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🇦🇺 Australia /Economy & Trade

'Seismic shift': Māori set to invest in First Nations projects under new deal

From ABC Australia · () English

Summarized and contextualized by DistantNews.

At a glance

News Named sources New plan
  • Indigenous Business Australia and New Zealand's Waikato-Tainui iwi have signed a deal to invest in First Nations projects.
  • The partnership aims to channel up to AU$2 billion in assets from Waikato-Tainui into Australian Indigenous-led initiatives in sectors like resources and agriculture.
  • This historic agreement is hailed as a "seismic shift" for Indigenous economic self-determination and aims to foster new relationships based on shared values.

An "historic deal" signed in Sydney between Indigenous Business Australia (IBA) and New Zealand's Waikato-Tainui iwi marks a "seismic shift" for Indigenous economic self-determination. The partnership will see one of the largest and wealthiest tribal authorities in Aotearoa New Zealand invest its substantial assets into First Nations projects across Australia.

We've got Indigenous institutional capacity that's willing to mobilise investment at scale so that TOs [Traditional Owners] can participate in the biggest projects that are happening on their Country.

— Darren GodwellIBA chair Darren Godwell described the significance of the investment partnership between two Indigenous institutions.

Waikato-Tainui, which holds approximately AU$2 billion in assets, will work with IBA to identify and fund large-scale projects developed with Traditional Owners. These initiatives are expected to focus on key sectors such as resources, agriculture, and potentially ports and botanicals. The iwi seeks to generate long-term commercial returns while also diversifying its investments beyond New Zealand's economy.

IBA chair Darren Godwell described the agreement as a "watershed moment," emphasizing the mobilization of Indigenous institutional capacity to invest at scale. He anticipates significant demand from Indigenous Australians eager to participate in major projects on their Country. Waikato-Tainui Chairman Tuku Morgan highlighted the deal's potential to build a new era of relationships founded on shared cultural and environmental values, fostering greater synergy and business opportunities between Indigenous groups.

This is about trying to build a new era of relationships that promises cohesion, better synergy on the basis of shared values, shared cultural values, shared environmental values, and the ability to do business with each other.

— Tuku MorganWaikato-Tainui Chairman Tuku Morgan spoke about the foundational principles of the new partnership.

Early potential beneficiaries could include large-scale renewable energy projects or significant stakes in industries like mining. IBA plans to provide market intelligence and relationships to ease the transition for Traditional Owners involved in these ventures. This collaboration is seen as a crucial stepping stone for attracting more capital investment into First Nations enterprises.

They need to offset that risk by investing in other places, and what better place to invest than Australia.

— Darren GodwellIBA's Darren Godwell explained the Waikato-Tainui's motivation for investing in Australia.
DistantNews Editorial

Originally published by ABC Australia. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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