To all Superannuation Funds in Australia,
Barayamal, Australia’s Indigenous business accelerator, calls on you to pledge to commit 3% of your annual investments to Indigneous Australian businesses, starting now.
The act of innovating has been passed down through generations for millenniums. Indigenous people have been innovating for thousands of years, as shown by the oldest aquaculture structure in the world (Budj Bim) that was used to farm fish and eels, thermoplastic resins were used to create items, and we even started baking first – archaeologists have dated grinding stones in Australia as being more than 30,000 years old. There are many Indigenous people who continue to innovate (postcolonialism) despite the challenges they face e.g. $50 banknote of David Unaipon, Indigenous inventor and entrepreneur.
Some Australian Super funds have Reconciliation Action Plans in place, but none have publicly committed to investing directly in Indigenous Australian businesses. It’s time for Australian Super funds to step up their game and make a commitment to investing in Indigenous Australian businesses
If all the Australian Super funds on our list invested just 3% of their Funds Under Management into Australian Indigenous businesses, it would total $29.4 billion.
Just a small pledge from your fund will have a huge impact, immediately and for the longer term, on your fund, and our nation as a whole. If you have a RAP, the 3% pledge is a natural next step.
By investing directly in Indigenous Australian businesses, Australian Super funds can:
- Generate stronger, more sustainable returns for investors by investing in organisations that prioritise social and environmental results alongside financial performance.
- Create culturally appropriate employment opportunities that enable traditionally disadvantaged Indigenous Australians currently trapped in poverty to establish prosperous futures for themselves, their families and their communities.
- Directly and positively impact Indigenous communities in which these businesses operate, as investment drives business expansion and job creation in regional and remote areas, as well as cities.
- Support the protection of Australian native environments, as the growth of Indigenous businesses enables First Nations Australians to sustain traditional lifestyles on country, and as a result, continue land management practices that have been proven over tens of thousands of years to support Australian ecosystems to flourish.
- Make an enormous contribution towards closing the gap between Indiengous and non-Indigenous Australians by actively helping to decolonise wealth in Australia.
We hereby call on all Australian Super funds to pledge a 3% investment in Indigenous Australian businesses today.
Sincerely,
Dean Foley
Founder and CEO at Barayamal
| Who | Reconciliation Claim | Barayamal Score | Public Score |
|---|---|---|---|
| RAP Our vision for reconciliation is one where the cultures, knowledge and histories of Indigenous Australians are accessible, understood and appreciated by all Australians. | 2/5 | 2.4/5 | |
| ASIC | RAP Ensuring that Aboriginal and Torres Strait Islander peoples can access the financial system and experience positive financial outcomes. | 3/5 | |
| Reflections Holiday Park | RAP Reflections will develop opportunities for cultural expression and celebration while delivering social, cultural and economic outcomes for Aboriginal communities. | 1/5 | |
| KPMG | RAP Guided by our purpose to ‘Inspire Confidence, Empower Change’, we are committed to placing truth-telling, self-determination and cultural safety at the centre of our approach. | 2/5 | 1/5 |
| Whitehaven Coal | RAP Promises Indigenous employment, economic opportunities and cultural engagement initiatives. | 1/5 | |
| IMB Bank | RAP Promises to foster meaningful relationships and create opportunities for Aboriginal and Torres Strait Islander communities | 1/5 | |
| Expedia Group | RAP Promises to foster reconciliation by enhancing relationships, respect and opportunities through targeted initiatives and measurable outcomes. | 1/5 | |
| BlackRock | RAP Commits to reconciliation through transparency, employment and community support. | 1/5 | |
| NSW Office of Sport | RAP Commits to advancing reconciliation through sport. | 1/5 | |
| HSBC | RAP Aims for Indigenous banking inclusion and developing supplier diversity. | 1/5 |