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NSWALC Economic Development Strategy
18-November-2014
OCHRE recognises the importance of pursuing economic participation through the use of Aboriginal land and natural resources.
On 29 October the Minister for Aboriginal Affairs Victor Dominello joined with NSW Aboriginal Land Council (NSWALC) to release its $16 million economic development policy.
The policy will foster wealth creation for Aboriginal people over the next five years across the State's 120 local Aboriginal Land Councils. It will provide start-up capital, financial training and business development support to turn Aboriginal local knowledge into successful and sustainable businesses.
The policy seeks to support the following strategic priorities:
- Economic development: up to $16 million of seed funding and business loans to support land council business ventures
- Improved governance and sustainability: additional governance and financial literacy training opportunities for local land council staff
- Security and management of Aboriginal-owned land: property asset management to assist with identifying cultural and economic land assets and assist with strategic land claims and settlement negotiations.
Mr Cromelin said, "Applications for business development funding will be assessed on their commercial merits and risks. We know we can only create long-term jobs for Aboriginal people with profitable and sustainable business enterprises.
"This is about driving self-determination, we want our communities developing their own approaches to wealth creation, not someone else's vision. NSWALC only supports enterprises built around solid governance and strong leadership. Effective due diligence and training will be crucial to the policy."
Mr Dominello said, "I congratulate NSWALC on this policy because at its heart is a vision to support land council enterprises to bolster employment opportunities for Aboriginal people through start-up funding, business development support and equity investments.
"Whether it's a commercial property in Coonabarabran, a motel in Orange, quad bike tours on Worimi country, or residential property development on the South Coast, we need to enable and encourage more successful local land council ventures."
Further information about the policy can be found at: http://www.alc.org.au/about-nswalc/economic-development-policy.aspx
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