Australia’s Indigenous businesses create more than $40 billion in social benefit each year, according to a new report.
Supply Nation Chief Executive Officer Kate Russell said The Sleeping Giant Rises report confirmed Indigenous-owned businesses were generating significant economic and social value to the Australian economy.
Ms Russell said new research found those businesses created $42.6 billion of social value annually for the Indigenous business owners, their households and Indigenous employees.
She said social value referred to the positive changes seen through an Indigenous lens of wellbeing.
“This value includes improved agency and control over life, expanded aspirations, financial security, pride, physical health and mental wellbeing and stronger connections to Community, Culture and Country.”
Ms Russell said Indigenous businesses created this social value purely by operating as a business, it excluded any funding support or other philanthropic programs.
“We know that Indigenous businesses often give back, through formal or informal processes but there should not be the expectation or assumption that Indigenous businesses are all philanthropic.
“It is important to demonstrate that even without social or community elements, these businesses are creating economic and social value purely by being in business and that’s a great thing.”
Ms Russell said key findings of the report showed that an estimated 16 percent of the Indigenous population were directly connected to the Indigenous business sector, including 29,200 Indigenous business owners, over 61,300 people living in the households of these business owners, and more than 65,700 Indigenous employees working within these businesses.
She said outcomes related to owning a business described in the report showed that 95 percent of respondents felt proud of who they were, 89 percent said they were more able to express their Culture with 86 percent stated that young people in their family had more pride in their Culture.
Access the full report: The Sleeping Giant Rises.
