Highlights

Against the background of the Government’s approach to addressing Indigenous disadvantage, in 2008–09, undoubtedly one of the most challenging financial years for many commercial organisations, IBA:

• acquired the Tennant Food Barn in Tennant Creek in the Northern Territory in partnership with Julalikari Council Aboriginal Corporation, which represents 16 Indigenous groups in Tennant Creek and the surrounding Barkly Shire
• increased its profit distribution to Indigenous partners by 135 per cent
• grew its investments portfolio asset value by 7.55 per cent
• approved home loans totalling $86.8 million to 348 eligible applicants, 90 per cent of whom were first home buyers, through the Home Ownership Program
• strengthened its local support operations in response to the increased difficulties faced by borrowers experiencing mortgage stress or financial hardship because of the global economic crisis and achieved a further reduction in overall reportable arrears (from 0.046 in 2007–08 to 0.037 in 2008–09)
• assisted clients to achieve a business survival rate past the first year of 86 per cent for businesses funded
• provided 63 loans and 648 business support projects to assist with the commencement or expansion of a business
• undertook 56 Economic Development Initiatives, which provided relevant information and advice to individuals contemplating entry into small business
• referred 11 business support clients to take up microfinance (between $500 and $20,000) as part of the National Australia Bank (NAB) Indigenous Entrepreneurs Program created through a partnership between NAB and IBA
• facilitated the bringing together of a range of young Indigenous entrepreneurs seeking to establish a voice, independent of government, for Indigenous business people throughout Australia
• approved nine housing loans at Nguiu in the Northern Territory under the Home Ownership on Indigenous Land Program and held discussions with more than 120 other families in other communities who expressed an interest in building or purchasing homes
• supported or created a total of 1,145 jobs, of which 430, or 37.5 per cent, were held by Indigenous Australians
• increased its Indigenous staff ratio to 24 per cent (an increase from 22.2 per cent in 2007–08)
• awarded six scholarships (under the new IBA Scholarship Fund) to mature age Indigenous Australians to develop their financial knowledge and skills through education
• hosted events to encourage discussion between Indigenous commercial organisations, industry and government, including discussions with Local Aboriginal Land Councils about land use options and exploration of the opportunities for Indigenous land owners through carbon trading
• hosted an inaugural business-focused event during NAIDOC Week to demonstrate its support of Indigenous achievement
• released two editions of Inspire, a magazine that adds to the discussion of Indigenous economic development through the promotion of opportunities available and success stories
• received a Bronze Award for its 2007–08 Annual Report in the General Awards Category of the Australasian Reporting Awards.