COS-Indigenous-Range-ECatalogue-2022

11 At present, First Nations peoples make up 3.3% of the Australian population and Indigenous businesses represent between 0.6% and 0.8% out of 2.1 million businesses nationwide. Today, Indigenous - owned businesses are one of Australia's fastest expanding sectors. Around 12,000 -16,000 Australian businesses are Indigenous - owned, and the Indigenous self- employment rate suggests that this will rise by approximately 2,200 by 2026. Indigenous businesses generate over $4.9 billion in revenue each year and contribute significantly to Australia’s economic, social, and cultural development. In 2016 -17, more than $285 million in contracts were granted to 723 Indigenous businesses in Australia. According to PwC, Indigenous businesses employ seven times more workers and pay 3.2% more as compared to non - Indigenous businesses. Indigenous self- employed individuals contribute a total of $309 million to Australia’s GDP. Moreover, in 2018, 45,434 people were employed by registered Indigenous companies. Indigenous businesses provide a variet y of ser vices to local communities, like health and education,which is critical for building trust and accessibilit y. They provide cultural ser vices to the public through ar t and tourism and assist in the preser vation and education of the world's oldest living civilisation. They assist remote and regional First Nations peoples to engage and interact as equals with non - Indigenous Australians. This helps in building an understanding and trust which is vital for healing the nation. Indigenous businesses provide ser vices to help regional and remote regions that are under- ser viced. Employing majorit y Indigenous workers lowers the unemployment gap, welfare dependency and works to overcomes discrimination. Fostering an environment that suppor ts greater innovation and oppor tunit y by encouraging the nex t generation of Indigenous business owners. Indigenous businesses offer training oppor tunities and leverage other businesses within their supply chain to invest in and contribute back to their communities. "Indigenous businesses not only benef it their owners and employees, they also make a signif icant contribution to the communities in which they serve or operate." Indigenous Businesses have a lot to of fer, both in the business sector and in their own communities. Suppor ting Indigenous business creates possibilities and transformation for those involved in the business, and for the wider communities that they suppor t. Sources: https://www.pwc.com.au/indigenous-consulting/assets/the-contribution-of-the-indigenous-business-sector-apr18.pdf ht tps://pursuit.unimelb.edu. au/ar ticles/the -power- of-the -indigenous-business-sec tor ht tps://www.niaa.gov . au/sites/default /f iles/publications/ibss _fac tsheet.pdf ht tps://probonoaustralia.com. au/news/2021/05/the -power- of-the -indigenous-business-sec tor/ ht tps://f be.unimelb.edu. au/ibl/assets/snapshot /RFQ03898 -M-and-M-Snapshot-Study.pdf