The Commonwealth Bank (CBA) and Indigenous Business Australia (IBA) have signed a new memorandum of understanding (MoU) to improve financial outcomes for Aboriginal and Torres Strait Islander people, businesses, and communities.
The partnership focuses on homeownership, business lending, and participation in renewables and carbon projects, while promoting mentoring and training initiatives between both organisations.
Under the MoU, CBA and IBA will co-develop culturally informed financial solutions that expand access to capital, support home ownership, and enable greater participation in Australia’s transition to net-zero.
IBA Chief Executive Officer David Knights said the collaboration reflects a shared vision of economic empowerment.
“This collaboration with CBA reflects our shared commitment to creating financial pathways that empower First Nations individuals and communities,” Knights said. “By working together, we can open more doors to culturally appropriate finance, building a stronger Indigenous-led economy for generations to come.”
He said the partnership supports IBA’s Strategy to 2030 – focused on entrepreneurship, homeownership, and investment-led growth.
“It’s about walking together to create a more inclusive and prosperous future for all,” Knights said.
Mike Vacy-Lyle, CBA group executive of business banking, said the partnership aligns with this year’s Indigenous Business Month theme, Strength through Collaboration.
“CBA has a longstanding commitment to reconciliation and to being a trusted financial institution to First Nations peoples,” Vacy-Lyle said.
“Together we aim to unlock more opportunities and meaningful outcomes for Indigenous Australians.”
He added that CBA will continue to grow its network of dedicated Indigenous banking specialists to deliver culturally responsive experiences.
“We know there is more to do and we remain committed to deepening relationships and expanding opportunities across our network,” Vacy-Lyle said.
IBA’s support has already transformed hundreds of Indigenous-owned businesses.
Queensland-based entrepreneur David Hulett, director of Promo Gear, said IBA’s finance enabled him to buy and grow his company after facing setbacks with traditional lenders.
“We had so many doors closed on us… It was an emotional rollercoaster,” Hulett said.
“As a business that has been supported by both IBA and CBA, it’s great to see them coming together like this.”
In the Northern Territory, Butterworth Industries co-founder Madelyn Farrington said IBA’s funding and business advice helped her expand operations and hire locally.
“This support has been really important to us… I hope to support locals within our community to join us in strengthening what our business can provide for future generations,” Farrington said.
For mortgage and commercial brokers, the CBA-IBA collaboration could unlock new opportunities in specialist lending, Indigenous home finance, and community business funding.
CBA spent $62 million with Indigenous-owned businesses in FY25 and is implementing its 2026–2028 Reconciliation Action Plan, focused on inclusion, career pathways, and supplier diversity.
Australia’s Indigenous business sector is forecast to grow from $16 billion to $50 billion by 2035, according to Deloitte Access Economics – signalling major potential for brokers seeking to serve this growing market.
Get the hottest and freshest mortgage news delivered right into your inbox. Subscribe now to our FREE daily newsletter.
