Northern Territory Aboriginal Investment Corporation Interim Board Established

Media release - Minister Wyatt

The Morrison Government has established the interim board of the Northern Territory Aboriginal Investment Corporation (NTAIC) to lead the formation of the new entity.

The NTAIC is a new Aboriginal-controlled body, co-designed with Aboriginal Territorians and funded from the Aboriginals Benefit Account (ABA), to invest in projects that will grow long term wealth and support Aboriginal economies in the Northern Territory.

Minister for Indigenous Australians, the Hon Ken Wyatt AM, MP, said the NTAIC will initially have access to $680 million over three years to invest in Aboriginal businesses, commercial projects and communities.

“The establishment of the Aboriginal-controlled interim Board is a significant milestone for Indigenous land rights in the NT,” Minister Wyatt said.

“It starts the process of moving control of the Aboriginals Benefit Account and decisions around its investment into Aboriginal hands.

“Eight of the twelve Board members have been appointed by the four NT Land Councils to ensure strong Aboriginal leadership and oversight.

“The Morrison Government is pleased to announce Mr Justin Ryan and Mrs Suzanne Hullick as its appointments to the Board.

“The remaining two positions will be filled by the Board independently of Government.

“Mrs Hullick and Mr Ryan each bring substantial and varied experience in corporate leadership, investment and financial management that will support strategic investment in Aboriginal communities.

“Along with their strong land management and commercial expertise, the members appointed by the Land Councils will bring deep cultural authority to the Board, which will be invaluable to its decision making.

“This Board will now set to work and make NTAIC a reality, generating jobs and long-term economic opportunities for Aboriginal people in the NT, according to their own priorities.

“This Government is proud to be handing more control back to Aboriginal Territorians, empowering them to make decisions over their own funding streams.”

Media notes:

Mr Ryan is the co-founder and Principal of e-commerce private equity firm Glow Capital Partners, which he founded in 2021. He also currently serves as the Chair of Vaikobi Ocean Performance, Haverford Brands Pty and 20 Beaches Foundation.

Mrs Hullick is Westpac's National Manager of Indigenous Banking and leads Westpac’s nationwide approach to working with the Indigenous sector and business customers.

The Morrison Government, four NT Land Councils and ABA Advisory Committee have undertaken an extensive co-design process to design and implement the NTAIC and interim Board arrangements based on principles developed by the Land Council membership in 2018.