The growth of Australia's Indigenous business sector over the past two decades has been nothing short of remarkable.
Today, Indigenous-owned businesses are creating jobs, driving innovation, and delivering prosperity for families and communities across the country.
Yet as the sector continues to mature, the next stage of its evolution is becoming increasingly clear: success can no longer be measured by procurement spend alone.
The future lies in building genuine, long-term partnerships that extend well beyond transactions and create lasting economic empowerment.
Supply Nation was established for precisely this purpose—to support the growth and success of First Nations businesses. Through Indigenous Business Direct (IBD), the nation's directory of verified Indigenous-owned businesses, we connect organisations with a thriving network of suppliers operating across every sector of the economy.
Today, the IBD includes approximately 6,400 businesses, reflecting the extraordinary growth and diversity of the Indigenous business sector.
That growth is also evident in procurement outcomes. In Western Australia alone, procurement by Supply Nation's corporate, government and not-for-profit members reached $2.1 billion in the 2024–25 financial year, representing 36 per cent of the national total.
Nationally, procurement spend with verified Indigenous-owned businesses reached a record $5.83 billion, up from $4.6 billion the previous year.
Western Australia's Indigenous business sector continues to play a significant role in large-scale industries, particularly mining and construction.
Mining remains the largest driver of Indigenous procurement in Western Australia, accounting for approximately $1.1 billion during 2024–25.
However, if we are serious about advancing economic empowerment and self-determination for Indigenous Australians, we must now look beyond procurement targets and focus on creating enduring partnerships.
Fortunately, there are already strong examples of meaningful collaborations.
In the resources sector, major companies are working alongside financial institutions to help Indigenous businesses access capital and equipment finance on competitive terms.
While some Indigenous-owned businesses have achieved considerable scale, many remain small and medium-sized enterprises. Practical support such as business planning assistance, financial mentoring and tender-writing capability can make a significant difference to their ability to grow and succeed.
Contract unbundling is another proven approach. By breaking large contracts into smaller components based on geography or specialist trade skills, organisations can create more opportunities for Indigenous businesses to participate and compete.
The finance sector provides another example of progress. Dedicated Indigenous banking specialists are increasingly adopting a holistic approach to business support, offering finance, working capital solutions and lending services tailored to the unique circumstances and aspirations of Indigenous entrepreneurs and start-ups.
Secondments from corporate organisations into Indigenous businesses can also deliver significant value. Beyond the transfer of skills and expertise, they foster deeper understanding, stronger relationships and more efficient collaboration across supply chains. These exchanges benefit both organisations and contribute to stronger long-term business outcomes.
Indigenous Business and Employment Hubs also play an important role. Operating across most capital cities, these hubs provide practical advice, training and support to Indigenous entrepreneurs while helping strengthen connections between business, industry and government.
The importance of building long-term partnerships beyond procurement will be a central theme at Connect 2026, Supply Nation's flagship event and Australia's largest and longest-running gathering of the Indigenous business sector.
Held in Boorloo (Perth) on 11 and 12 August 2026 at the Perth Convention and Exhibition Centre, Connect 2026 will bring together Indigenous businesses, corporate leaders, government representatives and industry stakeholders to discuss the future of the sector.
The forum on 11 August will explore emerging opportunities, current challenges and the future direction of Indigenous business growth, particularly within Western Australia's evolving economy. On 12 August, more than 200 Indigenous exhibitors will showcase their products and services to thousands of buyers seeking to engage with Indigenous suppliers.
The event will provide an important platform for the conversations, ideas and partnerships that will shape the next chapter of Indigenous economic development.
Much has been achieved over the past two decades, and the results should be celebrated. But there is still more work to do.
The next phase of growth will not be driven by procurement targets alone. It will be driven by deeper collaboration, shared investment, and partnerships built to last.
Ultimately, the goal is not simply to increase transactions.
It is to build enduring relationships that strengthen First Nations businesses, communities and Australia's economy for generations to come.
Kate Russell is a proud Awabakal woman and Chief Executive Officer of Supply Nation.
Purchase tickets to attend Connect 2026 here: Connect 2026
