Indigenous business steps up to the mark

By PETER ROWE

Supply Nation facilitated $4.6 billion in procurement spend from its corporate, government and not-for-profit members to verified Indigenous businesses in the 2023-24 financial year.

An increase of $500 million over the previous year its State of Indigenous Business report stated.

“In a year where business has confronted significant inflationary pressures and global uncertainty, our members and suppliers have stepped up to the challenge,” Supply Nation chief executive Kate Russell said.

“Supply Nation is celebrating 15 years of working alongside Aboriginal and Torres Strait Islander suppliers.

“We are in the business of creating long-term, authentic and sustainable partnerships that bring real economic empowerment, jobs growth and better social outcomes.”

Ms Russell said the 2024 report offered “wonderful insights into the growth and success of Indigenous businesses – something we should all be proud of”.

A total of 284,864 contracts were awarded for the year with the largest contract valued at $91 million between a resources company and a facilities management business.

There were 713 contracts valued at over $1 million, with 22% of those being awarded to businesses owned by women.

The Report also showed that while representing just over 30 per cent of Supply Nation businesses, Certified Suppliers received almost three times more contracts than Registered Suppliers.

Supply Nation’s Indigenous Business Direct, the largest national database of verified Aboriginal and Torres Strait Islander-owned businesses, now lists a total of 1,685 female-owned businesses (32 per cent of all businesses listed).

Most female-owned businesses had an annual revenue between $50,000 and $500,000, 21 per cent were certified, and 703 businesses (41 per cent of female-owned businesses) received procurement spend totalling $941 million.