Minister for Indigenous Affairs
Senator the Hon. Nigel Scullion
Media release
Indigenous corporations record strong growth
Thursday, 25 September 2014
Aboriginal and Torres Strait Islander corporations are generating more income, employing more people and increasing the income they generate from private businesses. These are the findings from the latest top 500 report released by the Registrar of Indigenous Corporations into the health of the Aboriginal and Torres Strait Islander corporate sector.
The report is released annually and examines the top 500 highest earning corporations registered under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (CATSI Act). It is the sixth report of its kind released by the Registrar of Indigenous Corporations.
Minister for Indigenous Affairs, Nigel Scullion, welcomed the findings of the report and said that overall the sector is showing signs of strong growth.
"The report highlights the important role that Aboriginal and Torres Strait Islander Corporations play not only in remote communities but in the overall Australian economy," Minister Scullion said.
"Indigenous corporations have employed almost a thousand more people in the last year and the income of the top 500 corporations has grown by an impressive average of 10.5 per cent every year for the past nine years.
"The total assets of the top 500 corporations also increased last year from $1.84 billion in 2011–12 to $1.98 billion, an increase of 8 per cent.
"This report underlines why the Abbott Government has committed to working closely with local Aboriginal and Torres Strait Islander communities and organisations. Aboriginal and Torres Strait Islander organisations know their communities and people and are taking the lead in driving change.
"The report shows that Aboriginal and Torres Strait Islander organisations are having real success in creating real jobs and economic development for their members and communities.
"There is still a long way to go but these are encouraging signs."
The new Indigenous Advancement Strategy commenced on 1 July 2014 and sets out how the government will work with communities to put in place activities that address local issues and the government's priorities. A grant round for funding under the Indigenous Advancement Strategy opened on Monday 8 September 2014 and will close on Friday 17 October 2014.
Aboriginal and Torres Strait Islander corporations will play a key role in the rollout of the Indigenous Advancement Strategy.
The report is released annually and examines the top 500 highest earning corporations registered under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (CATSI Act). It is the sixth report of its kind released by the Registrar of Indigenous Corporations.
The Registrar of Indigenous Corporation's report, The Top 500 Aboriginal and Torres Strait Islander corporations 2012–13 and more information on the report is available on the Registrar's website at: www.oric.gov.au.
Media enquiries: Kathryn Kilgariff 0408 675 761 or kathryn.kilgariff@ia.pm.gov.au
See this media release on the Minister's website: Media release—Indigenous Corporations record strong growth