every $1 of revenue, certified Indigenous suppliers generate $4.41 of social return.

Ms Carnell also shared some known success stories, collated as part of the ASBFEO’s Indigenous Success Stories series, which profiled a number of inspiring Indigenous businesses that have embraced reciprocity as a reflection of culture in the way they do business.

“Kakadu Tinytots for instance, plants eco gardens in remote communities so children can have access to fresh seasonal fruit and vegetables," said Ms Carnell.

“Others are investing in the next generation of Indigenous professionals such as Willyama Services, an IT business which offers vocational training to Indigenous high school students who are interested in pursuing a career in technical support.

“In fact, Indigenous businesses are 100 times more likely to employ other Indigenous staff according to Supply Nation, which is why procuring from Indigenous businesses is an investment in both Indigenous employment and economic development more broadly."

But while Indigenous businesses provide services across a range of industries, there are a number that have been hit hard by the COVID crisis, such as those businesses relying on the tourist trade.

“It’s especially important that we support these businesses as much as possible as they work to recover from this difficult period,” Ms Carnell concluded.