Australian federal and state Indigenous Procurement Policies (IPP) aim to stimulate entrepreneurship, business and economic development in the Indigenous business sector through:
The Commonwealth IPP target for the 2020-2021 financial year is that three per cent of the number of eligible procurements are awarded to Indigenous businesses. Similar procurement policies are in place at a state level in Western Australia, New South Wales, and Queensland.
State and federal procurement policies have been a game changer for Indigenous businesses around Australia. Supplier Diversity September, a month-long initiative by Supply Nation, recognises the incredible value of the Indigenous business supply chain, and of supplier diversity on a wider scale.
Having an Indigenous Engagement Plan or a Reconciliation Action Plan that proactively works towards closing the gap is similarly considered best practise for large enterprises and corporates. Procurement targets in these cases often reflect those set by the IPP.
If you are keen to begin your journey of developing a diverse supply chain for your business, you can download and print the handy infographic below for tips on engaging with Indigenous businesses, and an overview of the whole process.
If you would like to talk further about an Indigenous Engagement Plan for your organisation, call us (08) 9721 7057 to talk to one of our team.
Source: Indigenous Procurement Policy