In the post-referendum world, we now know what our actual place in modern Australia is and how and what our fellow Australians think and feel about us. Many of the assumptions we believed to be rock solid were in fact revealed to be uncertain. 

We now understand that a social policy, rights-based agenda has limited cache and this alone will not be able to carry us to equity. It is a sad, but true fact that Aboriginal and Torres Strait Islander matters have been weaponised in the eternal game of one-upmanship that, these days, passes for the contest of ideas. 

However, I am an unapologetic policy nerd, I believe well thought through and well applied policy is much more productive than shallow, short-term, thought-bubble, single issue responses to the headline of the day. 

Which takes me to something I’m sure many of us are thinking about – if we know the limitations of the approaches we have been using for many years, and we can see that we’ve probably reached the limits of these, then how do we advance and progress our people? 

Aboriginal and Torres Strait Islander matters have almost exclusively resided in the world of social policy – and rightly so, given the fundamental disparities and injustices that need to be confronted – but social policy has reached the limits of its ability to deliver substantive progression and advancement. This does not mean we should back off from our efforts in social policy areas – far from it – it means we need to add to it. 

The obvious addition is economic policy. 

If social and economic policy had credit cards, social policy is just about maxed out, while the economic policy card has barely been used. 

All the economic effort to date has been basically microeconomic in nature. That is, focussing on one thing, one place or one issue. While these are noble, they are neither substantial, substantive nor sustaining. 

Example 1: Procurement policies have enabled the establishment of a rapidly growing First Nations-owned small business sector, servicing government. A wonderful thing, however, many of these businesses are maturing and looking to grow and expand customer markets which usually means a need to access growth capital. But where to access capital? The banking sector is not as prepared for this as we need them to be and government has very limited capacity in the area. Many Aboriginal business owners have spoken of hitting a brick wall trying to access business growth capital. 

Example 2: Nearly all Aboriginal employment programs are designed to get people into employment – moving people from unemployed to employed – again, a wonderful thing. Once people are in employment, however, there are virtually no programs designed to support Aboriginal people moving up the employment ladder. 

This micro-economic approach short-changes the Australian economy of vast veins of talent and capacity. In a world that is economically uncertain, I would have thought that this is a time for ‘all hands on deck’. Aboriginal Australians are some of the most clever, industrious and able people that this country has – and we, as a nation, are wasting this invaluable resource. 

So, what do we do about it? Simple – change micro for macro. Not that simple, but here goes. 

Firstly, governments should not solely focus on redressing specific disadvantage. A proper macro-economic approach would need to think about all Aboriginal and Torres Strait Islander people in all circumstances – urban, regional, rural and remote. Secondly, it should be about participation in all aspects of the economy. Thirdly, it should be at all levels of the economy. Imagine, for example, how much better corporate governance in this country would be if Aboriginal people were more commonly in the boardrooms of Australia. Not to mention in executive level roles that are not Aboriginal focussed – as I often say, blackfellas are able to do much more than just blackfella stuff. 

Fourthly, and perhaps most importantly, the Australian economy largely exists outside of the purview of government. It primarily exists in the realm of private sector, and to a lesser extent, the community/NFP sector. It is only logical − and necessary − for the private and community sectors to make substantial and meaningful efforts to uplift Aboriginal people by way of the economy writ large. 

For example, the banking sector has an extensive and deep understanding of the Australian economy. There are equally many other sectors and people who can contribute much to this contest of ideas. 

In 2024, the Commonwealth Government allocated $16 million for the development of an Indigenous macro-economic framework and the Victorian Government is part way through implementing its own Aboriginal Economic Strategy. So, the possibility for a new approach to First Nations economics is real. 

Those corporate entities with Reconciliation Action Plans must expand their remit and exercise leadership. What can we do to enhance Aboriginal and Torres Strait Islander people’s economic outcomes? How do we ensure that the focus is on supporting hopes and ambitions of Aboriginal people for a better life and align those with our own business and objectives? 

And why should ordinary Australians get on board with this? Quite simply, it’s in their interests to do so. If Aboriginal and Torres Strait Islander people are participating across the economy at all levels, this will broaden the national tax base, thus spreading the tax load meaning a decline in the incremental tax burden on personal and business tax. Everyone’s a winner. 

There is one thing that is not a choice issue. Sometimes it is assumed that we must choose between our cultural identity, and advancement in a broader economic and social sense. No, we don’t. 

Our fundamental values and cultural identity are not up for negotiation – at any price. In any case, as we move up the social and economic ladders non-Aboriginal Australians might learn from us and that can only be a good thing. Quite frankly, the Australian economy could do with some blackening up!