The 2006-07 Budget reflects the Australian Government’s commitment to increasing home ownership among Indigenous Australians. The Chairman of Indigenous Business Australia, Mr Joseph Elu has welcomed the $20 million capital injection to the Home Ownership Programme, known as IBA Homes.
Home ownership is recognised as a starting point for further participation in the economy through asset accumulation and the basis for strong social stability. Currently only 32% of Indigenous Australians compared to 74% of non-Indigenous Australians participate in home ownership.
Since inception IBA Homes has assisted over 12,000 Indigenous families to purchase their own homes and is currently providing home lending to over 3,500 Indigenous families.