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Our Legislative Framework

Indigenous Business Australia (IBA) is a statutory authority of the Australian Government and is accountable to the Parliament and the Minister for Families, Housing, Community Services and Indigenous Affairs (FaHCSIA).

IBA’s principal legislative basis is the Aboriginal and Torres Strait Islander (ATSI) Act 2005 (external website, new window) which sets out its purpose, powers, functions, administrative and operational arrangements. The Act also provides the Constitution and appointment of the Board of Directors, the appointment of the General Manager and the operation of the meetings of the Board.

IBA is required to fulfil the requirements of the Commonwealth Authorities and Companies (CAC) Act 1997 (external website, new window), which regulates certain aspects of the financial affairs of Commonwealth authorities, their reporting obligations, accountability, banking and investment obligations and the conduct of IBA Directors and officers.

The CAC Act and ATSI Act require IBA to prepare:

Some key provisions of the ATSI Act

Section 146 Purposes of Indigenous Business Australia

“Indigenous Business Australia is established:

(a) to assist and enhance Aboriginal and Torres Strait Islander self-management and economic self-sufficiency; and

(b) to advance the commercial and economic interests of Aboriginal persons and Torres Strait Islanders

by accumulating and using a substantial capital asset for the benefit of the Aboriginal and Torres Strait Islander peoples.

Section 147 Functions of Indigenous Business Australia

“1. Indigenous Business Australia has the following functions:

(a) to engage in commercial activities

(b) to promote and encourage Aboriginal and Torres Strait Islander self-management and economic self-sufficiency, and

(c) such other functions as are conferred on it by the ATSI Act.”