Indigenous Business Australia

VALUES Invested - We excel culturally and technically, and we respect the aspirations of our customers. Informed - We listen to our customers, and use evidence to operate ethically, with agility, and with clarity of purpose. Responsive - We manage customer expectations through positive customer experience every time we engage, and we are open to opportunity. Respectful - We value the diversity of our staff and we bring our collective skills and life experience together to create value for our customers. Connected - We maintain strategic relationships and are invested in our customers and the communities we serve. OUR HISTORY IBA is arguably one of the longest standing and most successful Indigenous specific commercial organisations in Australia's history. Originally known as the Aboriginal and Torres Strait Islander Commercial Development Corporation (CDC), it was established in March 1990 following the proclamation of the Aboriginal and Torres Strait Islander Commission (ATSIC) Act 1989. The original idea to create ATSIC and the CDC was first put to the Australian Parliament in December 1987. Legislation to give effect to that statement was introduced into Parliament in 1988. At that stage, it was envisaged that the corporation would be called the Aboriginal Economic Development Corporation. The second reading speech (Hand 1988) stated: 'The legislation provides for the establishment of a statutory corporation, under the control of Aboriginal and Torres Strait Islander people, with a broad charter to engage in commercial and financial activities. The Corporation’s primary function is to engage in commercial activities in accordance with sound business principles. In performing its functions, the Corporation is required to have regard to various matters which might be summarised as advancing Aboriginal and Torres Strait Islander economic interests. The Government expects that the Corporation will enhance the opportunities for Aboriginal and Torres Strait Islander people to begin to break free from the web of dependency and achieve a significant degree of economic independence'. Through various amendments, the corporation was formally created as the Aboriginal and Torres Strait Islander Commercial Development Corporation. The CDC was established to assist and enhance Indigenous self management and economic self sufficiency through a strong Indigenous presence in mainstream economic activities. The corporation was created by Part 4 of the ATSIC Act, which had one of the most protracted passages through parliament of any legislation. Interestingly, there was almost a total lack of debate on that part of the Bill which proposed the creation of the CDC. This perhaps reflects the care taken by the legislators to define functions acceptably and to set out the necessary checks and balances. Earlier debates on the perceived defects of legislation creating previous organisations may have been relevant. CDC’s initial functions were to engage in commercial activities, to promote and encourage Indigenous self management and self sufficiency, and to perform such other functions as were conferred by the ATSIC Act. It commenced operations with a capital base of around $10 million (being property of the former ADC) and was subsequently funded across its first four years at $10 million per year. Following a number of reviews and inquiries related to Indigenous economic development programs, the CDC's enabling legislation was subsequently amended in 2001. The legislative changes were limited to: changing the name of the CDC to Indigenous Business Australia expressly allowing ATSIC to outsource its commercial functions (to any party of its choosing) providing the option to the minister of appointing a full time chairperson of Indigenous Business Australia.