This final report emphasizes the inadequacy of existing policy frameworks in addressing the systemic barriers that hinder First Nations economic empowerment. It highlights the need to shift from social welfare policies to strategic investments in First Nations wealth creation. The report makes 21 recommendations to enhance First Nations access to finance and capital, protect Indigenous Cultural and Intellectual Property (ICIP) and increase access to new and emerging industries.

The report draws upon evidence from 109 submissions and eight public hearings, highlighting the need for a fundamental reframing of the economic narrative surrounding First Nations Australians. By focusing on Indigenous-led solutions and economic empowerment, the report aims to pave the way for intergenerational transformation.

Key findings

• Limited access to capital poses a significant obstacle for First Nations businesses, particularly smaller enterprises.
• Concerns exist regarding the definition of "Indigenous businesses," with a need for greater clarity and potentially a more stringent requirement for Indigenous ownership, management, and control.
• The absence of a national peak body for the First Nations business sector hinders the advocacy efforts of Indigenous entrepreneurs.
• The "Indigenous Estate" presents significant economic opportunities, but realizing its full potential requires addressing legislative and regulatory constraints, including those within the Native Title Act 1993.
• Protecting ICIP holds substantial commercial potential for First Nations Australians, but current Australian law fails to adequately safeguard this valuable knowledge and heritage, necessitating legislative reforms.
• International experiences, particularly those of Canada, offer valuable insights into effective strategies for supporting Indigenous economic development.

Key recommendations

• Fund a national longitudinal Indigenous economic and business dataset to understand the composition and economic contribution of First Nations business to the Australian economy.
• Investigate the practice of black-cladding and policies to combat it. 
• Pilot an entrepreneurial and business mentorship program with a particular focus on women.
• On completion of the Australian Law Reform Commission Future Acts Regime Review, the Australian Government should review in full the Native Title Act 1993.
• Task IP Australia to investigate legislative and regulatory options to strengthen legal protections for intellectual and cultural property.
• Establish a sustainable peak industry body. 
• The Australian Government accelerate its work with the First Nations Economic Partnership and consider the experiences of international jurisdictions and their fiscal management powers and frameworks.