The resources sector led the way in a year that saw verified Indigenous-owned businesses attract more than $5.83 billion in procurement spending across the nation, a new report shows.
The 2024–25 financial year showed significant growth in procurement spending with Indigenous suppliers, according to Supply Nation’s latest State of Indigenous Business research report.
Mining and resources industries recorded the largest procurement spend at $1.65 billion, followed by construction with $1.26 billion.
Government departments and agencies recorded $1.53 billion. Procurement in the financial and insurance services sectors increased from $47 million to $145 million.
“In a difficult year with trade disruptions, economic uncertainty and cost of living challenges, our members and suppliers have continued to seek opportunities for commercial collaboration, driving growth and resulting in positive economic and social outcomes,” Supply Nation chief executive officer Kate Russell said.
“The report found that the overwhelming majority of procurement spend went to Certified Suppliers, businesses that are 51 per cent or more Indigenous owned, managed and controlled, rather than with Registered Suppliers, 50 per cent or more Indigenous-owned.
“This supports the recent reforms by the Federal Government to increase the definition of an Indigenous business to 51 per cent.”
The $5.83 billion in procurement spending with verified Indigenous-owned businesses in 2024-25 compared to $4.6 billion the previous financial year.
Of this figure 90 per cent was with small- to-medium-sized (SMEs) businesses.
Supply Nation’s recently released The Sleeping Giant Rises report found that for every dollar of revenue produced by Indigenous-owned businesses, $3.66 of positive economic and social value was generated into the Australian economy.