When First Nations peoples and communities are empowered to care for Country, community and culture – and are valued for doing so – we see benefits flow at both a local level and through broader ripple effects.
Revenue stays local, creating sustainable and equitable value across regional and remote Australia. Fundamentally, First Nations economic development should be grounded in the rights, aspirations and authority of First Nations peoples to define what economic success and prosperity mean for themselves.
PRF’s First Nations Economic Development (FNED) portfolio takes a community-led approach to Indigenous economic development, recognising self-determination as a foundation for economic development, rather than simply an outcome of it. We support communities to pursue the economic opportunities they identify, recognising that different communities start from different places and hold different assets, rights, capabilities and aspirations: land and sea management, the arts, renewable energy, carbon markets, tourism and local enterprise.
Our aim is to elevate the vision of First Nations peoples, communities and organisations to participate in, own assets in, and grow their local economies. That can include employment and income, business growth and profitability, home ownership and family assets, as well as community and collectively held wealth, land interests and commercial ownership. Prosperity will look different across communities and should be defined on First Nations terms.
We’re working alongside community to reframe dominant ideas of value, wealth and economy by placing First Nations perspectives at the centre. This means recognising care, cultural work and community knowledge as legitimate and valuable forms of economic activity – not as adjuncts to the “real” economy, but as part of its foundation.
One year into our dedicated FNED portfolio, here’s a closer look at how we’re working, the impact our grant partners are creating, and what we’re learning.
Working with partners
To date, PRF has committed $63.1 million in grants and $4.8 million in impact investments to 17 First Nations partner organisations across regional and remote Australia. These diverse organisations span from south-eastern Australia in Victoria and NSW, across central Australia to the Kimberley and Far North Queensland. They include land councils, industry peaks, and Aboriginal Controlled Community Organisations (ACCOs) driving economic development and creating conditions for emerging sectors to thrive.
Our goal is to develop and strengthen First Nations-led economies by supporting positive economic cycles that care for community and Country, maintain cultural custodianship, elevate First Nations conceptions of value, and generate sustainable income and local wealth and ownership opportunities that communities can reinvest in their own self-determined priorities.
What we've learned
One year in, several lessons stand out.
Self-determination is central. Communities and partners have confirmed that locally defined models of economic development are essential. Our partners and First Nations Advisory Council reinforce that First Nations communities are already self-determining. Our role is not to create self-determination, but to support the conditions in which communities can exercise that authority, pursue their own economic aspirations and retain greater control over the benefits that flow. By allowing partners to drive and prioritise capability building, culturally legitimate practices and their own definitions of value, we have seen real green shoots of impact.
‘How’ matters as much as ‘what’. Communities value flexible, less prescriptive processes. The pathway to an outcome is as important as the outcome itself, and deepening community governance is a legitimate economic result in its own right.
Success stories are growing. Compelling stories of thriving communities, new capabilities and economic independence are emerging from Outback Academy’s land activation to Cape York’s employment guarantees. These stories remain under-recognised but have real power to shift the behaviour of funders and policymakers.
Partners are adapting economic systems. Many are finding ways to adapt mainstream market frameworks like carbon credits and tourism for First Nations benefit while retaining cultural integrity. Their influence increasingly extends beyond individual projects into policy, sector collaboration and greater First Nations representation and voice.
We have also learned what helps and what hinders. Long-term, flexible funding, deep and trust-based partnerships, and community control over agendas are powerful enablers. Policy and regulatory volatility, slow or inflexible granting processes, the risks of extractive investment models, and gaps in local governance are potential blockers.
What we're seeing
Economic success can take many connected forms: employment and income, savings and family assets, sustainable enterprises, commercial ownership and collectively held wealth, alongside stronger governance, language, cultural capital and care for Country. Across the portfolio, the results are becoming tangible. For example:
- Impact North. The entrepreneurs supported have created 188 jobs for Aboriginal and Torres Strait Islander people, starting and sustaining more than eight Aboriginal businesses on Country. The number of jobs created far exceeded expectations and has unlocked new philanthropic funding to scale up. Those businesses have generated $4.1 million in revenue, and 83 per cent of graduates are still running them.
- Outback Academy. In Western Australia and South Australia, Outback Academy has supported 32 honey farms and created 177 employment opportunities and pathways on Country.
- Indigenous Desert Alliance. Between 25 and 30 desert Traditional Owners are now confident in speaking for and advocating for desert Indigenous land management on a regional and national stage.
What it means
We’re seeing discrete but real examples of progress towards First Nations-led economic development in the communities and sectors we work with, and evidence that the wider system is beginning to shift towards valuing knowledge, care and cultural capital. There is a clear trend of growing demand for Indigenous-led evaluation, and broader recognition and demand for First Nations approaches in tourism, land and sea management, clean energy and agriculture.
The challenge is to sustain this momentum. The burden still falls on First Nations enterprises and communities to bridge the gap in understanding and build cultural intelligence of industries and markets, slowing progress. Governments, industry, and philanthropy must do more to reduce this burden to genuinely reform systems and reduce barriers to participation.
At PRF, we’re deepening our investment in sectors where First Nations communities hold comparative advantage and long-term ownership opportunities, to build evidence of the value of First Nations-led economic development.
Where to next?
Our learning points to a disciplined focus on big, long-term investments that enable communities to exercise self-determination economically: strengthening First Nations economic institutions, increasing access to capital, supporting commercial ownership and ensuring greater community control of assets and wealth. This also means recognising existing rights and interests in Country, and supporting Traditional Owners to move beyond consultation towards meaningful ownership, participation and lasting economic benefit where major development occurs on their lands. This will be supplemented by demonstration projects and seeding innovation where the opportunity arises.
We aim to keep our learning approach adaptive, iterative and community-led: lean and grounded in regular reflection that embeds partner and external voices. And we will redefine how we understand impact – evaluating “wealth” in ways that matter for each region, beyond income and job numbers to metrics which consider language, governance and caring for country.
We’re here to help drive the big long-term change, focusing on where partners are shifting systems and narratives, and sharing what works so we can advocate for more flexible, culturally appropriate funding across sectors and governments.
